Walker & Dunlop Announces Georgia Portfolio Sale
The Walker & Dunlop Investment Sales team including Joshua Jandris, Mark Myers, Brett Gardner and Jordyn Berger has closed the sale of an independent living portfolio in the Atlanta, Georgia metro area. Not only that, but Russ Dey of Walker & Dunlop secured acquisition financing through Freddie Mac on three of the properties. More details on the transaction will be revealed next week, but what we know is that the portfolio comprises four newly built, “A” quality communities, with a combined 559 units. Dubbed “The Mansions Portfolio,” the communities were previously owned by a consortium of local and out-of-state developers. Focus Healthcare Partners was the buyer. Stay tuned next... Read More »
CBRE Originates Second Fannie Mae Financing for NC Community
The CBRE team of Aron Will, Austin Sacco and Tim Root arranged a refinance of a 100-unit independent living community in Durham, North Carolina, just two years after financing the property’s acquisition. Originally built as a hotel in 1985 but renovated and converted to IL in 2013, the community was purchased by Focus Healthcare Partners in October 2017 for $15.8 million, or around $160,000 per unit. At the time, it was fully occupied and operated at close to a 30% margin on over $3.1 million of revenues. The deal resulted in a cap rate of about 6.3%. Amenities include an interior courtyard with an in-ground pool, bocce court, putting green, theater, library, coffee/juice bar and community... Read More »
CCRC With Potential Sells in Northern Virginia
The team at IPA Seniors Housing highlighted a CCRC’s highly desirable location in the affluent Washington, D.C. suburb of Fairfax, Virginia, to sell the asset to an affiliate of Focus Healthcare Partners. Andrew Hilding, Mark Myers and Joshua Jandris represented the seller, Thompson Associates, in the sale, which did not disclose a price. The property, built in phases from 1980 to 1986, consisted of 306 total beds, including 96 skilled nursing beds and the rest coming with either independent living or assisted living services. Age apparently is holding the community back from competing well in the high-income market, so Focus plans to complete a substantial renovation of it. It has the... Read More »
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 »Schedule a demo
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