Will and The Waters
Going through a life insurance company, Aron Will of CBRE arranged acquisition financing on behalf of a joint venture looking to acquire a 139-unit assisted living/memory care community in Edina, Minnesota. In the affluent suburb of Minnesota, the community was built in 2013 with 97 AL and 42 MC units near a local hospital. Mr. Will worked with a joint venture between an institutional client and The Waters Senior Living in securing a $33.15 million seven-year acquisition loan, with a fixed rate and 18 months of interest-only. Read More »
Purchase by way of Punzel
A regional owner/operator already with seven senior living communities located throughout California recently added another one to its portfolio. Sacramento-based Ray Stone Inc. bought a 102-unit independent living community in Redding, California, which was owned by a local operator. Despite being built 30 years ago, the community was 96% occupied and operated at a 46% margin on approximately $3.13 million in revenues. The purchase price came to $18.35 million, or $179,900 per unit, with a 7.8% cap rate. Kevin Randles and Aron Will of CBRE originated a fixed-rate loan through its Fannie Mae DUS multifamily loan origination program to finance the acquisition. Jason Punzel of Senior Living... Read More »HCP boosts seniors housing holdings
Just as HCP, Inc. is about to spin off its large skilled nursing portfolio into a new REIT, it has closed a smaller, but large in today’s M&A market, acquisition of a portfolio of seven assisted living and memory care communities with 526 units in Maryland and Virginia. The price was $186.25 million, which comes in at $354,400 per unit, much higher than the average price per unit of $198,000 for the past four quarters, but near the levels we have been seeing for some good portfolios of late. The properties were built between 1993 and 2013, and talking to other buyers it appears that occupancy was not quite stabilized, so there should be room for improvement for the new operator, Senior... Read More »Adding upside in DC
We wrote in the October issue of The SeniorCare Investor, of CBRE’s Lisa Widmier and Matt Whitlock’s sale of two assisted living/memory care communities in Georgia. Located in the greater Atlanta area, the communities were owned by Capitol Seniors Housing and purchased by Arcapita Investment Management US. There is a third property involved in the sale, a 74-unit assisted living/memory care community in the Washington D.C. MSA. Just like the other two properties, CSH had purchased this property 2014 for $14.1 million, or just under $200,000 unit. For all three combined in the current 2016 transaction, the total price is expected to be close to $325,000 per unit. Well done. Read More »Schedule a demo
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