JLL Represents Healthpeak in Two More Divestments
JLL announced its role in a couple more Healthpeak Properties seniors housing divestments. Most notably, Mike Garbers and Cody Tremper represented PEAK in the sale of five SHOP communities that were operated by Florida-based Sonata Senior Living. All five communities are in Florida, with locations in Delray Beach (80 units), Boynton Beach (92), Boca Raton (74), Coconut Creek (94) and Vero Beach (104). There were a total of 328 assisted living, 107 memory care and nine independent living units, and the communities averaged around 20 years in age. However, the properties were well maintained, and Healthpeak Properties had invested over $13 million of capex in... Read More »
Healthpeak Properties Nears Seniors Housing Exit
Healthpeak Properties has nearly completed its exit from the rental seniors housing business, selling another $1 billion of assets in the first quarter of 2021, according to its latest earnings release. This comes after approximately $2.5 billion of seniors housing dispositions in the fourth quarter of 2020, so they are clearly antsy to get out. The latest tranche of divestments included 12 properties in PEAK’s SHOP portfolio operated by Oakmont Senior Living and totaling 1,043 units. At $564 million, or $540,750 per unit, it represents the largest deal of the quarter. And considering Healthpeak’s haste to get out, commanding that sort of per-unit... Read More »
JLL Handles Latest Healthpeak Sale
Mike Garbers and Cody Tremper of JLL represented Healthpeak Properties in the sale of an assisted living/memory care community in Kenmore, Washington. This one-off transaction included an 85-unit community that had been underperforming since the end of 2018. The property was also in need of some capex. Sunrise Senior Living previously operated the community, but day-to-day management will be taken over by the new owner, Pacifica Properties, which paid $4.5 million, or $52,900 per unit. There was no cap rate on the deal. The JLL team was also involved in the sale of two seniors housing communities in Florida. Previously owned by Prime... Read More »
Newmark Arranges Acquisition Financing For Harrison Street
Harrison Street has been on an acquisition tear of late, recently acquiring a portfolio of 12 seniors housing communities operated by Atria Senior Living and owned by Healthpeak Properties. But the firm also picked up a 90-unit community in Watertown, Massachusetts (Boston MSA), thanks to acquisition financing arranged by Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano of Newmark. Built in 2014 at a cost of nearly $28 million, the community features 19 independent living, 46 assisted living and 25 memory care units about 10 miles west of downtown Boston. Three years later, Cushman & Wakefield arranged a... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
