Author

Hayden Spiess

White-Springs-Senior-Living_Warrenton-Va
AcquisitionsAssisted LivingMarylandMemory CareNewsVirginia

Morgan Stanley Sells Spring Arbor Portfolio for $296M 

by Hayden Spiess

NEW YORK CITY — Morgan Stanley Investment Management, through funds managed by Morgan Stanley Real Estate Investing (MSREI), and Foundry Commercial have completed the sale of a portfolio of 11 communities within the Spring Arbor Senior Living collection. An undisclosed buyer purchased the communities for $296 million.  Located in Maryland and Virginia, the properties total 795 assisted living and memory care units. According to Morgan Stanley, the communities surpassed 90 percent occupancy in recent years. Foundry will continue to operate the properties through its affiliated Allegro Living platform.  This marks the …

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Symphony Pointe_Elkhorn, Nebraska
FeaturesNewsOperations

Prioritizing People Is Key to Marketing and Operations, Says InterFace Panel

by Hayden Spiess

By Hayden Spiess LOS ANGELES — What’s in a name? Crystal Dillard, chief marketing officer of Oakmont Senior Living, might say “a lot.” According to Dillard, one crucial component of marketing to prospective senior living residents is not only understanding each unique customer base, but tailoring marketing materials and a community’s online presence accordingly — down to the very language used.  Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, …

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Alto-Tavares_Tavares-Fla
AcquisitionsAssisted LivingFloridaMemory CareNews

Foundry Commercial, Fortress Investment Group Acquire Two Communities in Central Florida

by Hayden Spiess

CLERMONT and TAVARES, Fla. — Foundry Commercial and Fortress Investment Group have acquired two senior living communities located in Central Florida. The acquisition was completed by Foundry Commercial and funds managed by affiliates of Fortress Investment Group.  Totaling 252 assisted living and memory care units, the communities include Alto Clermont and Alto Tavares. Allegro Living, the affiliated management company of Foundry Commercial, manages the properties under its Alto brand.  Alto Tavares was opened in 2012, and Alto Clermont opened in 2014.  “We are pleased to continue our involvement with these two …

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Assisted LivingFinanceIndependent LivingMemory CareNew YorkNews

Lument Provides $58.2M Freddie Mac Refinancing for Campus in Upstate New York

by Hayden Spiess

ROCHESTER, N.Y. — Lument has provided a $58.2 million Freddie Mac loan for the refinancing of a seniors housing campus located in Rochester in Upstate New York. Wegman Cos. is the borrower. Tyler Armstrong, Chris Cain and Taylor Russ of Lument arranged the financing.  Totaling 332 units, the campus features The Village at Unity and The Hamlet and offers independent living, assisted living and memory care. The Village at Unity comprises 272 independent living units, and The Village at Hamlet comprises 40 assisted living and 20 memory care units. Originally built …

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Residence at Selleck's Woods
AcquisitionsConnecticutNews

Harrison Street Acquires Two Communities in Southern Connecticut

by Hayden Spiess

DARIEN and STAMFORD, Conn. — Harrison Street has acquired two seniors housing communities in southern Connecticut for an undisclosed price. The sellers were Virtus Real Estate Capital and LCB Senior Living.  Together, the properties comprise 216 units and include The Residence at Selleck’s Woods in Darien and The Residence at Summer Street in Stamford.  The Residence at Selleck’s Woods totals 102 independent living, assisted living and memory care units and was completed in 2019. Amenities at the community include a private theater, billiards room, salon, library, activity space and restaurant-style dining …

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Green-Oaks-of-Holland_Holland-Ohio
Affordable HousingDevelopmentNewsOhio

Evergreen Breaks Ground on 120-Unit Affordable Housing Community in Ohio

by Hayden Spiess

HOLLAND, Ohio — Evergreen Real Estate Group has broken ground on a new affordable seniors housing development in Holland in northwest Ohio.  Upon completion, Green Oaks of Holland will comprise 120 units within a four-story building. Residences will include 667 studio and 53 one-bedroom apartments. Gardant Management Solutions will operate the property, which will be licensed as a residential care facility by the Ohio Department of Health and approved as a Medicaid assisted living provider through the Ohio Department of Aging.  Amenities at the property will include a fitness room, beauty …

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Skilled-Nursing-Facility_Ohio
AcquisitionsNewsOhioSkilled Nursing

Kiser Group Brokers $7M Sale of Skilled Nursing Facility in Ohio

by Hayden Spiess

CLEVELAND, Ohio — Kiser Group has brokered the sale of a skilled nursing facility located east of Cleveland in Ohio. An undisclosed buyer acquired the property for $7 million.  The seller is a family ownership group based in the Cleveland area.  Originally constructed in 1950 and expanded through multiple additions between 1965 and 2001, the facility totals 84 beds. The property is situated on 26 acres and features 76 skilled nursing beds, five assisted living units and three independent living units.  Mark Myers of Kiser Group arranged the sale. “This transaction …

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Farmhouse-Village-Plan_Millersville-Pa
AcquisitionsDevelopmentNewsPennsylvania

Burkentine Real Estate Group Acquires 67 Acres in Pennsylvania for Senior Living Development

by Hayden Spiess

MILLERSVILLE, Pa. — Burkentine Real Estate Group has acquired 67 acres in Millersville, with plans to develop a senior living community at the site. HHF Real Estate sold the land to Burkentine for $7.9 million.  Upon completion, the development — Farmhouse Village — will feature 420 age-restricted rental homes, including a mix of townhomes and condominiums. Plans also include a 75-bed health care facility.  Matt Wolf of The Kislak Co. arranged the land sale on behalf of the seller. 

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Legacy-Park-II_Fort-Myers-Fla
Affordable HousingDevelopmentFloridaNews

Housing Trust Group, AM Affordable Housing Break Ground on $55M Project in Fort Myers

by Hayden Spiess

FORT MYERS, Fla. — Housing Trust Group (HTG) and AM Affordable Housing have broken ground on a new, $55 million seniors housing development in Fort Myers.  Upon completion, Legacy Park II will total 130 units reserved for residents age 55 and older earning at or below 30, 60 and 70 percent of the area median income (AMI). Amenities at the two-building, five-story community will include a fitness center, swimming pool and a clubhouse with a cyber café, library and game room. Residents will have access to assistance with light housekeeping, laundry, …

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The-Legacy-of-Anderson_Anderson-S.C
Company NewsNewsNorth CarolinaOperationsSouth Carolina

Charter Assumes Management of Two Ventas-Owned Communities

by Hayden Spiess

ANDERSON, S.C. and PINEHURST, N.C. — Charter Senior Living has assumed management of two communities owned by Ventas (NYSE: VTR). The communities include The Legacy of Anderson in Anderson, South Carolina, and Fox Hollow Senior Living in Pinehurst, North Carolina.  Fox Hollow Senior Living comprises 74 assisted living and memory care units. The Legacy of. Anderson totals 101 units of independent living.  “Expanding our relationship with Ventas to welcome these communities into the Charter family reflects our shared, unwavering focus on operational excellence and the resident experience,” says Keven Bennema, co-founder …

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