Acquisitions

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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AcquisitionsCCRCMichiganNews

MED Healthcare Partners Makes Stalking Horse Bid to Buy Henry Ford Village CCRC Out of Bankruptcy for $69M

by Jeff Shaw

DEARBORN, Mich. — Henry Ford Village has entered into a stalking horse asset purchase agreement with MED Healthcare Partners, in accordance with bid procedures approved by the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division. Under the terms of the stalking horse agreement, MED would acquire substantially all the community’s assets for $69 million. Pending approval, MED will add the continuing care retirement community (CCRC) into its portfolio, which currently includes five CCRCs,150 skilled nursing facilities and 20 assisted living and memory care facilities across the country. …

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AcquisitionsFloridaNews

Prime Care One Sells Two HarborChase Communities in Florida for $26.8M

by Jeff Shaw

NAPLES and VENICE, Fla. — JLL Capital Markets has arranged the $26.8 million sale of a senior living portfolio consisting of two properties totaling 243 units in Southwest Florida. JLL worked on behalf of the seller, Prime Care One, to complete the sale to the buyer, Pointe Group Care. The portfolio includes HarborChase of Naples and HarborChase of Venice, which offer assisted living, memory care and skilled nursing services. Since 2015, the previous owner invested in excess of $3.5 million to update generators, cooling towers and roofs, among other renovations. …

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AcquisitionsAssisted LivingGeorgiaNews

Blueprint Brokers Sale of 160-Unit Community Near Atlanta

by Jeff Shaw

SANDY SPRINGS, Ga. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 160-unit assisted living and memory care community in Sandy Springs, just north of Atlanta. The community, which was not identified, recently underwent a multi-million-dollar renovation. The buyer is a turnaround specialist entering Georgia for the first time. Details on the seller and price were not disclosed.

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AcquisitionsFloridaGeorgiaNews

Sabra Acquires Two Communities in the Southeast for $28.5M

by Jeff Shaw

AUGUSTA, Ga., and GULF BREEZE, Fla. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has acquired a 100-unit seniors housing facility in Augusta and a former seniors housing facility in Gulf Breeze for an aggregate purchase price of $28.5 million. The Augusta location, The Claiborne at West Lake, opened in late 2018 and was nearly 90 percent occupied at the time of the transaction. The transaction was underwritten with an initial cash yield of nearly 8 percent and features an earnout opportunity for the seller after 12 months. Simultaneously with …

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AcquisitionsGeorgiaNews

SLIB Negotiates Sale of 46-Unit Mulberry Grove in Statham, Georgia

by Jeff Shaw

STATHAM, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mulberry Grove, a 46-unit seniors housing community in Statham, west of Athens. Built in 1997, the seller was a local owner-operator looking to retire. The buyer and price were undisclosed. Daniel Geraghty, Bradley Clousing and Dave Balow handled the transaction for SLIB. “This community will benefit operationally from the buyers expanding footprint throughout the Southeast,” says Geraghty.

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AcquisitionsNewsOhioSkilled Nursing

Blueprint Brokers Sale of 108-Bed Skilled Nursing Facility in Dayton, Ohio

by Jeff Shaw

DAYTON, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 108-bed skilled nursing facility in Dayton. The nonprofit seller was looking for an exit strategy, determining that the asset was worth less than its HUD loan obligations. The community was built in 1975 and struggled with occupancy, according to Blueprint, which suggested a short-sale transaction. A private equity owner-operator acquired the property as a value-add opportunity for an undisclosed, all-cash price, with HUD’s approval.

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