Greystone Heads North
Greystone Real Estate Advisors headed north of the border for its latest transaction, where along with TD Securities, they represented an owner in its sale of five retirement communities in the Edmonton, Alberta area to Canadian REIT Chartwell Retirement Residences. With a weighted average age of six years, the portfolio consists of four existing communities with 450 independent living, 237 assisted living and 88 memory care units (plus a 52-unit addition at one community expected to finish in the first half of 2018) and a 256-unit community currently under development and expected to open in late 2019. There is a 58% private pay census across the portfolio, with 42% being funded by the... Read More »Chevalier Shines In Seniors Housing Market
Amid rumors that a moratorium has been placed on large Chinese companies making significant purchases in the U.S. senior care market (like Zhonghong Zhuoye Group Co Ltd.’s proposed acquisition of Brookdale Senior Living), Hong Kong-based Chevalier International Holdings Ltd. continues to invest, recently adding two more senior living communities and 299 units in the Detroit, Michigan area to its growing portfolio. Getting its start in the market in 2011 with the purchase of three assisted living/memory care communities and 336 beds in Oregon, the company stepped it up in late 2012, when it bought 18 assisted living communities (and 1,322 licensed beds) in North Carolina from a joint... Read More »
Greystone Gets It Done for Healthcap Partners
Healthcap Partners enlisted the help of Cody Tremper and Mike Garbers of Greystone Real Estate Advisors to sell their 60-unit/72-bed assisted living/memory care community in Forney, Texas (Dallas MSA). Cornerstone Senior Living was the buyer, adding their eighth community in 18 months at a price of $12.5 million, or $208,333 per unit. The community was recently built in 2013 and sits on a 13-acre lot with room to expand. This shouldn’t be the last we hear of the partnership between Greystone and private equity firm Healthcap Partners, as Greystone will also list Healthcap’s second senior living asset in north Houston. Read More »Transaction trifecta
Mike Garbers and Cody Tremper of Greystone Real Estate Advisors finished out the year strong with three closings, including U.S. Memory Care’s sale of four MC communities in Texas to a private investor, and a publicly traded REIT’s divestment of a 298-unit independent living community operated by Brookdale Senior Living in Southfield, Michigan. Tremper and Garbers’ final transaction of 2016 also involved Brookdale, as the company sold two of its Carolina seniors housing communities for $33 million. The Hendersonville, North Carolina community was built in 1985 and 1993 with an independent living building and a separate memory care facility. There was also a 30-year old property in... Read More »Schedule a demo
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