From Atria Senior Living to Elegance Living

From Atria Senior Living to Elegance Living

Baltimore, Maryland-based Elegance Living, LLC recently named Josh Krull as its CEO. After 13 years at Atria Senior Living. Most recently serving as Senior Vice President – Operations Chief of Staff, Krull worked closely with Atria’s COO to oversee operations of communities across North America.   He will be taking over leadership of a company with 46 communities under management in 16 states and approximately 4,150 units, which include 750 units under development. The new developments are located in California (587 units), Washington (73 units) and Virginia (90 units). Two of the communities in California (in Dublin and Novato) are set to open later this year, as... Read More »
Healthpeak Properties’ Florida Sale Handled By Newmark

Healthpeak Properties’ Florida Sale Handled By Newmark

Newmark Knight Frank has closed another seniors housing sale in the middle of the COVID-19 crisis, representing Healthpeak Properties in its sale of a community in Lantana, Florida. Originally built in 1986, the property features 173 total units, with 115 for independent living and 58 for assisted living residents. Occupancy was around 83%. Operated by Atria Senior Living, the community was bought by Pacifica Senior Living, which paid $12.35 million, or under $72,000 per unit. Ryan Maconachy, Chad Lavender, David Fasano and Ross Sanders of Newmark handled the transaction, and Bank of the West provided a $10.4 million mortgage to fund the deal.   Apparently, the property... Read More »
Newmark Sells Connecticut Community

Newmark Sells Connecticut Community

Newmark Knight Frank closed on a large senior living community in Farmington, Connecticut a few weeks before the COVID-19 pandemic let loose in the Northeast. The community was built in 2015 and has 89 assisted living and 45 memory care units for a total of 134 units. Occupancy was at 97% when it went to market, which is fantastic in any market.   Assisted living rates average about $4,100 per month plus care levels, while memory care rates range from $5,600 for a shared room to $7,700 for a private studio. Based on that, we have estimated revenues to be just above $8.0 million assuming occupancy has remained high. Farmington is one of the nicest towns in the middle of the state with a... Read More »
Formation Development Group Sells Pennsylvania Community

Formation Development Group Sells Pennsylvania Community

Newmark Knight Frank’s Ryan Maconachy and Chad Lavender represented Atlanta-based Formation Development Group in the sale of its new 98-unit seniors housing community in Doylestown, Pennsylvania, an affluent Philadelphia suburb. Operated under the Solana brand by Atria Senior Living, the community opened in 2016 at the tail-end of when many of the Solana properties were built. It features 70 personal care (assisted living) and 28 memory care units, which were 96% occupied at the time of the sale. A joint venture between LCS Senior Living and Nuveen emerged as the buyer, although no purchase price was disclosed. Newmark’s Sarah Anderson and Brittany Robinson secured financing on behalf of... Read More »
From One REIT to Another

From One REIT to Another

A senior living community in the Dallas, Texas area that has recently fallen on some bad times just changed owners from one publicly traded REIT to another. Built in 1999 with 90 units of independent living, assisted living and memory care, the community was previously operated by Atria Senior Living. It had historically operated at stabilized levels, but leadership turnover and new competition (not surprising to hear from the Dallas-Fort Worth MSA) affected occupancy, which in turn led to discounting and lower cash flow. That’s an all-too-familiar combination in the seniors housing industry these days. So, the publicly traded REIT seller hired Ben Firestone, Michael Segal, Joshua Salzman... Read More »