MARGATE, Fla. — Alta Senior Living has acquired Waterside Landing, a 175-unit independent and assisted living community in Margate, approximately 40 miles north of Miami. Alta will both own and operate the property. The seller and price were not disclosed. Over the next 12 months, Alta Senior Living plans to invest another $6.5 million in renovation capital to further enhance the community and convert 22 units on the first floor from assisted living to secured memory care. “Waterside Landing is exactly the type of acquisition opportunity we’re seeking right now,” …
LYONS, Ill. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the $8.8 million sale of Riverwalk in Lyons, about 14 miles southwest of Chicago. Built in 2003, the six-story property includes 120 units. The majority of the units are rented under affordable housing guidelines, while 16 are rented at market rate. The community was developed using funds from the Low-Income Housing Tax Credit program and the Illinois Housing Development Authority. Current affordability restrictions remain in place until 2033. Kyle Shoemaker of AHIB represented the seller, Barron Development LLC, as …
MANITO, Ill. — Tutera Senior Living & Health Care, a Kansas City-based senior healthcare provider, has purchased The Lodge at Manito in the small, Central Illinois village of Manito. Located on eight acres, the community provides assisted living and memory care services — the first and only dedicated memory care community in the Manito area. The community opened in 2017 by the Mason County Health Department, which was the first of its kind in the state. Tutera and the health department will have a collaborative relationship that will benefit the …
TEXAS — Oxford Finance LLC (“Oxford”) has provided a $27.5 million senior credit facility to Cascades Healthcare, an owner and operator of long-term care facilities. The funds were used for the acquisition of four skilled nursing facilities located in Texas featuring 647 licensed beds. Cascades Healthcare was founded in 2016 to build and coordinate a network of associated senior care. The company currently operates 19 skilled nursing facilities in Utah, Idaho and Texas, as well as providing operational support to three home health and hospice companies and managing a multi-state …
IRVINE, Calif. — Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV have entered into a definitive merger agreement in a tax-free, stock-for-stock transaction that will create a combined company with a gross investment value of approximately $4.2 billion in healthcare real estate assets. Upon completion of the merger, the newly combined company, to be renamed American Healthcare REIT, will be the 11th largest healthcare-focused real estate investment trust globally, according to the companies. The combined company plans to acquire the business and operations of American Healthcare Investors, the co-sponsor …
DENTON and FORT WORTH, Texas — Newmark has brokered the sale of Attiva Denton and Attiva Park, two seniors housing properties totaling 402 units in North Texas. The first property totals 240 units and is located in Denton, and the second property comprises 162 units and is located on the southern side of Fort Worth. Ryan Maconachy and Chad Lavender of Newmark represented the seller, Atlanta-based multifamily development and investment firm Cortland, in the transaction. The buyer was not disclosed.
MILTON, Ga. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Brickmont Assisted Living, a 94-unit seniors housing community in Milton, approximately 30 miles north of Atlanta. The seller was a local developer that elected to exit this asset as it was the company’s first building and had reached the end of its investment horizon. The buyer was a Tennessee-based partnership looking to expand its southeast footprint in strategic markets. The price was not disclosed The community was built in 2016. Bradley Clousing and Daniel Geraghty handled the …
DAYTON, Ohio — Evans Senior Investments (ESI) has arranged the sale of Lincoln Park Manor, a 60-bed skilled nursing and 30-unit assisted living community in Dayton The property was built in 1988 with a $1.3 million renovation from 2019 to 2020. The community was not profitable at the time of marketing the offering, with skilled nursing census averaging 37 percent and assisted living census averaging 45 percent, resulting in a loss of over $1.5 million in net operating income. Contributing to the below average profitability was that the skilled nursing …
LOUISVILLE, Ky., WINTER PARK, Fla., and TOLDEO, Ohio — In a blockbuster deal for seniors housing, the seventh-largest operator of seniors housing in the United States (Atria Senior Living) will acquire the third-largest (Holiday Retirement), with the largest owner in the country (Welltower) buying up a large portfolio of the affected assets. Atria, a privately held seniors housing operator based in Louisville, has agreed to buy the operations business of Winter Park-based Holiday Retirement. Meanwhile, Toledo-based REIT Welltower (NYSE: WELL) will buy the 86 properties that Holiday owns and self-manages …
LEWISVILLE, Texas — An affiliate of Livingston Street Capital, a boutique private equity firm focused on commercial real estate investments throughout the U.S., has acquired a 180-unit active adult apartment community in the Dallas-Fort Worth submarket of Lewisville. The seller was not disclosed. The property, which the firm has rebranded as Haven at Lewisville Lake, is the first Texas addition to Livingston’s geographically diverse active adult and independent living portfolio. The acquisition brings the firm’s total unit count in the sector to nearly 1,000 units. “The acquisition of Haven at Lewisville …