DALLAS — Anand Patel and Narayan Patel have launched Journey Capital, a newly formed real estate development and acquisitions company based in Dallas. The company plans to start a pipeline of seniors housing properties, starting in Texas. The two principals originally started in the hospitality industry. “We take great pride in guest service, and we wanted to bring that passion into a new space,” says Anand. “Seniors housing is a natural fit, but we think the industry needs to evolve to meet its potential. Our goal is to build senior …
CLEMMONS, N.C. — Evans Senior Investments (ESI) has arranged the sale of Crest of Clemmons, an assisted living community in the Winston-Salem suburb of Clemmons for $5 million, or $111,000 per unit. The seller was previously the owner-operator, which leased the facility 15 months ago. The buyer is the current regional operator exercising its purchase option. The 45-unit community features 70 operational and licensed beds. It was built in 1984 and renovated in 2005. Occupancy has averaged 85 percent (per bed, not unit) since 2016.
ANNAPOLIS, Md. — Private-pay seniors housing occupancy increased 10 basis points in the fourth quarter of 2019 to 88 percent, according to new data from the National Investment Center for Seniors Housing & Care (NIC). The increase is the second consecutive quarterly increase of 10 basis points following an eight-year low of 87.8 percent in second-quarter 2019. Based in Annapolis, NIC is a nonprofit data firm serving the seniors housing industry. Its data is gathered from more than 15,000 seniors housing properties in 140 U.S. markets. In a breakout of …
WYOMING, Mich. — American House Senior Living Communities has acquired First & Main Metro Health Village in Wyoming, a suburb of Grand Rapids. American House has taken over operations at the property, and renamed it American House Wyoming. “We have continued to focus on growing our presence in the Midwest, Florida and New England — and we now own and manage over 65 senior communities,” says Dale Watchowski, president and CEO of American House Senior Living Communities and REDICO, an affiliated company. American House Wyoming, built in 2015, offers 102 …
TALLAHASSEE, Fla. — M&T Realty Capital Corp. has closed a $43 million Fannie Mae Near-Stabilization loan to refinance a 128-unit seniors housing property in Tallahassee. The 10-year loan features a fixed rate of 3.63 percent, five years of interest-only payments and a 30-year amortization. The name of the borrower and property were not released. Matthew Pipitone of M&T Realty Capital’s Baltimore office, in collaboration with Jonathan Leister of M&T Bank’s Syracuse, N.Y., office led the transaction.
STOCKBRIDGE and MORROW, Ga. — Evans Senior Investments (ESI) has arranged the sale of two GoldenCrest Assisted Living communities in Georgia. The portfolio consists of a community in Stockbridge and a community in Morrow, approximately eight miles apart south of Atlanta. The portfolio sold for $12 million, or $124,000 per unit. Built in 1990, GoldenCrest at Eagles Landing in Stockbridge is a 57-unit assisted living community that is consistently over 90 percent occupancy. Built in 1996, GoldenCrest at Morrow is a 40-unit community that recently transitioned all units to memory …
WALDORF, Md. — Greysteel has arranged the sale of Victoria Park Jaycees, a 60-unit affordable seniors housing community in Waldorf, approximately 25 miles south of Washington, D.C. Ari Firoozabadi and Henry Mathies from the firm’s D.C. office represented the seller, Osprey Property Cos. An undisclosed buyer paid $5.8 million for the community. Victoria Park Jaycees was completed in 2003 using Section 42 Low-Income Housing Tax Credits. Eight are set aside for residents making up to 30 percent area median imcome (AMI), 16 units at 40 percent AMI, 20 at 50 …
CALDWELL, Idaho — Blueprint Healthcare Real Estate Advisors has arranged the sale of Alexander Place, a closed, 35-unit assisted living community in Caldwell, approximately 25 miles west of Boise. A national owner-operator sold the property to a local owner-operator for an undisclosed price. This acquisition marks the buyer’s seventh community in Idaho. Blueprint positioned the offering as a value-add opportunity for an incoming operator to renovate and relicense the closed building. Blake Bozett, Amy Sitzman and Giancarlo Riso of Blueprint handled the transaction.
FORT WASHINGTON, Pa. — Acts Retirement-Life Communities, a Fort Washington-based, nonprofit operator, has promoted Karen I. Christiansen to president. Christiansen has been with Acts since 1996, and most recently served as executive vice president and chief financial officer. During her tenure, Acts has experienced growth and been recognized for its financial and operational strength, according to the company. Gerald T. Grant, who was appointed president and CEO in 2017, will continue in his role as CEO. In addition, Acts promoted Richard Winter to the position of chief financial officer to …
WOODSTOCK, Ga. — Frontier Management has taken over operations at The Reserve at Towne Lake, a 48-unit memory care community in the northern Atlanta suburb of Woodstock. The community is formerly an Autumn Leaves location. Frontier Management was founded in 2000 and currently operates 101 seniors housing communities in 11 states.