ST. LOUIS — SRZ Management has acquired NHC Healthcare Town & Country, a 282-bed skilled nursing facility in St. Louis. The seller was National Healthcare Corp. The price was not disclosed. SRZ plans to rebrand the property as Town & Country Health & Rehab and plans to retain all current staff. “We do not plan to expand the current facility or tear it down and build a larger facility as was proposed by previous parties interested in purchasing this property,” says David Murphy, CEO of SRZ Management. “Instead, we plan …
Acquisitions
Colliers Arranges $94M Sale of Affordable Seniors Housing Property in East Orange, New Jersey
by Jeff Shaw
EAST ORANGE, N.J. — Colliers International has arranged the $94 million sale of Norman Towers, a Section 8 seniors housing project located in the Newark suburb of East Orange. The 405-unit property has not been renovated since its original construction in 1980. Colliers represented the seller, Squiretown Properties LLC, in the transaction. The buyer was a partnership between Community Preservation Partners and L+M Development Partners. The property’s affordability status, which was set to expire in 10 years, has now been extended for 30 years as part of the purchase agreement. …
HAMILTON TOWNSHIP, N.J. — The Kislak Company Inc. has brokered the $16.4 million sale of Twin Ponds, a 75-unit active adult community in Hamilton Township, located outside Trenton. Justin Lupo and Jason Pucci of Kislak represented the sellers, Crestwood Ventures LLC and Crestwood Ventures II LLC, in the transaction. The buyer, an affiliate of The Kamson Corp., plans to expand the property with a 69-unit third phase. Twin Ponds was fully occupied at the time of sale.
STERLING, Va. — Avanath Capital Management has acquired Cascades Village, a 150-unit affordable seniors housing community in the Washington, D.C. suburb of Sterling, for $27.2 million. “Avanath was attracted to Sterling because home pricing and existing market-rate product in the market are unaffordable to lower income renters, resulting in a significant demand for affordable rental units in the area,” says John Williams, president and chief investment officer of Avanath Capital Management. “Cascades Village is located only 2.5 miles away from our affordable community, Acclaim at Sterling, and this proximity will …
CHESAPEAKE, Va. — Commonwealth Senior Living has acquired Cedar Manor Assisted Living, a seniors housing community in Chesapeake, located in the southeast corner of the state along the Atlantic Ocean and North Carolina border. Chesapeake Regional Healthcare built the property in 2001. It will be rebranded as Commonwealth Senior Living at Cedar Manor. The community currently features 60 assisted living and 12 memory care beds. Starting after the holidays, Commonwealth will immediately begin renovations to update the building and expand its capacity to 68 assisted living and 32 memory care …
NORTH BEND, Ore. — Merrill Commercial Real Estate has arranged the sale of a 69-unit independent living community in North Bend. The 44,000-square-foot community was part of a senior living portfolio that went into receivership in late 2019. The property is one of four properties in the portfolio that make up a continuum of care model in the local area. The name of the property and campus were not disclosed. Mike Merrill represented the court-appointed receiver. A California-based investment group focused on the multifamily sector paid $4.1 million for the …
CareTrust REIT Acquires Four-Property Skilled Nursing Portfolio in Metro Dallas for $47.6M
by Jeff Shaw
ROCKWALL, ROWLETT, WILLS POINT and WAXAHACHIE, Texas — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired four post-acute care facilities in the Dallas-Ft. Worth area. The REIT paid $47.6 million for the properties in an off-market transaction for $47.6 million. The portfolio consists of 554 skilled nursing beds and 24 assisted living beds, and is currently leased to operating affiliates of The Ensign Group Inc. The facilities include Beacon Harbor Healthcare & Rehabilitation in Rockwall, Rowlett Health & Rehabilitation Center in Rowlett, Crestwood Health & Rehabilitation in Wills Point and Pleasant …
RYE, N.H. — Benchmark Senior Living has acquired the real estate and operations of Evolve at Rye, a 40-unit memory care community in Rye, located approximately midway between Boston and Portland, Maine. Benchmark operates 62 seniors housing communities in New England, of which 60 feature memory care services. This is the company’s sixth property in New Hampshire. “Dementia affects over 100,000 people in New Hampshire, and there are not enough resources to support Seacoast families,” says Allison Melahouris, senior vice president of operations for Benchmark’s Mind & Memory Care division. …
DALLAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of Lakeland Hills Senior Living, a 170-unit seniors housing community in Dallas. Originally built in 1987, the community was renovated in 2013 with several additional capital investments and upgrades completed since 2016. Following a previous operator transition, the REIT owner converted over 20 percent of the assisted living units to establish Lakeland Hills as exclusively independent living. Occupancy declined immediately following the conversion, but steadily improved month-over-month as the community was repositioned as an affordable independent living provider. Blueprint …
CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of 21 skilled nursing facilities in the Midwest. The transactions represented the exit from the long-term care industry of a a regional owner-operator. The portfolio consisted of three separate transactions for each state — Indiana, Iowa and Illinois. The combined purchase price for all three transactions was $86 million, or $54,0000 per functional bed/unit. The Indiana portfolio consisted of 11 communities totaling 751 licensed skilled nursing beds and 109 senior living units. At the time of …