MOUNT VERNON, SHORELINE, LAKEWOOD and VANCOUVER, Wash. — The Ensign Group, Inc. (NASDAQ: ENSG) will take over operations of four skilled nursing facilites in Washington. The owner, CareTrust REIT Inc. (NASDAQ: CTRE), is transferring the operations from Five Oaks Healthcare. The four facilities are: Mira Vista Care Center, a 94-bed skilled nursing facility in Mount Vernon; Shoreline Health and Rehabilitation, a 114-bed skilled nursing facility in Shoreline; The Oaks at Lakewood, an 80-bed skilled nursing facility in Lakewood; and The Oaks at Timberline, a 98-bed skilled nursing facility in Vancouver. …
ROCHESTER, Pa. — Evans Senior Investments (ESI) has arranged the sale of Rochester Manor + Villa, a 122-bed skilled nursing and 62-unit personal care community in Rochester, approximately 25 miles northwest of Pittsburgh. An independent owner-operator seeking to exit the industry sold the property an East Coast-based owner-operator looking to expand for $9.2 million, or $64,000 per functional bed/unit. Built in 1965 with a $2.5 million renovation from 2015 to 2019, the community features all private or semi-private rooms. Occupancy averaged 69 percent at the time of sale, with an …
BOSTON — Cushman & Wakefield’s Senior Housing Capital Markets team, based in Boston, has completed more than $250 million in transaction closings in April 2021. The firm advised Lytle Enterprises on the sale of Broadway Proper, a 232-unit independent living and assisted living community located in Tucson, Arizona. A joint venture between Harrison Street Real Estate and Stellar Senior Living acquired the property for an undisclosed price. The Cushman team also advised the buyer on acquisition financing, procuring non-recourse bridge financing from a national bank. Cushman & Wakefield also advised …
HOUSTON — JLL Capital Markets has arranged the sale of The Shores at Clear Lake, a 100-unit senior living community in Houston. JLL worked on behalf of the seller, Meridian Realty Advisors, to complete the sale to the buyer, Chicago Pacific Founders. JLL also represented the buyer to secure a $21.3 million, 10-year, floating-rate loan through Freddie Mac as part of the transaction. JLL Real Estate Capital will service that loan. Sitting on almost eight acres and totaling nearly 90,000 square feet, The Shores at Clear Lake offers 66 assisted …
VALPARAISO, Ind. — Evans Senior Investments (ESI) has arranged the sale of Journey Senior Living of Valparaiso, a 98-unit assisted living and memory care community located near the southern bank of Lake Michigan in Valparaiso. The community opened in 2018, but struggled with lease-up, went through two management companies and was shut down in September 2020. The buyer was a regional private equity group that plans to make significant renovations to the empty building and reopen it in fall 2021. The price was $9.2 million, or $93,000 per unit. “Journey …
GRANBURY, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Residence at Legacy Park, an active adult community in Granbury, approximately 35 miles southwest of Fort Worth. Built in 2018, the community features 81 units and is restricted to residents age 55 or older. A local owner-operator looking to exit the industry sold the asset to a national group headquartered in Utah for $18 million. Matthew Alley and Bradley Clousing of SLIB handled the transaction.
RAYMORE, Mo., and INDIANAPOLIS — Subsidiaries of Boncrest Resource Group Inc. have acquired two continuing care retirement communities (CCRCs) from Brookdale Senior Living: Foxwood Springs in the Kansas City suburb of Raymore and Robin Run Village in Indianapolis. Following a brief transition period where Brookdale will continue to manage the properties, Boncrest plans to install Texas-based ER Senior Management as operator. The new operator specializes in active adult and age-in-place communities. The acquisitions are the first for Boncrest, a nonprofit organization based in Atlanta formed in 2017 to address the …
HOUSTON — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., has acquired The Shores at Clear Lake, a 100-unit senior living community in Houston. Grace Management will take over the operations of the property, which is located on seven acres near Clear Lake and the NASA Johnson Space Center. The community offers assisted living and memory care services. The price and seller were not disclosed.
LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of The Homestead at Lakewood, a seniors housing property in Lakewood. An undisclosed buyer acquired the property for $8.3 million. Greg Parker and Greg Price of Marcus & Millichap’s Denver office represented the seller, a private investor, in the deal. Phillip Gause of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer. Constructed in 1999 under the Low-Income Housing Tax Credit program, The Homestead at Lakewood features 58 units in a mix of studio, one- and two-bedroom units …
DELRAY BEACH, BOYNTON BEACH, BOCA RATON, COCONUT CREEK and VERO BEACH, Fla. — JLL Capital Markets has arranged the $64 million sale of a five-property seniors housing portfolio with properties located throughout Southeast Florida. JLL represented an undisclosed seller to complete the sale to an affiliate of Fortress Investment Group LLC. JLL is also working on the buyer’s behalf to secure the acquisition financing. Florida-based Sonata Senior Living has operated the communities for more than three years and will continue to manage the properties going forward. The portfolio includes five …