Handing over the reins
The joint venture owner of a 283-unit entrance fee CCRC in Brentwood, Tennessee recently reshuffled its ownership, with a minority stakeholder acquiring the 70% share from partner and co-developer, Westminster Capital. Back in 2007, Westminster, Harpeth Green Properties (the current buyer) and LCS developed the community on nearly 50 acres. It featured 217 independent living units, a 66-bed skilled nursing facility and a stand-alone adult day care building. Plus, an additional phase of development is scheduled to start sometime in the next year, and will include 97 more IL units, a 350-seat auditorium and an 11,000-square foot health center. LCS’s affiliate, Life Care Services, operates... Read More »Back in the game
The Carlyle Group is jumping back into the seniors housing acquisition market with the announcement of two deals. First, the private equity firm purchased a 226-unit seniors housing community in Tampa, Florida with the help of a $28.7 million loan arranged by Jay Wagner and Timothy Hosmer of Cushman & Wakefield and procured from a regional bank. Carlyle plans to use some of those funds to also significantly renovate the property, enhance its amenities and reposition the independent living, assisted living and memory care into separate buildings. The company, teaming with Greystar, also acquired a 101-unit independent living community in Fort Worth, Texas for $22 million, or $217,822... Read More »High value in Seattle
Capitol Seniors Housing saw potential in a well performing senior living community in Seattle, Washington, shelling out $26 million, or $218,500 per unit, for it. Built in 2006, the four-story, 119-unit building has mostly assisted living, with some independent living, as well as 20 memory care units. Also, with the owner both developing the property and running it himself, occupancy has historically been between 85% and 90%. However, there is room for improvement. Capitol Seniors Housing plans to invest up to $2.5 million on remodeling and upgrades and will hire Milestone Retirement Communities to operate. Plus, the buyer plans to convert the IL units to AL and memory care while also... Read More »Jacaranda Trace ready to grow
Cushman & Wakefield and Capital One teamed up together to recapitalize the luxury 492-unit Jacaranda Trace in Venice, Florida (near Sarasota). Located on 33 acres, the property features 436 independent living units, 20 assisted living units and 36 memory care units all built in stages between 1998 and 2015. The units are also split between entrance fee, rental and fee simple contracts. The owner, ROC Seniors Housing, in a joint venture with existing principals of Freedom Senior Management, plans to expand the property to include an additional 120 IL and AL apartments. The financing was arranged by Aaron Rosenzweig, Timothy Hosmer and Caryn Miller of Cushman & Wakefield’s Senior... Read More »Schedule a demo
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