Acquisitions

AcquisitionsCCRCIllinoisNews

Covenant Living Acquires Three Crowns Park CCRC in Evanston, Illinois

by Jeff Shaw

EVANSTON, Ill. — Covenant Living Communities and Services has entered into an affiliation agreement with Three Crowns Park, a continuing care retirement community (CCRC) in Evanston, approximately 12 miles north of downtown Chicago. Under the agreement, Three Crowns Park will become part of the Covenant Living organization. Covenant Living will assume overall management and operations of Three Crowns Park with shared governance and leadership upon closing, which is scheduled for July 1. Three Crowns Park is a seven-acre, single-site senior living community established more than 125 years ago. It is …

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AcquisitionsAssisted LivingNewsTennessee

NHI Acquires 48-Unit Community in Tennessee, Expands Relationship with Operator Navion

by Jeff Shaw

MANCHESTER, Tenn. — National Health Investors Inc. (NYSE: NHI) has expanded its relationship with Navion Senior Solutions through the acquisition of an assisted living and memory care community, funding of an expansion at an existing community, and funding of a corporate loan for future development costs. These investments total approximately $13.2 million. NHI acquired a 48-unit assisted living and memory care community in Manchester for $6.6 million at an initial yield of 7.5 percent. The lease has 2.5 percent annual escalators and was added to the existing master lease with …

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AcquisitionsCompany NewsNews

Seniors Housing Advisor Spectrum Consultants Acquires Holleran Consulting

by Jeff Shaw

GASTONIA, N.C. — Spectrum Consultants, a Gastonia-based advisor to senior living communities, has acquired Holleran Consulting, a community engagement research and consulting firm specializing in resident and employee surveys for senior living. The goal of the acquisition is to diversify Spectrum’s services, according to the buyer. “Holleran provides an avenue for us to develop strategic marketing and positioning for senior living communities based on feedback and the voice of residents and staff — the true essence of a community’s aspirational culture,” says Hoppy Sell, Spectrum’s president. The Holleran suite of …

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AcquisitionsAssisted LivingNewsWisconsin

LTC Sells Three Assisted Living Communities in Wisconsin for $35M

by Jeff Shaw

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT, has sold three assisted living communities in Wisconsin that were part of LTC’s Senior Lifestyle portfolio for $35 million. The estimated gain from the sale of the properties, which include 263 assisted living units, is approximately $5.6 million. The net proceeds from the sale of approximately $34.0 million were used to paydown LTC’s unsecured revolving line of credit. “Transitioning the Senior Lifestyle portfolio has been a key focus for LTC, and the sale of these communities brings …

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AcquisitionsCCRCNewsPennsylvania

SLIB Brokers Sale of 168-Bed St. Mary’s East in Erie, Pennsylvania

by Jeff Shaw

ERIE, Pa. — Senior Living Investment Brokerage (SLIB) has arranged the sale of St. Mary’s East, a continuing care retirement community in Erie. The original building was constructed in 1929 and the campus underwent several additions and renovations with the last project completed in 2010. It features 139 skilled nursing beds and 29 units / 58 beds of residential and personal care. The seller was a local nonprofit looking to focus on its other campus, which is a true entry fee CCRC model. The buyer and price were not disclosed.

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AcquisitionsCaliforniaNevadaNews

Harrison Street Agrees to Acquire 24 Seniors Housing Assets, Sell 14 Medical Office Properties for $1.6B

by Jeff Shaw

CHICAGO — Chicago-based Harrison Street has entered into a series of transactions under which the company agreed to purchase 24 seniors housing assets and sell 14 medical office properties for a total transaction volume of approximately $1.6 billion. The 24 Class A seniors housing properties comprise 2,195 assisted living and memory care units across California and Nevada. The purchase price was roughly $1.2 billion. Healthpeak Properties Inc. was the seller of 12 communities, while Gallaher Cos. was the seller of the other 12 properties. Oakmont Management Group operates all 24 …

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AcquisitionsIllinoisNewsOhio

Pathway to Living, Welltower Acquire 22-Property Portfolio in Illinois, Ohio

by Jeff Shaw

TOLEDO, Ohio, and CHICAGO — Pathway to Living, the seniors housing platform of Chicago-based real estate investor and operator Waterton, has partnered with giant healthcare giant Welltower (NYSE: WELL) to manage and modernize a 22-property seniors housing portfolio across Illinois and Ohio. Pathway to Living will operate the communities, which Toledo-based Welltower will own. The portfolio totals 1,105 units. “This new alliance with Welltower, the industry’s leading healthcare real estate entity, is a testament to our reputation as a specialist in middle-market senior housing operations,” says Jerry Finis, CEO of …

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AcquisitionsMassachusettsNewsSkilled Nursing

Cushman & Wakefield Brokers Sale of 135-Bed Skilled Nursing Facility on Cape Cod

by Jeff Shaw

HARWICH, Mass. — Cushman & Wakefield has brokered the sale of Wingate at Harwich, a 135-bed skilled nursing facility located in the Cape Cod city of Harwich. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the seller, an undisclosed institutional investor that is exiting the skilled nursing space, in the transaction. The buyer, a regional operator, plans to upgrade the community.

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AcquisitionsAssisted LivingNewsOregon

SLIB Negotiates Sale of 95-Unit Community in Ashland, Oregon

by Jeff Shaw

ASHLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Skylark, an assisted living and memory care community in Ashland, located near the California border. Totaling 95 units, the community was built in 1997 with a renovation project in 2015. The facility is approximately 66,169 square feet and is situated on approximately 2.85 acres of land. The seller was regional owner-operator looking to exit the Oregon market. The buyer is a regional investor that will use a third-party operator. The price was not disclosed. Jason Punzel, Vince …

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AcquisitionsCCRCIowaNebraskaNews

Lifespace Sells Two CCRC Campuses in Midwest to Immanuel Communities

by Jeff Shaw

LINCOLN, Neb., and DES MOINES, Iowa — Immanuel Communities has acquired two continuing care retirement community (CCRC) campuses in Lincoln and Des Moines. Lifespace Communities, also a nonprofit owner-operator, was the seller. Terms of the transaction were not disclosed. Deerfield and Grand Lodge at the Preserve will join Immanuel’s portfolio in third-quarter 2021. The campuses comprise 349 apartments with a mix of independent living, assisted living, memory care, residential care, and skilled-nursing and long-term care. The acquisitions are part of Immanuel’s plans to expand its Midwest presence.

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