Cushman & Wakefield’s Strong Start to February
Cushman & Wakefield’s Seniors Housing Capital Markets team has been closing a lot of business in the shortest month of the year, negotiating the sale of a couple of portfolio transactions on opposite sides of the country. First, out West, the team of Rick Swartz and Jay Wagner advised Focus Healthcare Partners in their sale of two seniors housing communities in Portland, Oregon. Including a 127-unit independent living community built in 2006 and a 58-unit assisted living/memory care community built in 2007, these communities both recently received significant capital improvements. The AL community interestingly was the last acquisition of Sunwest Management before the company went into... Read More »
Private Equity Firms Trade New Jersey Assisted Living Community
Ownership of a luxury senior living community in Marlboro, New Jersey flipped from one private equity firm to another. Developed by Capitol Seniors Housing and joint venture partners Formation Development Group and Shelbourne Capital several years ago, the 79-unit community features both assisted living and memory care services under the operation of Chelsea Senior Living. Already located in an affluent area of the county, the community is also near shopping and a number of amenities. Kayne Anderson Real Estate Advisors stepped in as its buyer, retaining Chelsea Senior Living as the operator as well. Richard Swartz, Jay Wagner and Sam Dylag of Cushman & Wakefield handled the... Read More »
HCP Sheds More Brookdale Properties
The team at Cushman & Wakefield announced that they represented HCP, Inc. in the REIT’s sale of 17 Brookdale Senior Living-managed seniors housing communities for $264 million. Richard Swartz, Jay Wagner, James Dooley and Sam Dylag led the way on the transaction and are still working to close on the sale of two more properties, expected later this quarter for a purchase price of approximately $113 million. Private equity firm Apollo Global Management was the buyer, fulfilling both their geographic/product diversity and value-add strategies. HCP is nearing the end of its Brookdale-restructuring process, having also transitioned operations away from Brookdale at 35 other communities and... Read More »
Cushman & Wakefield Recapitalizes New England Seniors Housing Portfolio
Cushman & Wakefield served as the exclusive advisor to a joint venture between LCB Senior Living and Harrison Street Real Estate Capital in their recapitalization of four New England seniors housing communities. LCB had already been operating three of the properties in Massachusetts (Ipswich) and Connecticut (South Windsor and Avon) since their construction in 2014 and 2015. But the fourth property (in Lincoln, Rhode Island) was built in 2009 and acquired by LCB and Prudential Real Estate Investors in 2013 for $11 million, or $183,300 per unit. The communities market to independent living residents and allow for transitions to higher care levels including assisted living and memory... Read More »Schedule a demo
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