Construction has begun at a brand-new senior living community in Fort Mill, South Carolina (Charlotte MSA). Mississippi-based Cardinal Ventures is developing the $15 million project, which will be called The Blake at Baxter Village. Frampton Construction Company, based in South Carolina, will be building the facility, and Blake Management Group will manage the property. Between […]
There’s a new entrant in the seniors housing industry. Real estate investment manager Waypoint Residential, predominantly focused on conventional multifamily and student housing, just made its first acquisition of a senior living community in the town of Starkville, Mississippi (home of Mississippi State University), for $22.7 million, or about $276,800 per unit. Developed in January […]
Ken and Damien Carriero of Colliers International successfully closed the sale of a small 16-unit assisted living community in Vero Beach, Florida for $2.45 million, or about $153,100 per unit. Built in 2000, the community was family-owned and operated for the past 13 years. With more of a boutique-feel, it features all semi-private units and […]
Washington State-based Morningdew, LLC is looking to expand its presence in Florida, and just added a third property to its portfolio in the Sunshine State. Built in 1998 in Summerfield (just north of The Villages), the assisted living community has 46 beds in 42 units. Under its ownership by the not-for-profit Marion County Hospice, the […]
During this construction boom in seniors housing, developers are getting creative with where to build their communities. Although the majority of senior care communities are purpose-built, ground-up developments, some developers are taking advantage of existing buildings (like medical office buildings or hotels) that may not have been built for senior care but could be converted […]
Damien and Ken Carriero had their hands full, to say the least, in their latest closing. The duo from Collier’s International sold a 30-unit/50-bed assisted living community in Venice, Florida for $2.15 million, or $71,667 per unit, with an 11.79% cap rate. The deal was far from “straight-forward,” though. The current seller sold the community […]
Four memory care communities with a combined 38 units in Montgomery County, Maryland recently sold to an in-state owner/operator for $4.3 million, or $113,158 per unit. All built between 15 and 30 years ago, the communities feature all private rooms and are 100% private pay. Occupancy was also usually full, with a waiting list. One […]
In the depths of this winter, let’s head south to Largo, Florida, where the subsidiary of the owner of rehabilitation, skilled nursing, assisted living and independent living communities throughout the country purchased a 128-bed assisted living/memory care community for an undisclosed price. Owned by a religious non-profit, the community was built in 2006 with a […]