With seniors housing property sales in 2014 hitting $17 billion – exceeding the $15 billion recorded last year – industry executives predict no slowdown in the acquisitions market in the year ahead. Capital continues to flood the sector from established and new players alike, as property prices are expected to continue to rise amid fierce competition for trophy facilities.
BURLINGTON, Wa. — A joint venture between Artemis Real Estate Partners and Chicago-based Focus Healthcare Partners LLC has sold Skagit Valley Senior Village, a 198-unit senior housing facility located in Burlington, Wa. Burlington is approximately 60 miles north of downtown Seattle. The property sold for $35 million.
TUSCON, Ariz. — Berkeley Point recently closed the refinancing of Copper Canyon Alzheimer’s Special Care Center, a 66-bed Alzheimer’s care community located in Tucson, Ariz. The cash-out refinancing was structured as a fixed-rate Fannie Mae 10- year loan term with a period of interest only.
BRASELTON, Ga. — Canopy Lifestyles and Campus Realty Advisors are preparing to break ground on a new senior living residence to be developed in Braselton. The residence will offer independent living, assisted living and memory care services.
LONGWOOD, Fla. — Orlando-based Roger B. Kennedy, Inc. has broken ground for the new $10.8 million, 123-unit Heritage Village Commons senior housing. The facility is near the same company’s newly started $18.5 million Weston Park at Longwood Station apartments across from Longwood’s SunRail station.
ORLANDO, Fla. — Avalon Park has planned the construction of a 600-unit seniors apartment community, with construction slated to start later this year.
ST. AUGUSTINE, Fla. — Capital Health Group, LLC and Fortress Ventures, LLC have formed a joint venture to develop a 64-bed, market-rate memory care community on 9 acres of land located at 840 State Road 16 in St. Augustine. The land was purchased by the venture in December and the new facility is scheduled to open in the second quarter of 2016.
MADISON, Wis. — Ziegler, a specialty investment bank, has closed a $40.43 million sale of Coventry Village on behalf of Harris Webber, Ltd., a regional senior housing operator.
FRONT ROYAL, Va. — Summit Healthcare REIT, Inc. has acquired an 84-bed assisted living facility in Front Royal, Va. for a purchase price of $14.3 million.
FT. MYERS, Fla. — On January 26, Senior Living Investment Brokerage, Inc. facilitated the sale of Hidden Oaks, located in Fort Myers, Fla., for $7.5 million. The 64-unit, purpose-built, community features 48 assisted living units and 16 memory care units. Bradley Clousing and Ryan Saul handled the transaction.