BONITA SPRINGS, Fla. — Discovery Senior Living has entered into a definitive agreement to acquire the management contracts for 26 seniors housing communities from Senior Solutions Management Group (SSMG). According to Discovery, the portfolio is concentrated in eight states in the South and the Southeast. Totaling more than 2,200 units, the communities comprise assisted living, independent living and memory care units. Of the units, 69 percent are assisted living, with 18 percent independent living and 13 percent memory care. Discovery is currently the largest senior living operator in the country. The …
CASTLE ROCK, Colo. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Brookside Inn, a skilled nursing facility located in Castle Rock, about 30 miles southeast of downtown Denver. The property totals 126 beds and approximately 43,184 square feet. A Colorado-based entity, which has owned and operated the community since 1997, sold the community for an undisclosed price. Vince Viverito, Jason Punzel, Jake Anderson and Taylor Graham of SLIB represented the seller in the transaction. A California-based skilled nursing operator was the buyer.
FOUNTAIN VALLEY, Calif. — SlateView Capital has completed the acquisition of Parkview Estates, a 151-unit assisted living and memory care community located in Fountain View, approximately 40 miles southeast of Los Angeles. Amenities at the property, which was completed in 2021, include restaurant-style dining, activity spaces, a fitness and therapy area, a salon and a theater. The seller and sales price were not disclosed. This marks the second acquisition for SlateView since the firm’s inception. Azhar Jameeli, formerly of IRA Capital, and Kendall Young established SlateView in late August.
CHARLOTTE, N.C. — North Carolina-based multifamily development company Madison Communities has announced plans to expand into the seniors housing sector. The firm’s new platform will focus on the ground-up development of communities in the Sunbelt, with an emphasis on luxury. “Seniors housing is a natural extension of what we do well — designing and building exceptional communities,” says Ryan Hanks, CEO of Madison Communities. “Demand is accelerating while new construction has nearly stalled.” Matthew Griffin has joined the company as executive managing director of development and will lead the senior living …
PHILADELPHIA — JLL Capital Markets has arranged the sale and financing of a seniors housing portfolio located throughout Pennsylvania. Dubbed the Pennsylvania Portfolio, the assets comprise 479 units across seven assisted living and memory care communities. A joint venture between Almanac Realty Investors and Priority Life Care acquired the portfolio for an undisclosed price. ValStone Partners was the seller. On average, the communities are 27 years of age. ValStone has completed over $8.8 million in capital improvements at the properties since 2020. IntegraCare previously operated the communities on behalf of ValStone. …
ATLANTA — Galerie Living has broken ground on an expansion project at Corso Atlanta, its luxury seniors housing community in the Buckhead neighborhood of the city. Upon completion, the project will add an 11-story residential tower comprising 110 private residences. The tower will also include new amenities and restaurants. The property currently totals 203 units. Completion of the project is scheduled for spring 2028. Design firm HKS collaborated with Corso on the expansion. Brasfield & Gorrie is serving as the general contractor. Corso Atlanta originally opened in 2022.
By Matt Valley CHICAGO — When Ken Dychtwald entered the field of aging and longevity in 1973, the joke was that a game of shuffleboard was synonymous with the elderly. “That’s what retirees did — they played shuffleboard,” says the renowned psychologist, gerontologist and best-selling author of 19 books on aging. Twenty-five years later, John Glenn, the famous astronaut and former U.S. senator from Ohio returned to space aboard the space shuttle Discovery at age 77, becoming the oldest person to travel to space at that time. Leading up to the …
WHEATON, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a six-property portfolio totaling 443 units. A partnership between an operator and a publicly traded REIT acquired the portfolio. Four of the properties are located in Kentucky, with one of the communities in Michigan and another in Tennessee. According to SLIB, the portfolio has maintained an average occupancy rate of 96 percent over the past three ears. Bradley Clousing and Daniel Geraghty of SLIB brokered the transaction on behalf of the undisclosed seller. The sales price was not …
RICHMOND, Va. — People Restoring Communities (PRC), an affordable housing development firm, has acquired a residential building in downtown Richmond, with plans to redevelop the property as affordable seniors housing. PRC is executing the project in a joint venture with The Delaine Cos. and in partnership with the Richmond Redevelopment & Housing Authority (RRHA). In 2022, RRHA acquired the property, Grace Street Apartments, later selecting PRC and The Delaine Cos. to lead the building’s rehabilitation. PRC has now acquired the property through a ground lease with an upfront payment of roughly …
SAN DIEGO — A joint venture between a private equity group and a local operator has acquired Canyon Villas, a 122-unit seniors housing community located in the Clairemont neighborhood of San Diego. The San Diego Christian Foundation sold the property for an undisclosed price. Constructed in 1991, the community features independent living, assisted living and memory care residences. Amenities at the property include a courtyard, library, gazebo, activity room, room service and transportation services. Hap Knowles, Nick Stahler and Michael Mooney of Marcus & Millichap brokered the sale on behalf of …
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