BRUNSWICK and NILES, Ohio — United Church Homes has acquired two apartment communities for older adults from Harbor Woods Living. The properties, built in 2016, are located south of Cleveland in Brunswick and Niles, and operate as Harbor Woods Living at Brunswick and Harbor Woods Living at Niles. Each four-story building features 127 one- and two-bedroom apartments. This acquisition is part of United Church Homes’ plan to expand its portfolio of middle-market housing for older adults.
Acquisitions
Ziegler Arranges $42.6M Acquisition Financing for Three-Property Portfolio in Northwest
by Jeff Shaw
BOZEMAN, Mont., and SEATTLE — Ziegler has arranged $42.6 million in financing for the acquisition of two seniors housing properties near Seattle and another in Bozeman. The borrower is Radiant Senior Living, which has brought the three properties into its portfolio. The financing consisted of a combination of senior and mezzanine debt, with Congressional Bank providing the senior debt and a national senior housing fund providing the mezzanine debt. Radiant acquired the portfolio from a publicly traded healthcare REIT as part of its expansion efforts across the country. The properties …
RACINE, Wis. — Senior Living Investment Brokerage has arranged the sale of The Woods of Caledonia, a 50-unit community-based residential facility (CBRF) in Racine, approximately 25 miles south of Milwaukee. The property totals 54,000 square feet n 4.48 acres. It was originally built in early 1960s and converted to a CBRF in 2008. Occupancy was 75 percent at the time of the sale. The seller was a regional owner-operator that strategically divested this facility due to poor financial performance and the fact that it had transitioned to a Medicaid waiver …
VIRGINIA BEACH, Va. — Standard Communities, the affordable housing division of Standard Cos., has acquired The Commons at Princess Anne, an affordable seniors housing community in Virginia Beach. This acquisition and renovation represents an investment of approximately $22 million and includes capital improvements at the 186-unit property. With this transaction, Standard has created or preserved over 2,000 units of affordable housing in the Mid-Atlantic region. “Older adults, many of whom are on fixed incomes, often find themselves priced out of the neighborhoods that they have been a part of for …
VIRGINIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sentara Healthcare’s portfolio of skilled nursing and seniors housing. The portfolio totals 876 beds in Southern Virginia. Following a previous sale in 2019, Sentara decided to leave the seniors housing space to focus on acute care. The buyer was Omega Healthcare Investors, which will continue to lease to the existing operator, Saber Healthcare Group. The price was not disclosed.
URBANDALE, Iowa — Essex Communities has acquired The Reserve on Walnut Creek in Urbandale, a suburb of Des Moines, a rebranded the community as The Arbordale. The 121-unit independent living community is being converted by Essex from an entrance-fee model community to a rental model community and is Essex’s sixth acquisition and conversion like this over the past three years. Essex has planned a multi-million-dollar renovation that will update apartments and community spaces as well as expand services and amenities.
NORTH WALES, Pa. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Madlyn and Leonard Abramson Center for Jewish Life, a healthcare campus in the Philadelphia suburb of North Wales. Built in 2001 on 78 acres, the property features 324 licensed skilled nursing beds, 46 personal care units and two independent living units. It has undergone $5 million in renovations since 2008. The center boasts a five-star CMS rating and was named to the Best Nursing Homes list by Newsweek. A nonprofit owner-operator sold the community to …
PRINCETON and SUMMIT, N.J. — Brandywine Living has completed the acquisition of two assisted living communities in New Jersey. The two communities are Brandywine Living Serenade at Princeton, formerly Acorn Glen Assisted Living in Princeton, and Brandywine Living at Summit, formerly Spring Meadows at Summit in Summit. “This acquisition is consistent with Brandywine’s strategy of operating high-quality, well-located properties,” says Brenda Bacon, Brandywine’s president and CEO. “The company continues to evaluate other attractive growth opportunities in New Jersey, the Northeast and the Mid-Atlantic.” These properties are being acquired in a …
BAY CITY, Mich. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Carriage House & Health Center and The Colonnades Assisted Living, a senior living campus in Bay City, located near Saginaw Bay. The campus features 38 units of assisted living and 120 skilled nursing beds. Although the price was not disclosed, the price per unit/bed of $37,975 equates to approximately $6 million. The property also offers the chance for future assisted living expansion. A family owner seeking to retire sold the property to an undisclosed buyer. …
AMARILLO, Texas — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of The Medical Lodge of Amarillo, an 82-bed skilled nursing facility in Amarillo. The property was 45 percent occupied at the time of acquisition. This property brings Ensign’s portfolio to 227 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.