Newmark Sells Sarasota Senior Living Community
The Newmark Knight Frank team of Ryan Maconachy, Chad Lavender, David Fasano and Ross Sanders handled the sale of an assisted living community in southwest Florida. Featuring 108 assisted living and 39 memory care units, the community was built in 1994 in downtown Sarasota. More than 20 years ago, the property sold to Merrill Gardens for nearly $13 million, or $75,000 per unit. But back then, it featured 170 independent living and assisted living units. So, we assume a number of units have been combined to make larger ones, in addition to converting some to memory care. Although it is situated in the heart of Sarasota just blocks away from Sarasota Bay and two miles from St. Armands... Read More »
Merrill Gardens Buys Big
Merrill Gardens, known more developing seniors housing communities than acquiring them, has acquired Blue Harbor, a Portland, Oregon-based company that currently manages 21 communities in 13 states. The seller was Fortress Investment Group. For Merrill Gardens, it is somewhat of a two-fer, as Blue Harbor’s CEO, Tana Gall, is joining Merrill Gardens as its CEO, replacing David Eskenazy who announced his retirement last month. What’s more, Gall was president of Merrill Gardens from 2013 to 2015 before leaving to start her own consulting company, but was then recruited by Blue Harbor. She also worked at Leisure Care for 19 years, rising to be president there. Not a bad resume. Merrill Gardens... Read More »Seattle Seniors Housing Operator Develops Again
Merrill Gardens is growing yet again, through the development of two more assisted living/memory care communities in Washington and Georgia. This comes just months after Seattle-based Merrill and an unidentified partner bought out the majority stake owned by an affiliate of Heitman in a small portfolio of four senior living communities either developed or acquired in the previous couple of years. That sale was arranged by Cushman & Wakefield. But now, the company is growing again in a partnership with its sister company, Pillar Properties. First, in its hometown of Seattle, Merrill opened a community with 91 independent/assisted living and 10 memory care units, at a total development... Read More »
Majority rules
Merrill Gardens found a new majority partner for a small portfolio of four senior living communities on the West Coast it had either developed or acquired in the last couple of years. Previously a minority owner with an affiliate of Heitman (a real estate investment management company based in Chicago), the Seattle-based operator had developed three of the communities in the Orange County, San Francisco and Silicon Valley markets of California in 2014/15, and had acquired the fourth community in Seattle back in 2014 after already operating it for a couple of years. Featuring a combination of independent living, assisted living and memory care, the California properties were all stabilized... Read More »Schedule a demo
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