NORMAN, Okla. — MedCore Partners and The National Realty Group (TNRG) have started construction of Sooner Station at University North Park, a 188-unit senior living community. The construction site is situated less than five miles from The University of Oklahoma, on the north side of University North Park, a large, mixed-use project currently under development. Sooner Station will offer 100 independent living, 64 assisted living and 24 memory care units. The OU Foundation sold the eight-acre plot to the development team. Integral Senior Living (ISL) will manage Sooner Station, which …
SUNRISE, Fla. — Fairstead has acquired Federation Sunrise Apartments, a 123-unit Section 8 housing development for the elderly in Sunrise, just west of Fort Lauderdale. The company paid $29.5 million for the property and has planned a multimillion dollar rehabilitation of the entire complex. The seller was not disclosed. The acquisition was financed through the issuance of federal Low-Income Housing Tax Credits and tax-exempt bonds from the Housing Finance Authority of Broward County, Florida.
LINDEN, Mich. — Charter Senior Living and DMK Development Group have announced plans to partner for the development of an 81-unit seniors housing community in Linden, approximately 15 miles south of Flint. DMK Development Group secured approximately 8.3 acres of land near Linden Price Airport. Pending governmental approvals, construction could start as soon as this fall with completion scheduled for fall 2021. The new community will feature 56 assisted living and 25 memory care apartments in a mixture of studio, one- and two-bedroom suites. The project will represent a total …
MICHIGAN — Evans Senior Investments (ESI) has arranged the sale of two senior living/skilled nursing facilities and one standalone nursing home in Michigan for $38.5 million, or $98,000 per bed/unit. The portfolio consists of 88 assisted living units, 36 memory care units, and 270 skilled nursing beds. An independent owner-operator sold the properties to a Midwest-based owner-operator. The names and specific locations were not disclosed. Built in 1997, 2007, and 2008 the Senior Living portion of the portfolio was 100% private pay, while the properties’ Skilled Nursing census exhibited a …
Knowing the state of competition and demand will prepare a community for success. By Susan Brecht, Brecht Associates The market for all types of seniors housing is becoming increasingly complex. Service-enriched communities not only compete with each other, but now face a growing number of active adult (55+) communities that are actually drawing most of their residents in their early to mid -70s. While this type of product was typically offered on a for-sale basis, now there are many that are structured as rental communities. Mixed-use communities serve mixed ages …
CORAL GABLES, Fla. — Belmont Village Senior Living and Baptist Health South Florida have unveiled plans for Belmont Village Coral Gables, a mixed-use seniors housing community in Coral Gables, just southwest of downtown Miami. The Coral Gables City Commission approved the project unanimously, and groundbreaking is scheduled for this fall. The 10-story community will offer 232 units of independent living, assisted living and memory care, along with 18,388 square feet of ground-floor retail and commercial space. “As strategic and capital partners with Baptist Health South Florida, our joint venture was …
DENVER — Although new resident leads dropped significantly in April due to the COVID-19 pandemic, the number of new leads spiked in May, according to customer relationship management software company Enquire Solutions. The Denver-based company compiled sales and marketing data from over 2,200 seniors housing communities throughout the country. While May 2020 still saw fewer inquiries compared to the same month in 2019, it was a 22 percent increase compared with April 2020. Move-ins also increased by 10 percent from April to May. In addition, move-outs in May 2020 were …
SAN CLEMENTE, Calif. — Despite the struggles caused by the COVID-19 pandemic, CareTrust REIT (NASDAQ: CTRE) reports that it still received 99.7 percent of rents in May. The San Clemente-based REIT invests in seniors housing, with a portfolio of 212 properties totaling 21,652 units around the country. Skilled nursing makes up about three quarters of the company’s units. Although occupancy is generally down across CareTrust’s portfolio, the company noted that moves at relief for skilled nursing facilities has helped soften the blow. In an investor presentation, CTRE said that the …
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of six seniors housing communities in three states. The seller, Invesque, was seeking an exit from its joint venture portfolio of Royal Senior Care properties. One community in Florida was sold to a third-party buyer, while a Georgia community was sold to Royal Senior Care. The remaining four communities, all located in South Carolina, went to an existing portfolio partner of Royal Senior Care with a strong presence in the state. The prices and specific …
OREGON — Carnegie Capital has arranged $7.7 million in financing for four seniors housing communities located in small, tertiary markets throughout Oregon. The financing will help fund a conversion of 136 assisted living units to 60 assisted living and 85 memory care units across the communities. The borrower is a private, multi-state fund that has partnered with a local operator. “Debt markets are tighter than they have been in years,” says JD Stettin of Carnegie Capital, who originated the financing. “But we continue to see support and appetite in the …