Acquisitions

HARTFORD, Conn. — Evans Senior Investments (ESI) has arranged the sale of an eight-property skilled nursing portfolio across the Hartford area of Connecticut.  The transaction, executed on behalf of a REIT from the West Coast, amounted to $60 million, or $54,249 per bed for the real estate only. The buyer was the existing operator. Made up of eight communities built between 1966 and 1990, this portfolio represents a significant share of the Connecticut skilled nursing market, with a total of 1,106 skilled nursing beds.  Upon marketing, the portfolio’s average census …

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MACEDONIA, Ohio — Sonida Senior Living Inc. (NYSE: SNDA) has acquired a 100-unit assisted living and memory care in Macedonia, approximately midway between Cleveland and Akron. The latest acquisition, in close proximity to an existing Sonida asset, brings the total number of the company’s Ohio portfolio properties to 11. The asset, built in 2015, has not recovered from changes in operator and COVID-driven challenges, according to the buyer. Sonida is acquiring the asset for $10.7 million at a 43 percent discount to the in-place senior mortgage loan and approximately $105,000 …

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MILWAUKEE and GREEN BAY, Wis. — Blueprint Healthcare Real Estate Advisors has brokered the sale of 12 seniors housing communities in the Milwaukee and Green Bay metro areas. The properties span nine campuses totaling 279 units of assisted living and memory care. Despite underperforming at time of marketing, the portfolio was historically well-occupied and cash-flowing, according to Blueprint. A public REIT sold the assets to Adava Care for an undisclosed price. Kyle Hallion, Lauren Nagle and Brooks Blackmon led the Blueprint team.

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DENVER — Evans Senior Investments (ESI) has arranged the sale of the Novellus Cherry Creek, an assisted living community in Denver.  ESI represented Novellus Living in the transaction. Peaks Healthcare purchased the asset for an undisclosed price. Originally built in 2002, Novellus Cherry Creek comprises 66 assisted living units and operates on a 59 percent private-pay basis. The community faced occupancy challenges, with only 36 percent of its units occupied at the time of marketing. In alignment with its broader portfolio strategy, Novellus Living opted to divest its Colorado asset, …

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LAS CRUCES, N.M. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 50-bed transitional care facility in Las Cruces, approximately 45 miles northwest of El Paso, Texas. The community was built in 2017 and is strategically located within two miles of three short-term acute care hospitals that offer Medicare referral opportunities. With trailing EBITDAR (earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs) approaching $745,000 at the time of marketing, the facility presented an acquisition opportunity for a regionally focused owner-operator to realize immediate cash …

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BASTROP and MINDEN, La. — Helios Healthcare Advisors served as the exclusive buy-side advisor and debt-placement agent in structuring the purchase of two assisted living communities in North Louisiana. The buyer is an independent investment group based in Texas and Louisiana. Savannah Court of Bastrop and Savannah Court of Minden are two assisted living communities that were owned by a public REIT and operated by a regional provider under a triple-net lease. Built in the late 1990s, both communities boasted a historical average occupancy of 90 percent and maintained positive …

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Strong demographics and — hopefully — an end to interest rate increases make for a strong return for seniors housing lending. Roundtable participants Steve Kennedy Executive Managing Director  VIUM Capital Michael Gehl  Chief Investment Officer, FHA Lending NewPoint Real Estate Capital Don Kelly  Senior Managing Director Locust Point Capital Bill Lewittes  Senior Managing Director,Loan Origination, Real Estate Kayne Anderson Alex Loo  Director Hudson Realty Capital Perry Freitas Managing Director Hudson Realty Capital Michael Coiley Managing Director, Healthcare Finance First Citizens Bank Ken Assiran Managing Director, Seniors Housing CFG By Jeff …

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CLEVELAND — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 102-unit independent living community in a Cleveland suburb. The property was constructed in the late 1980s. The buyer was a private, Northeast-based investor. Further details were not disclosed. Connor Doherty and Ryan Kelly led the Blueprint team.

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KNOXVILLE, Tenn. — SRI Management, in conjunction with Bourne Financial Group, has acquired Trinity Hills of Knoxville. The community is located in the foothills of the Great Smoky Mountains in East Knoxville. It offers assisted living and memory care services. Further details were not disclosed.

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