NEWTON, Mass. — Diversified Healthcare Trust (DHC) has announced the closing of a $135 million portfolio sale. Originally announced in September of last year, the sale involves the disposition of 18 triple-net leased senior living communities. Totaling 876 units, the properties are located across 10 states. Brookdale Senior Living acquired the portfolio. Massachusetts-based DHC plans to use the proceeds from the transaction to pay down its senior secured notes due in January 2026. “By divesting of these non-core assets, we are continuing to focus DHC’s portfolio on high-performing communities with significant …
An increase in stability and debt availability will lead to an uptick in transactions but not all buyers — or properties — are created equal. To say that the seniors housing sector has encountered strong headwinds over the past few years would be an understatement. The property sector was uniquely impacted by the COVID-19 pandemic. It scarcely had a chance to recover and enjoy rebounding occupancy before being faced with the reality of heightened interest rates. Amid all the challenges, industry professionals adopted a motivational yet pragmatic mantra and strategy: …
PARKER, Colo. — An affiliate of Meridian Senior Living LLC has acquired Pine Grove Crossing, a 127-unit assisted living and memory care community located in Parker, roughly 30 miles outside Denver. JLL brokered the sale on behalf of the seller, a real estate private equity group. Meridian purchased and will operate the community on behalf of the buyer, an institutional investor. Completed in 2018, the property features 100 assisted living and 27 memory care residences. Amenities at the community include shuttle bus excursions, private transportation services, a beauty salon and barbershop, …
NEW YORK CITY AND SALT LAKE CITY — Global alternative asset manager and private equity firm Apollo (NYSE: APO) has entered into an agreement to acquire Bridge Investment Group Holdings Inc. (NYSE: BRDG) in an all-stock transaction valued at approximately $1.5 billion. The deal is expected to close in the third quarter. Upon completion of the transaction, Bridge will operate as a privately held company, and shares of Bridge common stock will no longer be listed on the New York Stock Exchange. Bridge was ranked No. 21 on the American …
WEYMOUTH, Mass. — Elksy Development has completed the construction of and opened Cornerstone of Weymouth, a new independent living community located in Weymouth, roughly 15 miles south of Boston. Architecture and design firm Meyer designed the building, which totals 154,962 square feet with 147 units. Amenities at the community include a theater room, game room, library, salon, fire pit, pickleball court, bocce court, outdoor grills and gardening beds. The property features three dining venues, including a coffee bar, pub and full-service restaurant. Sona Senior Living will operate the community on behalf …
SCOTCH PLAINS, N.J. — Benchmark Senior Living is underway on the development of a new assisted living and memory care community in Scotch Plains, New Jersey. Upon completion, the facility will total 81,692 square feet of indoor and outdoor space, with 86 studio and one-bedroom units. Amenities at the property will include outdoor patios, a hair salon, recreation room, bistro and club room. A rooftop deck will host regular social hours and other events. Personalized care including assistance with bathing, dressing and medication management, will be available. Benchmark in Scotch Plains …
FRANLIN LAKES, N.J. — JLL Capital Markets has arranged the sale of Sunrise of Franklin Lakes, an 88-unit assisted living and memory care property located in Franklin Lakes, roughly 30 miles northwest of New York City. Developed in 2021, the community comprises a two-story building with 51 assisted living and 37 memory care residences. Assisted living offerings at the property include studio, one- and two-bedroom apartments, and memory care units are available in private or and semi-private configurations. Amenities at the community include activity rooms and social areas, a bistro, theater, …
NORTHFIELD, Minn. — Vivie has acquired Northfield Retirement Community in Northfield. Opened in 1969, the community offers a full continuum of care, including independent living, assisted living, memory care, skilled nursing and rehabilitation. Vivie’s portfolio comprises 34 communities, as well as several home health and hospice offices. In addition to its senior living communities, Vivie — formerly Knute Nelson and Walker Methodist — provides home health care, care management, rehabilitation and hospice across Minnesota, North Dakota and Wisconsin.
COLUMBUS, Ohio — Nonprofit organization National Church Residences has appointed new leaders of its board. Both longstanding board members, Virginia Barney and Rob Maloney will serve as chair and vice chair of the board, respectively. Barney succeeds Greg Overmeyer, who has served in the role since 2022. Barney’s experience includes more than 30 years of leadership in the private and public sectors, including tenures as the city manager, councilwoman and mayor of the City of Upper Arlington in Ohio. “I’m looking forward to working with my board colleagues and the staff …
Decline in Construction Starts By Curtis King, Executive Vice President, HJ Sims The most significant seniors housing story of 2024 was the continued decline in construction starts, a trend that began in 2022, driven largely due by the lack of development financing. In 2025, the biggest story will be improved operating performance from rising real rental rates and occupancy levels due to the lack of new inventory. This improvement will set the stage for capital inflows in 2026, fueling a new wave of development. Inventory Gap Projections By Tayla Nevo-Hacohen, …