• Newmark Closes Class-A Deal in Denver

    by | Apr 24, 2024 8:44 am | Acquisitions

    A new seniors housing community traded in the Denver, Colorado MSA, with the help of the team at Newmark. Developed in 2017, MorningStar at RidgeGate is located in the suburb of Lone Tree within the Ridgegate master plan that features retail, cultural amenities and a 284-bed hospital nearby. The property comprises five stories over subterranean... Read More »

  • Public REIT Purchases Texas Class-A Seniors Housing

    by | Apr 23, 2024 3:56 pm | Acquisitions

    Blueprint was engaged in the divestment of a Class-A seniors housing community in San Antonio, Texas. Built in two phases in 2011 and 2017, Franklin Park TPC Parkway comprises 269 independent living, assisted living and memory care units. Following the completion of a six-year freeway expansion project that affected leasing, access to the... Read More »

  • Eads Sells Its 24th & 25th Missouri Community

    by | Apr 23, 2024 3:54 pm | Acquisitions

    Patrick Byrne of Eads Investment Brokerage facilitated the divestment of two seniors housing communities in Missouri. This marks the 24th and 25th communities sold in Missouri for Eads. The Moberly community (which we believe to be Mark Twain Assisted Living) comprises 35 assisted living/independent living units and sold for $2.57 million, or... Read More »

  • 60 Seconds with Swett: CMS Raises the Minimum Staffing Mandate

    by | Apr 23, 2024 3:48 pm | 60 Seconds

    On Monday, CMS came out with its final minimum staffing standards for nursing homes, but the eventual outcome is anything but final. Despite the outcry from nursing home providers from the previous proposed mandate of three hours per resident per day, asking simple questions like how can we pay for this and where will this newly needed staff come... Read More »

  • More Shareholder Activism

    by | Apr 22, 2024 9:04 am | Opinion

    Fresh from its success in getting two people voted onto the Ventas Board of Directors, Land & Buildings is at it again, this time with National Health Investors. Like all the REITs, NHI’s managers and tenants had their share of problems during the pandemic. Who didn’t? Most of these issues are behind it, but the REIT could be in even stronger... Read More »
Chartwell Retirement Residences Sees Census Slowdown

Chartwell Retirement Residences Sees Census Slowdown

by | Nov 15, 2021 11:07 am | Opinion

North of the border, Canada-based Chartwell Retirement Residences has seen a small uptick in its weighted average occupancy rate for its retirement residences, but nothing like what we have seen in the U.S.  For Chartwell’s same-community portfolio, occupancy ended July at 76.3%, gained 30 basis points in August and 10 basis points in September, to end the third quarter at 76.7%. But October saw just a 10-basis point increase again to 76.8%, and they are forecasting occupancy to remain there through the end of the year. We have not heard any U.S. companies believing they would remain flat for the rest of the year.   Management claims that move-ins have... Read More »
Canadian Seniors Housing Market

Canadian Seniors Housing Market

by | May 17, 2021 9:40 am | Opinion

The Canadian seniors housing market has fared a bit better than its U.S. counterpart during the past year or so, but it also started in a better place. Take the Canadian SHOP portfolio of Ventas. It currently has 74 communities that operated in the first quarter 2021 with net operating income of $171.8 million, or just over $2.3 million per community (all amounts in U.S. dollars). This compares with 364 communities with $272.7 million of NOI in the first quarter for the U.S. SHOP portfolio, or $749,000 per community. So, Canada makes up 17% of the communities but 39% of the NOI. Hmmm.  On a same-community basis, there were 68 Canadian communities in the first quarter last year... Read More »
Canadian Seniors Housing Market

Chartwell REIT Primes for Growth

by | Dec 16, 2019 6:00 am | Acquisitions

Canadian REIT Chartwell Retirement Residences made a couple of moves that both expanded its portfolio and strengthened its liquidity, priming the company for further growth in 2020. Chartwell first announced the closing of its acquisition of a recently completed retirement community in the Alberta town of Sherwood Park (Edmonton MSA). The deal goes back to 2017, when Chartwell acquired a portfolio of four Edmonton-area senior living communities for CAD$298 million and a purchase option for the to-be-built Sherwood Park community for CAD$120 million, or about US$91 million and US$355,500 per unit. RBC Capital Markets advised Chartwell in that deal, while TD Securities and Greystone Real... Read More »
Greystone Rocks Georgia Deal

Greystone Rocks Georgia Deal

by | Apr 25, 2018 7:00 am | Acquisitions

The Greystone Real Estate Advisors team of Mike Garbers and Cody Tremper recently represented a REIT owner in its sale of a 57-unit assisted living community in Marietta, Georgia. The community was considered to be a value-add opportunity for the new owner, a joint venture between an institutional investor and Surpass Senior Living. Built in 1998, it was on the older side in the overdeveloped Marietta market and could improve operationally. But, the new owner plans to invest some capital in the building to spruce it up. No purchase price was disclosed. The deal comes on the heels of two large closings for Greystone north of the border, including Chartwell Retirement Residences’ purchase of... Read More »
Canadian Seniors Housing Market

Greystone Heads North

by | Nov 28, 2017 8:27 pm | Acquisitions

Greystone Real Estate Advisors headed north of the border for its latest transaction, where along with TD Securities, they represented an owner in its sale of five retirement communities in the Edmonton, Alberta area to Canadian REIT Chartwell Retirement Residences. With a weighted average age of six years, the portfolio consists of four existing communities with 450 independent living, 237 assisted living and 88 memory care units (plus a 52-unit addition at one community expected to finish in the first half of 2018) and a 256-unit community currently under development and expected to open in late 2019. There is a 58% private pay census across the portfolio, with 42% being funded by the... Read More »