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Acquisitions

AcquisitionsNewsSkilled NursingVirginia

Blueprint Brokers Sale of 120-Bed Carrington Place Skilled Nursing Facility in Rural Retreat, Virginia

by Jeff Shaw

RURAL RETREAT, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Carrington Place at Rural Retreat, a 120-bed skilled nursing facility in the western portion of Virginia, near the North Carolina and Tennessee borders. The property is a dually certified facility constructed in 2015. Census stabilized shortly after opening and the operator subsequently executed its below-market option to acquire the real estate. The operator then decided to exit and take advantage of Virginia’s red-hot acquisition market. The chosen buyer was an owner-operator based in the Northeast and …

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AcquisitionsAssisted LivingFloridaNews

Atlas Senior Living Acquires Community in St. Petersburg, Florida

by Jeff Shaw

ST. PETERSBURG, Fla. — Birmingham, Alabama-based operator Atlas Senior Living has acquired both the real estate and operations of an assisted living and memory care community in St. Petersburg. The community will be the sixth Atlas property in Florida and the first in the St. Petersburg area. Previously named Bloom at St. Petersburg, the community will be rebranded and renamed The Goldton at St. Petersburg. Further details on the transaction were not disclosed.

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AcquisitionsFinanceMarylandNews

MidCap Financial Provides $46M First Mortgage Loan for Sonata Senior Living Portfolio in South Florida

by Jeff Shaw

BETHESDA, Md. — MidCap Financial has provided a $46 million, floating-rate, first mortgage loan for Fortress Investment Group. The funds will facilitate the acquisition of a portfolio of five senior housing communities totaling 444 units across South Florida. Sonata Senior Living is the operator of the portfolio Allison Holland at Jones Lang LaSalle arranged the financing.

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AcquisitionsMichiganNewsSkilled Nursing

Blueprint Brokers Sale of Advantage Living Center Battle Creek in Michigan

by Jeff Shaw

BATTLE CREEK, Mich. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Advantage Living Center Battle Creek, an 82-bed skilled nursing facility in Battle Creek. The property was built in 1967 and renovated 1985. The seller elected to pursue an exit of its Battle Creek location as it was an underperforming, geographic outlier compared to the owner-operator’s network of facilities in and around metro Detroit. The buyer was a New York-based company looking to expand in the Midwest with a new operating partner.

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AcquisitionsCaliforniaIndependent LivingNews

TMG Negotiates $7.2M Sale of Bernardine Senior Independent Living in San Bernardino, California

by Jeff Shaw

SAN BERNARDINO, Calif. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living in San Bernardino, approximately 57 miles east of downtown Los Angeles. A Los Angeles-based private investment group sold the community for $7.2 million, which equates to $102,000 per unit and $206 per square foot. The buyer was a private investment group based in the San Gabriel Valley. Bryan LaBar and Otto Ozen of TMG represented the seller. “Due to the low price per unit and high-quality construction, the buyer pool was large,” says …

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AcquisitionsAssisted LivingNewsSouth Carolina

Blueprint Brokers Sale of 72-Unit Community in Columbia, South Carolina

by Jeff Shaw

COLUMBIA, S.C. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 72-unit assisted living community in Columbia. The property recently underwent a $1 million renovation and is located less than a mile from one of the area’s largest hospitals, the 557-bed Lexington Medical Center. An owner-operator acquired the property in an all-cash deal. The price and seller were not disclosed.

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AcquisitionsDevelopmentMassachusettsNews

Cushman & Wakefield Negotiates $14.6M Sale of Two Entitled Development Sites in Massachusetts

by Jeff Shaw

NATICK and MILLIS, Mass. — Cushman & Wakefield has arranged the sales of two entitled seniors housing development sites in Natick and Millis, located approximately nine miles from each other between Boston and Worcester. Barberry Homes sold the assets to Anthology Senior Living for $14.6 million. The Natick site, when complete, will consist of 86 assisted living and memory care units on 5.5 acres and the Millis site will feature 105 independent living, assisted living and memory care units on 7.7 acres. The Cushman & Wakefield team that led the …

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AcquisitionsMemory CareNewsVirginia

Blueprint Brokers $31M Sale of Memory Care Portfolio in Virginia

by Jeff Shaw

RICHMOND and VIRGINIA BEACH, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two memory care communities in Richmond and Virginia Beach ProMedica acquired the assets with ownership partner Welltower for $31 million. The seller was not disclosed. The portfolio included two fully stabilized communities that boasted high occupancy and above-market rates. The Memory Center Richmond consists of 48 units and opened in 2015 while The Memory Center Virginia Beach consists of 48 units and opened in 2008.

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AcquisitionsNewsSkilled NursingTexas

Blueprint Brokers Sale of Vacant Transitional Care Facility on Texas Panhandle

by Jeff Shaw

TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a transitional care facility located on the Texas Panhandle. The specific name and location were not released. Mainstreet developed the 70-unit property, but never opened it. The result was a new, purpose-built care facility that is ready for an operator to come in. The vacant property is located within a large medical park and close to several major regional hospitals. A local real estate investor acquired the property with the intent of opening it as a post-acute hospital. …

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AcquisitionsCCRCNewsWisconsin

Lifespace Communities Acquires 257-Unit Newcastle Place CCRC in Metro Milwaukee

by Jeff Shaw

MEQUON, Wis. — Lifespace Communities has acquired Newcastle Place, a 257-unit continuing care retirement community (CCRC) in Mequon. The seller and price were not disclosed. The acquisition of Newcastle Place, located in a suburb of Milwaukee on Lake Michigan’s western shore, brings Lifespace’s family of continuing care communities to 16. Newcastle Place, which sits on 52 acres, joins six other Lifespace communities in the Midwest. Lifespace, based in West Des Moines, Iowa, is one of the nation’s largest nonprofit owners and operators of CCRCs.

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