KNOXVILLE and MARYVILLE, Tenn. — Covenant Living Communities and Services and Presbyterian Homes of Tennessee, have closed on an affiliation with two communities in the metropolitan area of Knoxville. Shannondale of Knoxville, located in Knoxville, sits on 50 acres and offers independent living and assisted living comprising of 228 apartments, homes and duplexes. Shannondale of Maryville, 24 miles south of Knoxville, sits on 34 acres and offers independent living, assisted living and skilled nursing with 237 apartments, homes and duplexes. Under the agreement, the two communities are now affiliate members and …
MILTON, Penn. — The Prestige Group Realty Advisors has brokered the sale of Rockwell Center, a 220-bed assisted living community in Milton, a small borough in Central Pennsylvania. In the early 1980s, a local real estate entrepreneur born and raised in Milton purchased a former Milton high school and repositioned the property into a 220-bed assisted living facility. The building, being a former high school, was equipped with an auditorium with ample seating and a full stage. For over 40 years the facility was run by the founder and then …
RICHMOND, Va. — Berkadia has arranged the sale of a 77-unit assisted living and memory care community in Richmond. The seller was a publicly traded REIT. A private equity group acquired the property for an undisclosed price and has installed Commonwealth Senior Living as the operator. The new owner plans to implement a renovation plan, scheduled for completion in the first quarter of 2025. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders led the Berkadia team.
STILLWATER, Minn. — JLL Capital Markets has arranged the sale and financing of Rivertown Commons, a 96-unit Section 8 affordable seniors housing community situated along the St. Croix River in Stillwater. The seven-story building totals 55,800 square feet. Josh Talberg and Doug Childers of JLL represented the seller, Dominium Management, and procured the buyer, an investment firm that specializes in affordable and workforce housing. The buyer plans to refresh the units and common areas in addition to extending the existing affordability restrictions. C.W. Early, Ken Dayton and Pat McMullen of …
COLUMBIA and MYRTLE BEACH, S.C. — Berkadia has arranged the sale of two assisted living and memory care communities in South Carolina. Berkadia Seniors Housing & Healthcare, led by Mike Garbers, Cody Tremper, Dave Fasano, and Ross Sanders, closed the 156-unit transaction on behalf of a publicly traded REIT. The properties, located in the Columbia and Myrtle Beach MSAs, were purchased by a regional owner-operator. The price was not disclosed.
HOUSTON, Miss. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Trace Extended Care, a 66-bed skilled nursing facility in Houston. Located in Chickasaw County, the property is 30 miles southwest of Tupelo and five miles north of the Natchez Trace Parkway. The seller is Sunlink Health Systems Inc. (NYSE: American SSY), which was looking to redeploy capital and focus on its core business. The buyer is a Mississippi-based group looking to add to its existing presence in Mississippi. Daniel Geraghty and Bradley Clousing handled the transaction for …
ALABAMA — Helios has structured the sale and acquisition financing of an assisted living and memory care community in Alabama. A Mississippi-based regional owner-operator, Veritas InCare, sold the asset to a local owner-operator. The price and other details were not disclosed. Despite the community’s strong performance, dislocation in the debt markets and low liquidity impacted the buyer’s ability to use its existing lending relationships to fund the purchase. Helios stepped in to assist the buyer and structured a financing package with a regional lender that recapitalized the buyer’s existing community …
MERIDIAN, Idaho — Senior Living Investment Brokerage (SLIB) has arranged the sale of Copper Springs Senior Living, an assisted living and memory care community in Meridian, just west of Boise. The community consists of 95 units and 105 beds was built in 1969 with remodeling done in 2013. The property totals 49,664 square feet on approximately five acres of land. The seller is a REIT divesting to exit operations in the state of Idaho. The buyer is an Idaho-based owner-operator expanding their footprint in the state. The price was not …
GREENVILLE, S.C. — Kauhale Health has acquired The Parker, an assisted living and memory care community in Greenville. The Parker will be rebranded as Kauhale Pettigru. Situated in Pettigru Historic District one mile from downtown Greenville and Greenville Zoo, the 66,765-square foot property sits on 3.5 acres. The property was constructed in 2001 and was renovated over the last 36 months, including both common areas and more than one third of the units. The community offers 75 assisted living and 17 memory care private suites, all of which are private-pay units. …
OKLAHOMA CITY — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 52-unit assisted living and memory care community in Oklahoma City. The sale was part of a larger portfolio of more than a dozen geographically disparate, older-vintage communities that Blueprint is brokering for a national developer and investor. Opened in 2000, the was 99 percent occupied but “stood to benefit from a refresh to sustain and further drive operating performance,” according to Blueprint. A regional owner-operator acquired the asset for an undisclosed price. Giancarlo Riso, Amy Sitzman …