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Acquisitions

AcquisitionsAffordable HousingNew JerseyNews

Standard Communities Acquires 169-unit Affordable Community in Atlantic City

by Jeff Shaw

ATLANTIC CITY, N.J. — Standard Communities, the affordable housing division of Standard Cos., has acquired Baltic Plaza Apartments, a 169-unit affordable seniors housing community in Atlantic City. The total capitalization of the transaction, including the sales price, a $10 million renovation plan and other costs, is approximately $38 million. Built in 1982, Baltic Plaza’s units are supported by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. The property is Standard Communities’ first acquisition in New Jersey. Standard Communities completed this transaction in partnership with the U.S. Department of Housing …

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AcquisitionsFinanceIndependent LivingMichiganNews

JLL Arranges Sale, Financing for The Park at Trowbridge in Southfield, Michigan

by Jeff Shaw

SOUTHFIELD, Mich. — JLL Capital Markets has closed the $17 million sale of and arranged $25.4 million in acquisition and renovation financing for The Park at Trowbridge, a 298-unit seniors housing community in the northern Detroit suburb of Southfield, Michigan. JLL worked on behalf of a private investor seller to complete the sale to a regional owner-operator of multi-housing and age-restricted housing. JLL also represented the buyer in arranging the non-recourse acquisition and renovation loan from a regional bank. The property currently operates as an independent living facility, but the …

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AcquisitionsFinanceMinnesotaNews

ORIX Completes $44.8M Bond Financing for Portfolio Acquisition in Metro Minneapolis

by Jeff Shaw

MINNEAPOLIS — ORIX Corp. USA has completed a $44.8 million tax-exempt and taxable bond financing to fund the acquisition of five seniors housing communities that are part of the Coventry Properties of Minnesota. The communities are located within the greater Minneapolis area and total 153 assisted living and memory care units. Coventry develops and operates a portfolio of high-acuity seniors housing communities located throughout Minnesota. Coventry communities focus on providing care for residents who do not need skilled nursing care, but require more assistance than larger assisted living facilities may …

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AcquisitionsNewsOhioSkilled Nursing

Blueprint Brokers Sale of 61-Bed Skilled Nursing Facility in Hicksville, Ohio

by Jeff Shaw

HICKSVILLE, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Hickory Creek at Hicksville, a 61-bed skilled nursing facility in Hicksville, located just across the state border from Fort Wayne, Indiana. The property was built in 1966 and features mostly semi-private rooms Representing the non-profit regional operator’s only location in the state, the REIT landlord and its tenant sought an exit. The buyer and price were not disclosed.

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AcquisitionsAffordable HousingMassachusettsNews

Cambridge Housing Authority Buys, Renovates Affordable Housing Community Near Boston

by Jeff Shaw

CAMBRIDGE, Mass. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds. Located across the Charles River from Boston, Harry S. Truman Apartments is part of the …

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AcquisitionsIndependent LivingNewsOperationsTexas

True Connection Communities to Operate 156-Unit Skye Luxury Senior Living Near Austin, Texas

by Jeff Shaw

LEANDER, Texas — True Connection Communities (TCC) has expanded its operating platform with the addition of Skye Luxury Senior Living, a 156-apartment independent living community in Leander, a northwestern suburb of Austin. A value-add opportunity, TCC plans to upgrade the nearly four-year-old community by improving design elements in select apartments, modifying the dining room to accommodate more dining tables, and enhancing the pool deck to create a more inviting space for residents. The community will be rebranded as Verena at Leander. True Connection Communities operates a portfolio of 13 active …

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AcquisitionsFloridaNews

Capital Square 1031 Buys Foxwood Village Manufactured Housing Community in Lakeland, Florida

by Jeff Shaw

LAKELAND, Fla. — Capital Square 1031 has acquired Foxwood Village, a manufactured housing community for those over age 55 in Lakeland, located between Tampa and Orlando. To date, Capital Square has acquired six age-restricted manufactured housing communities in coastal Florida markets for tax-advantaged real estate investment offerings. “Age-restricted manufactured housing communities in Florida are among the safest assets in the nation,” says Louis Rogers, founder and chief executive officer of Capital Square. “Due to exceptionally strong rent growth and little to no vacancy, they are an excellent hedge against inflation.” …

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AcquisitionsAlabamaAssisted LivingIndependent LivingNews

Blueprint Arranges Sale of 55-Unit Community in Birmingham, Alabama

by Jeff Shaw

BIRMINGHAM, Ala. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 55-unit independent living and assisted living community in Birmingham The Alabama-based developer purchased the existing assisted living community in 2016 and completed a full renovation, as well as the addition of new units. Further, ownership built a new, three-story independent living community on-site to complement the existing assisted living community. Inspired Healthcare Capital bought the property for an undisclosed price. The new owner plans to retain the existing operator.

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AcquisitionsNewsVirginia

Standard Communities Acquires 597-Unit Chesapeake Crossing in Virginia

by Jeff Shaw

CHESAPEAKE, Va. — Standard Communities, the affordable housing division of Standard Cos., has acquired Chesapeake Crossing, a 597-unit mixed-income community for seniors in Chesapeake, located near the coast and the North Carolina border. The total capitalization of the transaction is approximately $68 million, including renovations and other costs. Standard is rebranding the property as Starling Village and plans to make $7.5 million in renovations. “With this acquisition, Standard has acquired over 3,000 units in the Mid-Atlantic region, including approximately 1,500 in Virginia,” says Scott Alter, principal and co-founder of Standard …

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AcquisitionsMinnesotaNews

SLIB Brokers $7.2M Sale of Vacant Community in Wayzata, Minnesota

by Jeff Shaw

WAYZATA, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Meridian Manor, an independent and assisted living community located in Wayzata, approximately 13 miles west of downtown Minneapolis. Totaling 67 units, the 78,000-square-foot community was built on four acres in 1994. A local owner-operator acquired the community from a nonprofit for $7.2 million. The community was vacant at the time of the sale and the buyer plans major renovations. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

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