Acquisitions

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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AcquisitionsFloridaNews

Alta Senior Living Buys 175-Unit Waterside Landing Community in South Florida, Plans $6.5M Renovation

by Jeff Shaw

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,” …

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AcquisitionsAffordable HousingIllinoisNews

AHIB Arranges $8.8M Sale of Affordable Senior Living Community in Lyons, Illinois

by Jeff Shaw

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 …

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AcquisitionsAssisted LivingIllinoisNews

Tutera Acquires The Lodge at Manito in Illinois

by Jeff Shaw

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 …

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AcquisitionsFinanceNewsSkilled NursingTexas

Oxford Finance Provides $27.5M Credit Facility to Cascades Healthcare for Four-Property Acquisition

by Jeff Shaw

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 …

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AcquisitionsCompany NewsNews

Griffin-American Healthcare REIT III, IV to Merge, Acquire American Healthcare Investors

by Jeff Shaw

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 …

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AcquisitionsNewsTexas

Newmark Brokers Sale of Two Seniors Housing Properties Totaling 402 Units in North Texas

by Jeff Shaw

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.

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