Capitol Seniors Housing Flips Ann Arbor Assisted Living Community
It’s only been two years since Capitol Seniors Housing acquired a 75-unit assisted living/memory care community in Ann Arbor, Michigan, but the time has come to sell. Richard Swartz, Jay Wagner, Sam Dylag and Chris Remeika of Cushman & Wakefield found a buyer in Kayne Anderson Real Estate, with Provision Living staying on as the operator. No purchase price was disclosed. Originally built in 2000, the community features 63 assisted living and 12 memory care units. When CSH purchased the community from Provision Living in January 2017, they committed to investing in resident care technology, additional common areas and unit renovations. Those projects also eventually included a brand-new... Read More »
CareTrust REIT Adds Escondido Community to Portfolio
San Clemente, California-based CareTrust REIT acquired a memory care community in nearby Escondido (located about 20 miles north of San Diego) and retained the in-place operator Bayshire, LLC, which has managed the property for the seller since 2016. Originally built in 1981 as a skilled nursing facility, the property was converted to memory care and extensively renovated in 2015. It now includes 96 licensed beds in 52 units. Including about $100,000 in transaction costs, the REIT paid $12.6 million, or $242,300 per unit, for the recently-renovated community. Cushman & Wakefield’s team that includes Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker, Tim Hosmer and Bailey Nygard... Read More »
Cushman & Wakefield’s Latest Recap
The Tampa-based Cushman & Wakefield Senior Housing team of David Kliewer, Paul Carr and Allen McMurtry followed up on their sale of a 78-bed memory care community in Florida for $19.5 million (as reported in The SeniorCare Investor earlier this month) with the recapitalization of a 114-unit senior living community also located in the southeast. Opened in 2017, the property features 28 independent living, 68 assisted living and 18 memory care units. Current occupancy is around 65%, but no other details were disclosed. Read More »
Cushman & Wakefield Sells Stand-Alone Memory Care
Allen McMurtry, David Kliewer and Paul Carr of Cushman & Wakefield sold a 78-bed stand-alone memory care community on Florida’s east coast for $19.5 million, or $250,000 per bed. The community originally opened with 66 MC beds in 2015 and then recently added 12 more beds to bring the total to 78 beds. Occupancy is over 95% and there is additional land to add assisted or independent living. Who says stand-alone memory care does not work? This one clearly does. The buyer was a Florida-based private equity investor. Read More »Schedule a demo
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