TULSA, OKLA. — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Heatheridge Assisted Living, an 87-unit seniors housing property located just outside the downtown Tulsa area. Built in 1990, the property offers one-bedroom units with four different floor plans and amenities such as a laundry room, entertainment room, outdoor courtyard and full-service salons. Jon Krebbs of TMG brokered the deal. The buyer and seller were not disclosed.
HUNTINGTON PARK, Calif. — Coldwell Banker Commercial West has arranged the sale of Seville Gardens Apartment Community, a seniors housing property located at 2701 Randolph St. in Huntington Park. Seville Gardens LLC sold the asset to Equity Consultants Equity Inc. for $33.7 million. The buyer plans to maintain the property as seniors housing. Built in 1989, Seville Gardens features 225 apartments in a mix of 108 studios, 114 one-bedroom/one-bath and three two-bedroom/one-bath units. The property is currently under a building covenant that mandates it be used as 55-plus housing with …
JOLIET, Ill. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 136-unit assisted living and memory care community in the Chicago suburb of Joliet. The two-building campus features dedicated assisted living and memory care buildings that were built in 1999 and 2007, respectively. The seller made approximately $1.3 million of capital expenditure investments since 2016. The buyer was a local owner-operator. The seller and price were not disclosed. Giancarlo Riso, Lauren Nagle, Brooks Blackmon and Amy Sitzman led the Blueprint team.
DENVER — LifeLoop, a Denver-based resident and staff experience solution for senior living, has acquired Linked Senior, an evidence-based resident engagement platform supporting person-centered care. This acquisition brings together two senior living resident experience solutions. This merger comes as the industry actively prepares to support the influx of 76 million seniors who are aging into and exploring senior living care and lifestyle options. This need is compounded further by ongoing caregiver and staffing shortages that impact operators’ ability to provide exceptional services and experiences. “Mission alignment was essential for us …
MERIDIAN, Idaho; SANTA CLARA, Utah; and CREEK, Ariz. — Grace Management Inc. has added three senior living communities to its management portfolio: The Pointe at Meridian in Meridian; Snow Canyon Retirement Community in Santa Clara, opening in fall 2024; and Cave Creek Assisted Living in Cave Creek, opening late 2024. Gold Stream Retirement Communities owns all three properties. Based in Salt Lake City, Gold Stream has strategically honed its focus on the development of upscale retirement communities in previously underserved markets. With this expansion, Grace Management now manages 64 communities …
VANCOUVER, Wash. — JLL Capital Markets has arranged the $28 million sale of Van Mall Retirement, a 191-unit senior living community in the Portland, Oregon, suburb of Vancouver. JLL represented the seller, Lytle Enterprises, and procured the buyer, a regional Pacific Northwest owner-operator. In addition, JLL procured acquisition financing from a regional bank on behalf of the buyer. The property is adjacent to the Vancouver Mall and approximately five miles from downtown Vancouver and 10 miles from Portland International Airport. Additionally, the property is located close to Interstate 205, State Route …
Increased interest rates have made the cost of capital high, slowing both acquisitions and new development in the seniors housing space. “Since interest rates took the bubbles out of our champagne in 2022, many in our industry have been hunkering down as valuations have been challenged, exit plans have been destroyed and carrying costs of non-cash-flowing properties have spiked,” said JP LoMonaco, executive vice president at CBRE. But for those able to make acquisitions work, now may be the perfect time to buy. “We’re past the COVID recovery now,” said …
PLYMOUTH and LOGANSPORT, Ind. — Evans Senior Investments (ESI) has arranged the sale of two skilled nursing communities that were family-owned and operated in Northern Indiana. Pilgrim Manor, located in Plymouth, was built in 1969, with a significant renovation in 2012. The facility offers 78 skilled nursing beds, including 40 private rooms. Despite experiencing financial challenges and a 73 percent occupancy rate at the time of sale, the facility maintained an four-star CMS rating. Chase Center, situated in Logansport, opened in 1978. The facility offers a total of 101 skilled …
NEW BRAUNFELS, Texas — LifeCare Properties (LCP) has sold The Blake at New Braunfels to Inspired Healthcare Capital for an undisclosed price. The Blake at New Braunfels is a 112-unit assisted living and memory care community in New Braunfels, northeast of San Antonio in the heart of Texas Hill Country. Built in 2021, the Class A property features 71 assisted living units and 41 memory care units. Blake Management Group will continue to operate the property under the new ownership. Cody Tremper and his team at Berkadia Seniors Housing & …
TROY and ROCHESTER HILLS, Mich. — JLL has arranged the sale of Anthology of Troy and Anthology of Rochester Hills, two seniors housing communities totaling 184 units in the Detroit metro area. A partnership between MedCore and American House acquired the assets for an undisclosed price. American House will operate both communities. The now-renamed American House Somerset and American House Hampton Village are two-story assisted living and memory care communities with 93 and 91 units, respectively. They were completed in 2017 and 2018, respectively. Jay Wagner, Rick Swartz and Jim …