Seattle Seniors Housing Operator Develops Again
Merrill Gardens is growing yet again, through the development of two more assisted living/memory care communities in Washington and Georgia. This comes just months after Seattle-based Merrill and an unidentified partner bought out the majority stake owned by an affiliate of Heitman in a small portfolio of four senior living communities either developed or acquired in the previous couple of years. That sale was arranged by Cushman & Wakefield. But now, the company is growing again in a partnership with its sister company, Pillar Properties. First, in its hometown of Seattle, Merrill opened a community with 91 independent/assisted living and 10 memory care units, at a total development... Read More »
Marcus & Millichap and CBRE Top Senior Care Broker Rankings
While it was not exactly a repeat of 2015, it came pretty close. This year we had only 13 brokerage companies reporting their numbers, with a few active brokers deciding to take a pass this year for a variety of reasons. But they would not have taken the top spots, so no worries on that account. Based on the number of transactions closed in 2016, Marcus & Millichap came out on top for the second year in a row with 58 separate sales in the seniors housing and care market. This was down a bit from the 64 sales in 2015, but the entire market had a mild slowdown. Taking the number two spot for the second year in a row was Senior Living Investment Brokerage with 48 sales, also down from... Read More »
The Market of Lafayette
In the heart of Cajun country, Cushman & Wakefield’s Robert Black and Sean McNee facilitated the sale of two seniors housing communities on behalf of the local owner and operator. Both located less than a mile apart in Lafayette, Louisiana, the all-private pay properties included a 70-unit independent/assisted living community that was built in 1997 and a just-opened 37-unit memory care community. The buyer, Griffin-American Healthcare REIT IV will bring on Colonial Oaks Senior Living to operate the communities under a 15-year absolute net lease with two 10-year renewal options and annual rent escalators of 6.3% after year one and 2.5% thereafter. Griffin-American financed the... Read More »
Divest in the Southwest
A joint venture between Westport Capital Partners and Integro Healthcare Consulting is swapping two seniors housing assets located in the Southwest. First, in Santa Fe, New Mexico, the JV is selling a 99-unit independent living/assisted living community with a checkered past to Sabra Health Care REIT for $22 million, or about $220,000 per unit. In addition, there are 46 individually-owned condos. Originally conceived as an IL for-sale condominium complex geared towards those in the LGBT community, the property opened in 2008 during the Great Recession, and had a difficult time leasing up under inexperienced ownership. The joint venture between Westport Capital Partners and Integro... Read More »Schedule a demo
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