BUFORD, Ga. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 61-unit assisted living and memory care community in Buford, located 39 miles northeast of Atlanta. The buyer in the all-cash transaction was an acquirer of value-add properties. The seller was an institutional real estate and development firm. The names of the buyer and seller were not disclosed. Even though the property was at 73 percent occupancy and operating at a negative margin at the time of sale, the real estate asset’s potential attracted significant interest, particularly …
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Tempo of Deal Velocity Increases as Industry Enters Homestretch of 2024
By Matt Valley Following a quiet end-of-summer period on the dealmaking front — “quieter than it has been for years with the exception of the pandemic” — Sabra Health Care REIT Chief Investment Officer Talya Nevo-Hacohen encountered a flurry of transaction activity in late August and early September. “It’s been gangbusters, and what we’re seeing is primarily seniors housing assets (independent living and assisted living) coming to market,” said the veteran REIT executive who participated in the webinar Seniors Housing Business hosted on Sept. 5, titled “Creating Value in Seniors Housing — …
CARROLLTON, Texas — 12 Oaks Senior Living has expanded its management portfolio with the addition of The Retreat at Carrollton, an assisted living community in Carrollton, located approximately 20 miles northwest of Dallas. The 122-unit property opened early this year. A private equity group based in Dallas selected 12 Oaks to operate The Retreat at Carrollton. As part of this partnership, 12 Oaks will focus on optimizing operations, lease-up, enhancing resident experiences and achieving the owner’s business goals. The management team at 12 Oaks emphasizes the importance of resident-centered care, innovative …
NEW HOLLAND, Pa. — Specialty investment bank Ziegler has closed on an approximately $67.3 million tax-exempt bond financing for Garden Spot Village in New Holland, located about 14 miles northeast of Lancaster, Pa. Ziegler served as underwriter in the transaction. The obligated group consists of Garden Spot Village (the “Corporation”) and its subsidiary, GSV LLC. Garden Spot Village is a not-for-profit Pennsylvania corporation that owns and operates a life plan community, known as Garden Spot Village, located on an approximately 220-acre campus in New Holland. The community includes 621 independent living homes …
CHICAGO — Not-for-profit senior living providers have grown primarily through community expansions from existing campuses as well as affiliation and acquisition activity, according to the 21st Annual LeadingAge Ziegler (LZ 200) report. Developed annually through a partnership between LeadingAge and Ziegler, the report is a ranking and analysis of the nation’s 200 largest not-for-profit senior living organizations across the country as of Dec. 31, 2023. Nearly 30 percent of the total number of units for all senior living systems among this year’s LZ 200 are represented by the 10 largest …
ANN ARBOR, Mich. — Lockwood Cos., a developer and manager of senior living communities, has opened Lockwood of Ann Arbor. With a focus on independent living, the community features 154 senior apartments, with 65 of these units designated as affordable housing. Households earning up to 60 percent of area median income will be eligible for the affordable units. The $47 million development is designed to provide high-quality, accessible living for seniors in Washtenaw County, addressing the growing need for seniors housing as the local population continues to age. The facility is equipped …
SOMERSET, Pa. — Evans Senior Investments (ESI) has arranged the sale of The Patriot, a continuing care retirement community (CCRC) in Somerset, located in southwest Pennsylvania. The transaction was executed on behalf of a non-profit organization. The sales price was not disclosed. The CCRC features a diversified unit mix, including 100 licensed skilled nursing beds, 47 personal care units, and two independent living units. At the time of marketing, the skilled nursing component of the community was 77 percent occupied while the personal care beds were 47 percent occupied. Financial …
LOS ANGELES — EBSC Lending has arranged $31.2 million in construction financing for a new 172,163-square-foot luxury senior living community under development in Los Angeles. The borrower operates senior living facilities in the Southeast, with a primary focus on Florida. Brian Stark, manager of information technology at EBSC Lending, led the transaction. The facility will offer a total of 198 catered living, assisted living and memory care units in three buildings spread over a 7.8-acre campus. It will also feature gourmet restaurant-style dining, boutique hotel décor, and a variety of …
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