HARTFORD, Conn. — Cushman & Wakefield has arranged the sale and recapitalization of a 225-unit portfolio consisting of two independent living, assisted living and memory care communities located in the greater Hartford area. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam Dylag and Chris Remeika exclusively represented Everbrook Senior Living, which is acquiring the communities in a joint venture with White Oak Healthcare REIT. Everbrook will continue to manage the properties following the sale. The seller and price were not disclosed. “[Everbrook’s] focus on continuum communities in underserved markets with …
BELTON, Texas — Senior Living Investment Brokerage (SLIB) has negotiated the sale of a 114-bed skilled nursing facility in Belton, approximately midway between Auston and Waco. The facility totals approximately 31,700 square feet on approximately three acres of land. Although the price was not disclosed, SLIB notes the price equates to “somewhere in the low to mid-$80,000 range per bed.” The seller is an independent, local owner-operator looking to retire from the skilled nursing business, while the buyer is also a local owner-operator. Matthew Alley of SLIB handled the transaction. …
MACUNGIE and ALLENTOWN, Pa. — Colliers has arranged the sale of two seniors housing communities in the Lehigh Valley region of Eastern Pennsylvania for $24 million. The first community was Victoria’s Place, located in Macungie. The 59,500-square-foot community features 80 licensed one-bedroom and studio units, with capacity to add 30 more. The second community was Mountain View in Allentown. The 54,693-square-foot property features 115 beds and was built in 1987. A new operator will be announced for the communities. The buyer and seller were not disclosed. Bob Gaines of the …
CHICAGO — Evans Senior Investments (ESI) has arranged the sale of a portfolio of three skilled nursing facilities in Massachusetts. An independent owner-operator seeking to exit long-term care sold the properties to Eagle Arc Partners, an institutional buyer, for $42.5 million, or $111,000 per functional bed/unit. The portfolio totals 384 licensed skilled nursing beds (359 functional beds). All three communities were located eight to 10 miles north of downtown Boston and have a five-star rating from Medicare. During the time of marketing, occupancy was 80 percent across the portfolio, with …
MAITLAND, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Savannah Grand of Maitland, a 98-unit assisted living and memory care community in the Orlando suburb of Maitland. The community was built in 1998. A publicly traded REIT sold the asset to a regional owner-operator for an undisclosed price. The buyer has planned renovations to the asset. Bradley Clousing and Daniel Geraghty handled the transaction in SLIB. “This will be an excellent addition to the buyer’s portfolio,” says Clousing. “They will be able to utilize their construction …
CHICAGO — Evans Senior Investments (ESI), a Chicago-based broker, has assisted a Louisiana-based owner-operator in its exit from the long-term care industry. The portfolio consisted of three separate transactions for all five of the seller’s communities. The combined purchase price for all three transactions was $99 million, or $137,000 per functional bed/unit. Four of the five communities were built between 1996 and 2011, and the vast majority of beds were private resident rooms. The first tranche of the portfolio consisted of one skilled nursing facility located in Rayne, Louisiana. The …
GEORGETOWN, Ind. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Villas of Guerin Woods in Georgetown, a suburb of Louisville, Kentucky. The property offers primarily skilled nursing with some assisted living and memory care options across eight individual “small houses” with 10 units in each. A nonprofit organization seeking to exit its only seniors housing asset sold the community to a private regional company with 14 other communities in Indiana. The price was $4.3 million. Ryan Saul and Nick Cacciabando of SLIB handled the transaction. “This …
SOUTHFIELD, Mich. — Southfield-based American House Senior Living Communities has acquired 13 seniors housing communities in Tennessee totaling 875 units. Seniors housing giant Ventas sold the portfolio for an undisclosed price. The properties were formerly Elmcroft Senior Living campuses and will be rebranded as American House Senior Living Communities. With this new portfolio, Southfield-based American House will now manage a total of 70 independent living, assisted living and/or memory care facilities. The portfolio includes the following properties: American House Bartlett features 66 assisted living apartments and is located at 3345 …
CHICAGO — Evans Senior Investments (ESI), a Chicago-based broker, has arranged the sale of eight skilled nursing facilities in Ohio. An Ohio-based owner-operator sold the assets to a regional owner-operator looking to grow in the state. The price was $70 million, or $90,000 per functional bed/unit. The portfolio totals 623 licensed skilled nursing beds (614 functional beds), 22 independent living units and 176 licensed assisted living beds (140 functional beds). “While under contract the portfolio received a large Medicaid rate increase of almost $30 per patient day,” says Henry Fuller, …
GARDEN CITY, Idaho — Senior Living Investment Brokerage (SLIB) has arranged the sale of Emerson House, a 36-unit, 45-bed memory care community in Garden City, a suburb of Boise. The facility was built in 2002, with an expansion and renovations in 2017. The property totals approximately 21,460 square feet and is situated on 1.4 acres of land. Emerson House had strong occupancy and EBITDAR prior to COVID, according to SLIB. However, due to several outbreaks and lockdowns, occupancy dropped significantly and has just started to rebound. An undisclosed seller sold …