American House Sells IL Community in Michigan
Mike Garbers and Cody Tremper of Greystone Real Estate Advisors worked on behalf of American House Senior Living Communities to sell their independent living community in Southfield, Michigan to a local owner. Featuring 202 units, the community was built in 1987 on a 10.4-acre campus. It was well-occupied at 95%, so the new owner should be hitting the ground running. It also helps that the new owner has several other IL communities in the area. Read More »
American House Strikes North
American House Senior Living Communities is continuing its expansion outside of its home states of Michigan and Florida, following up on its first acquisition in Ohio (from September) with its first in New England. The target was built in 2009 with 109 units of independent living and assisted living in Keene, New Hampshire with a variety of one- and two-bedroom floorplans. With Senior Management Group, LLC (a subsidiary of Kaplan Development Group, LLC) managing it, the community was occupied in the high-90s and sold at a roughly 7% cap rate on trailing figures. American House will rebrand the community to the aptly-named American House Keene. IPA Seniors Housing handled the... Read More »
Nice Sale In Bluewater Bay, Florida
American House Senior Living Communities continued its growth in Florida with the acquisition of a 94-unit independent living community, its seventh senior living property in the Sunshine State. There are plenty of things going for this property. It is located in the mixed-use residential/resort community of Bluewater Bay, adjacent to Elgin Airforce Base. So, in addition to enjoying the local amenities, the property also draws some of its census from affluent retired military officers. There is also a large fifth floor bar and lounge, a movie theater, heated pool, full-service concierge and valet parking. It was developed in 2015 by a partnership between Bluewater Commercial Developers,... Read More »
Buyers See Potential In Wildwood Independent Living Community
Joint venture partners Harrison Street Real Estate Capital, REDICO and American House Senior Living Communities clearly eyed potential at a newly built independent living community in Wildwood, Florida (near The Villages). Built in 2013, the community features 173 units ranging in size from 500 to 1,090 square feet. Based on a 30% operating margin on approximately $5.3 million of in-place revenues, and occupancy of 90% at the time of sale, we have estimated the cap rate to be about 5.2%. Both occupancy and margins could be improved, with a good amount of hard work, of course. Since assuming management, American House has added private duty personal care services through Allegiance... Read More »Schedule a demo
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