Twin Light Capital Makes Debut Investment
Newly formed Twin Light Capital completed the acquisition of 11 seniors housing communities and two development sites in Minnesota. The existing properties have 291 units with 398 licensed beds, and the two development sites have a total of 22.7 acres in Duluth and Fergus Falls. The acquired portfolio includes the Keystone Bluffs assisted living community in Duluth plus 10 Diamond Willow assisted living and memory care communities located throughout the state. The markets these communities are located in have a higher percentage of the elderly than the state as a whole. Full Circle Senior Living will continue to operate the portfolio for Twin Light. Sam Dendrinos and Kloie McCann of CIBC... Read More »
Alabama Owner Re-Enters Seniors Housing Market
They just couldn’t get away for long. After exiting the seniors housing space earlier this year, an Alabama-based family owner/operator got back in the game with the purchase of an independent/assisted living community in the state. Brooks Blackmon of Blueprint Healthcare Real Estate Advisors facilitated both their exit (with help from Ben Firestone) and reentry. Mr. Blackmon closed the deal less than three months from the time Blueprint was engaged. The target was built as an assisted living community in 1997 but added independent living units in 1999. In addition, excess land intended for future development or another IL expansion was included in the sale. Given the general strength of... Read More »
REIT Finds New Tenant for Two Arizona SNFs
A couple of struggling skilled nursing facilities in Arizona got a new lease on life. By that, we mean that their publicly traded REIT owner found a new operator to manage them under a long-term lease. Amy Sitzman, Christopher Hyldahl and Gideon Orion of Blueprint Healthcare Real Estate Advisors handled the transaction. These facilities are located on opposite sides of the state and consist of 232 total licensed beds. It will be an uphill battle for the new operator. Both built in the early 1980s, one facility is located in a tertiary market, but the other is on the SFF list and is in need of capital improvements, in addition to cleaning up its regulatory act. Occupancy was low, close to... Read More »
Meridian-Operated California Community Gets a New Owner
Three years after acquiring a struggling assisted living/memory care community in Rancho Cucamonga, California, a Chicago-based private equity group is exiting the asset, and leaving the community in better shape. Originally built in 2002, the 86-unit community features 62 assisted living and 24 memory care units across four free-standing buildings. Occupancy was a solid 86%, but it was being mismanaged by an inexperienced operator prior to the PE takeover, which came at a price of $13.6 million, or $158,100 per unit. For the community’s vintage and location, that was certainly a low price. Meridian Senior Living took over the operations, and clearly did a good job turning the property... Read More »Schedule a demo
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