Cushman & Wakefield Has Banner Month
Last week we reported on the sale of a CCRC in North Carolina where Cushman & Wakefield represented the seller. Now, the C&W Boston office has closed on two additional senior living properties in high-value transactions. The first one involved the sale of a 290-unit retirement community in Lantana, Florida, known as Carlisle Palm Beach. It has 144 independent living units, 90 assisted living units and 56 memory care units with average occupancy above 90%. It was built in 1999 and converted in 2014 to a full continuum IL/AL/MC community. Over the past five years the sellers spent $10 million converting IL units to AL. The sellers were affiliates of Senior Lifestyle Corporation and... Read More »Cushman & Wakefield Does It Again
Cushman & Wakefield’s Senior Housing Capital Markets Group has sold another CCRC (LPC), this time in Arden, North Carolina. Known as Ardenwoods, it is a type “C” entrance-fee community that is located on 48 acres about 12 miles south of Ashville. The seller was a 50-50 joint venture between affiliates of HJ Sims and Life Care Services (LCS), which purchased the community in 2002. It consists of 96 independent living units and 48 assisted living units, and has been managed by LCS since 2002. The buyer was Retirement Living Associates, Inc., which is controlled by David Ammons, a local owner/ manager with seven other developments or communities in North Carolina, South Carolina, Georgia... Read More »All OK in Otay Ranch
The team at Cushman & Wakefield is helping a senior living development get off the ground in the newly developed master-planned community of Otay Ranch in Chula Vista, California (San Diego MSA). Expected to break ground at the end of the month, the project will feature 85 assisted living and 26 memory care units in two stories. A joint venture between Douglas Wilson Companies and Milestone Retirement is developing the community on a 4.5-acre site, which it hopes to open by the fall of 2018. Rick Swartz, Aaron Rosenszweig and Jim Dooley of Cushman & Wakefield represented Douglas Wilson Companies in arranging $22 million in construction debt from Wells Fargo as well as over $8.3... Read More »
The Audience Has Spoken
On April 27, The SeniorCare Investor’s Steve Monroe moderated a webinar entitled “Investing in the CCRC and Independent Living Market,” with panelists Breck Collingsworth of Resort Lifestyle Communities, Adam Kane of Erickson Living and Rick Swartz of Cushman & Wakefield. During the wide-ranging 90-minute discussion, which you can listen to here, the panel tackled CCRC valuations, cap rates, the IL/CCRC development market, whether these property types will suffer in the next recession as much as the last one. We also brought in the audience a few times to get their insight. First, we asked which property should have a higher cap rate, 100% independent living or a mix of IL, assisted... Read More »Schedule a demo
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