• Community First Solutions Acquires Again in Ohio

    Ziegler was engaged by Marquee Capital, the real estate company affiliated with Marcus Investments, LLC, the Marcus’ family office, in the sale of its seniors housing community in Mason, Ohio. Built in 2020, BrightStar Senior Living of Mason sits on 3.2 acres with 41 assisted living and memory care units. The community was well occupied at 90%,... Read More »
  • Joint Venture Acquires Nashville Active Adult Community

    An active adult community in Germantown, Tennessee, found a new owner thanks to the team at Newmark. Built in 2020, Avenida Watermarq is a 161-unit, Class-A active adult community in an affluent suburb of Nashville. There are one- and two-bedroom options averaging 919 square feet per unit. Occupancy was 87%. Inspired Real Estate Partners and GEM... Read More »
  • Institutional Owner Divests Ohio Facility

    Evans Senior Investments arranged the sale of a skilled nursing facility in Ohio on behalf of an institutional owner looking to exit the market. The facility comprises 88 beds and 20 independent living units, which served as a referral source for the nursing home. The buyer was a regional owner/operator that is actively expanding in Ohio. This is... Read More »
  • Strawberry Fields Completes Missouri SNF Portfolio Acquisition

    Strawberry Fields REIT, Inc. announced that it completed the acquisition of nine skilled nursing facilities comprising 686 beds in Missouri for $59 million, or $86,000 per bed. The REIT completed the acquisition using cash on hand and the issuance of approximately $2.0 million in OP Units of Strawberry Fields REIT LP to the seller. Eight of the... Read More »
  • Macquarie Asset Management Launches Health Wave Partners

    Macquarie Asset Management, which has over 35 years of experience in the real estate sector and a current network of 15 specialist operator investments globally, announced the launch of Health Wave Partners, a seniors housing platform aimed at targeting investments in modern seniors housing assets alongside established operators. The platform... Read More »
Ventas Doubles Down on Canadian Seniors Housing Market

Ventas Doubles Down on Canadian Seniors Housing Market

The Big-3 REITs are back as buyers, with Ventas making the biggest splash of them all by acquiring 31 senior living communities in Quebec for approximately C$2.4 billion, or US$1.8 billion. Made in an 85/15% partnership with the in-place operator, Le Groupe Maurice, the acquisition is expected to generate compound annual NOI growth of 4% over the next five years. The stabilized portfolio, consisting of 28 communities located in core urban markets, has 7,885 units, an occupancy of 97%, an average age of seven years and more than C$2,600 in monthly revenue per-occupied unit. It certainly helps that the penetration rate for seniors housing in Quebec is twice that of the rest of Canada at 18%.... Read More »
Record Sale Price

Record Sale Price

Brookdale Senior Living has agreed to sell its trophy community in New York City at a record price to Ventas, but will keep the management. Anyone who heard former Brookdale Senior Living CEO Mark Schulte address the ASHA annual meeting in the aftermath of 9/11 will never forget it. He talked about their newest project in lower Manhattan. There was nary a dry eye in the room. The community, called The Hallmark at Battery Park at the time, was still in fill-up, covered in inches of dust and debris, and had to be evacuated. The industry at other communities pulled together, took in as many Brookdale residents as possible, not knowing how long they would stay, not knowing how they would get... Read More »
Record Sale Price

Should Cap Rates Go Lower?

Two major REIT CEOs can see seniors cap rates moving below multifamily for the first time. The Big Two REITs have reported their second earnings, and while occupancy and labor costs certainly remain an issue for their operating partners, there was one funny comment that came out of the calls. Well, funny if you get your kicks from these sorts of things the way I do. Apparently, Welltower CEO Tom DeRosa and Ventas CEO Debbie Cafaro see eye to eye on at least one thing. As one analyst joked, they both apparently agree that seniors housing cap rates should be lower than multifamily, and I think they were even talking about assisted living. The reason? Because demand will do nothing but grow,... Read More »
Elmcroft Senior Living Portfolio Completes Transition

Elmcroft Senior Living Portfolio Completes Transition

Ventas has officially transitioned management of its Elmcroft portfolio to newly-formed Eclipse Senior Living. It is now official. The operations of the Elmcroft Senior Living portfolio of 76 properties, with the real estate owned by Ventas, has officially been transferred to Kai Hsiao’s new company, Eclipse Senior Living. Ventas has acquitted a 34% interest in Eclipse, with the remaining 64% being held by Eclipse management, which now includes Shamim Wu, Kai’s former colleague at Holiday Retirement Corporation. She recently did a 10-month stint as president and COO of Silverado. This will be an interesting test, since the Elmcroft portfolio was obviously having some financial problems... Read More »
Legacy Tenant Capital Structures Create REIT Turmoil

Legacy Tenant Capital Structures Create REIT Turmoil

It all started when HCP, Inc. completed a series of rent negotiations with HCR ManorCare, but to no avail. It just wasn’t enough for a long-term solution, and they ended up spinning the HCRMC portfolio into a new entity (Quality Care Properties) that was supposed to be a REIT but may end up not being one depending on the final solution. Even after those lowered rents, HCRMC defaulted on some payments to QCP, and it got messier after that. As everyone now knows, that was the tip of the iceberg. Practically every major REIT has reported “issues” with tenants, ranging from covenants broken, inability to make rent payments, and high likelihood of not being able to make rent payments in the... Read More »