Consider offshoring some staff By Sarah Thomas CEO MezTal With inflation and staff shortages impacting us all, it’s difficult to find qualified talent to fill our open positions at a rate we can afford to sustain. The average salary increase in the U.S. this year for people who switched jobs was 12.2 percent. This means open positions are not only hard to fill but come with a much bigger salary expectation. Looking at offshoring or near-shoring options is a reality many have sought since inflation is high. Seek optimization By …
BONITA SPRINGS, Fla. — Castle Lanterra Properties (CLP), a New York-based national real estate investment firm, has acquired its first active adult community with the purchase of Diamond Oaks Village in Bonita Springs. The recently constructed Class A property features 160 units reserved for persons age 55 and older. The community is located directly between Naples and Fort Myers, one of the most seniors-rich submarkets in the country, according to CLP. The seller was The United Group of Companies, which developed the community, opening its doors in 2017. The price …
PENNSYLVANIA — As part of a larger restructuring between a public REIT and its regional operator, Blueprint has arranged the re-tenanting of six skilled nursing facilities and an assisted living community in Pennsylvania. A regional operator was selected to manage the communities under a new master lease with the REIT owner. This is the first partnership between the two companies. Further details were not disclosed.
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has appointed Careina Williams to its board of directors, replacing the retiring Allen Barbieri, who served for six years on the board. Williams has an extensive background in analyzing, underwriting, financing, acquiring and managing commercial real estate across multiple asset classes. She is a principal and advisory board member at Sundance Bay, a real estate private equity firm that specializes in multifamily investing, net lease investing and real estate debt lending nationwide. Williams previously served as chief operating officer of Zero …
GEORGETOWN, Texas — JLL Capital Markets has arranged the sale of Northstar Georgetown, a 210-unit, upscale, low-rise active adult community in Georgetown, a suburb of Austin. JLL marketed the property on behalf of the seller, Chalk Hill Ventures. A joint venture between Bain Capital Real Estate and Capitol Seniors Housing acquired the property. The price was not disclosed. Completed in 2021, Northstar Georgetown is an age-restricted (55+) community comprising one- and two-bedroom units averaging 1,016 square feet. The number of units was not released. Located on 11.5 acres the community …
DALLAS — Three, an architecture firm based in Dallas that works in the seniors housing space, has announced it is expanding into interior design, and has hired Sarah Bay as director to lead the charge. A registered interior designer with experience in hospitality, corporate and restaurant projects, Bay brings knowledge of space planning; building and code requirements; finish and furnishing selection and procurement; and coordination with project teams and stakeholder groups. Bay holds a bachelor’s degree in interior design from the University of Texas and an MBA from Colorado Technical …
MILPITAS, Calif. — Mesa West Capital has provided a $67 million loan for Westmont of Milpitas, a 199-unit seniors housing community in the Silicon Valley community of Milpitas. The short-term, first-mortgage loan refinances existing debt for the borrower, a joint venture led by SRM Development. Proceeds from the five-year, floating rate, nonrecourse loan pay off the existing construction loan on the property. Developed by SRM, Westmont of Milpitas was completed in late 2020 and began accepting residents in February 2021 in the midst of the pandemic. Although leasing was slow …
GAINESVILLE, Fla. — Volunteers of America National Services (VOANS) has unveiled plans for a $16.6 million renovation project at Pine Grove Apartments in Gainesville. Utilizing non-competitive Low Income Housing Tax Credits to refinance and rehabilitate the property, the work is slated for completion in summer 2023. Volunteers of America of Florida will continue to provide property management and services for residents. Constructed in 1984 with 97 affordable units for seniors under the HUD Section 202 program, the property will continue to benefit from HUD subsidizing for all units. The tenant-in-place …
MONTVALE, N.J. — Thrive Senior Living is nearing completion of Thrive at Montvale, a 203-unit seniors housing community in the DePiero’s Farm neighborhood of Montvale, located along the New York state border. The welcome center is currently open, and the community is scheduled to open for residents this spring. Located just off the Garden State Parkway and near the serene Lake Tappan, the three-story community will feature independent living and assisted living, plus a small-house model senior living environment focused on memory care.
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has promoted co-founders Ben Firestone and Jacob Gehl to chief executive officer and chief vision officer, respectively. Additionally, longtime team members Ryan Chase, Michael Segal and Steve Thomes are now partners and executive managing directors. Firestone will continue to focus efforts on leading the firm’s management team and perfecting Blueprint’s service offering to continue its mission of delivering optimal solutions. In the role of chief vision officer, Gehl is primarily tasked with developing and executing the firm’s long-term growth …