Acquisitions

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AcquisitionsArizonaFinanceNews

PGIM Sells Two Phoenix-Area Communities

by Hayden Spiess

GILBERT and MESA, Ariz. — PGIM has sold two senior living communities located in metro Phoenix. The properties include The Watermark at Morrison Ranch in Gilbert and Acoya Mesa in Mesa. PGIM owned Acoya Mesa in a joint venture with the community’s original developer, Ryan Cos. US Inc.  JLL Capital Markets arranged the portfolio sale on behalf of PGIM and secured acquisition financing for the undisclosed buyer. JLL Real Estate Capital LLC, a Freddie Mac Optigo lender, will service the loan.  The Watermark at Morrison Ranch totals 115 units and was …

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AcquisitionsIndependent LivingNevadaNews

SLIB Arranges Sale of 84-Unit Community in Reno, Nevada

by Hayden Spiess

RENO, Nev. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lakeside Manor in Reno. The independent living community totals 84 units within a 59,605-square-foot building.  A New Mexico-based owner and operator was the seller. A Pennsylvania-based private equity group acquired the property for an undisclosed price.  Vince Viverito and Dave Balow of SLIB brokered the transaction. 

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AcquisitionsGeorgiaNews

LTC Properties Acquires Atlanta Portfolio for $108M

by Hayden Spiess

ATLANTA — LTC Properties (NYSE: LTC) has acquired a seniors housing portfolio located in Atlanta for $108 million.  The portfolio comprises roughly 400 independent living, assisted living and memory care units across three properties. Built between 2014 and 2018, the communities were 92 percent occupied at the time of acquisition.  The Arbor Co. manages the communities and will be retained by LTC as the operator.  This marks the first seniors housing operating portfolio (SHOP) acquisition for LTC this year. The REIT’s portfolio currently features approximately 190 properties throughout the U.S. 

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AcquisitionsAssisted LivingCaliforniaMemory CareNews

Berkadia Brokers Sale of 135-Unit Community on San Francisco Bay

by Hayden Spiess

SAN MATEO, Calif. — Berkadia has brokered the sale of Atria Park of San Mateo, a 135-unit assisted living and memory care community located in San Mateo on the western shores of San Francisco Bay.  A partnership between Shelter Real Estate Investment Properties and Calson Management acquired the property for an undisclosed price. The community will be rebranded as Harbor at Hillsdale.  Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders of Berkadia arranged the transaction on behalf of the undisclosed seller. 

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AcquisitionsAssisted LivingMemory CareNew YorkNews

SLIB Arranges Sale of 113-Unit Assisted Living, Memory Care Community in Western New York

by Hayden Spiess

LOCKPORT, N.Y. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Briarwood Manor, a 113-unit, 160-bed assisted living and memory care community located in Lockport, roughly 30 miles northeast of Buffalo.  Originally opened in 1982, the property was 44 percent occupied at the time of marketing. The memory care wing was added in 2017.  A private owner exiting the seniors housing market was the seller. A private real estate investor acquired the community for an undisclosed price. Dave Balow, Dan Geraghty and Ryan Saul of SLIB brokered the transaction …

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AcquisitionsAssisted LivingMemory CareMissouriNews

Berkadia Brokers Sale of Three Communities in Metro St. Louis 

by Hayden Spiess

ST. LOUIS — Berkadia has brokered the sale of three seniors housing communities located in metro St. Louis. Berkadia arranged the transactions on behalf of the seller, a private equity firm that developed the properties.  The communities include The Grande at Creve Coeur in Creve Coeur, roughly 15 miles northwest of St. Louis; The Grande at Laumeier Park in Sunset Hills, approximately 15 miles southwest of St. Louis; and The Grande at Chesterfield in Chesterfield, about 20 miles west of St. Louis.  The Grande at Creve Coeur, a 53-unit memory care …

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AcquisitionsAssisted LivingCaliforniaFinanceMemory CareNews

BMO Healthcare Real Estate Provides Acquisition Financing for 156-Unit Belmont Village Community in California

by Hayden Spiess

ALISO VIEJO, Calif. — BMO Healthcare Real Estate has provided financing for the acquisition of Belmont Village Aliso Viejo in Aliso Viejo. Harrison Street Asset Management is the borrower.  Opened in 2019, the Southern California community totals 156 assisted living and memory care units. Belmont Senior Living developed and operates the property.  Harrison Street currently has more than $108 billion in assets under management. 

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AcquisitionsNewsSkilled Nursing

CareTrust Acquires Mid-Atlantic Skilled Nursing Portfolio for $142M

by Hayden Spiess

DANA POINT, Calif. —CareTrust REIT (NYSE: CTRE) has acquired a skilled nursing portfolio located in the Mid-Atlantic for roughly $142 million including transaction costs. The acquisition was funded with cash on hand. The seller was not disclosed.  Totaling 532 licensed beds, the portfolio is operated by a tenant engaged in a triple-net lease with annual inflation-based rent escalators and multiple renewal options.  According to CareTrust, the portfolio is expected to generate a 9 percent stabilized yield.  “The quality of the portfolio, attractive coverage metrics, and the opportunity to transact with a …

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AcquisitionsColoradoNewsSkilled Nursing

SLIB Arranges Sale of 44-Bed Skilled Nursing Facility in Colorado

by Hayden Spiess

BURLINGTON, Colo. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 44-bed skilled nursing facility located in Burlington, a city in eastern Colorado. The building totals roughly 25,003 square feet.  A group of California-based investors sold the property to a Colorado-based owner and operator for an undisclosed price.  Vince Viverito, Jason Punzel, Jeff Binder and Nick Cacciabando of SLIB brokered the transaction. 

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AcquisitionsArizonaNews

JLL Brokers Sale of 345-Unit Community in Glendale, Arizona

by Hayden Spiess

GLENDALE, Ariz. — JLL Capital Markets has brokered the sale of Thunderbird Senior Living, a 345-unit seniors housing community located in Glendale.  Renovated in 2018, the property comprises 13 interconnected buildings totaling 285 independent living, 40 assisted living and 20 memory care units. Amenities at the community include an art room, beauty salon and barber shop, bistro, game room, heated outdoor pool, library, lounges, nature trails, sundecks and a theater.  Stellar Senior Living is the operator and will continue to manage the community on behalf of the new ownership. 

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