American Realty Capital still in the big leagues
We wrote a few months ago that American Realty Capital Healthcare Trust appeared to be going strategic in their deal making, meaning they were purchasing smaller one-off communities rather than the larger portfolio sales they were known for. In fact, in all of their deals before 2015 (going back to their first transaction in 2012), ARC averaged $52 million per transaction, but in the first 10 months of 2015, they averaged $13 million each. That is not to say the quality of the deals changed (they didn’t), just the size. However, ARC finished 2015 by announcing three transactions averaging $67.7 million per deal. First, ARC-II purchased a portfolio of three assisted living/memory care... Read More »Harrison Street makes an exit…and a return
An assisted living community in Mesa, Arizona has evolved a lot over its 30-year history. Built in 1985 as low-income housing, it was converted to seniors housing in 1996. Between 2003 and 2007, the owner at the time invested $5 million in renovations that allowed them to more than double rents in that time. Then, Harrison Street Real Estate Capital and its operating partner for the community, Milestone Retirement Communities, stepped in to purchase the community in 2008 for $15.85 million, or $90,600 per unit. Over time, the independent living units were reduced to make room for more assisted living. Currently there are 123 AL units, 30 memory care units and 22 IL units in 13 stories.... Read More »Schedule a demo
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