BREWSTER, Mass. — Elevation Financial Group, through its Elevation Real Property Fund VII, has acquired Wingate Residences at Brewster Place, a skilled nursing facility in the Cape Cod town of Brewster. Elevation paid $4 million for the 121,000-square-foot property. Initial construction of the facility began in 1973, with an expansion completed in 1995. The community operated as a nursing home and skilled nursing facility before ceasing operations in 2019. Elevation plans to reopen the property as an affordable senior living community, rebranded as Serenity Apartments at Brewster. “The need for …
Acquisitions
EVANSVILLE, Ind. — Evans Senior Investments (ESI) has brokered the sale of Pine Haven Health & Rehab Center, a 113-bed skilled nursing facility in Evansville, in the southwest corner of the state near the Kentucky border. An owner-operator focused on the Southeast sold the property, as it was the only asset the company had in the Midwest. An undisclosed buyer paid $7.8 million for the facility. Built in two phases in 1957 and 2001, Pine Haven was hit hard by the COVID-19 pandemic, accumulating a total of 66 positive cases …
PARK CITY, Utah — Blueprint Healthcare Real Estate Advisors has arranged the sale of an undisclosed assisted living and memory care community in Park City, approximately 35 miles southeast of Salt Lake City. The community was built in 1999 and features 32 units of assisted living and 10 units of memory care. The Pacific Northwest-based owner sought to divest the asset as a geographical outlier in its portfolio. A local owner-operator bought the property for an undisclosed price, taking on the existing HUD loan as part of the deal.
Joint Venture Starts Construction of Arista Riverstone Active Adult Project in Sugar Land, Texas
by Jeff Shaw
SUGAR LAND, Texas — A Houston-based joint venture between Buckhead Investment Partners and Zane Segal Projects has started construction of Arista Riverstone, a 142-unit active adult apartment community in the Houston suburb of Sugar Land. The project is located in Riverstone, a master-planned community along the Brazos River. The four-story building will be located on the last multifamily tract in Riverstone bordered by a lake, and will connect to Riverstone’s 20-mile fitness trail network Johnson Capital Multifamily Inc. provided an undisclosed amount of construction financing. Gonzalez Newell Bender Architects provided …
RIVERSIDE COUNTY, Calif. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community featuring 64 skilled nursing beds and 49 assisted living beds in Riverside County, located east of Los Angeles. The facility was in escrow when COVID-19 hit with a first-time buyer who decided not to proceed. The seller, a family-owned owner-operator eventually sold the property to a first-time buyer. The sales price was $5.4 million, or $84,375 per bed at a 9 percent capitalization rate. JCH also assisted the buyer in setting up …
ELIZABETHTOWN, Pa. — Senior Living Investment Brokerage has negotiated the sale of Elizabethtown Health & Rehab, a skilled nursing and personal care community in Elizabethtown, a suburb of Harrisburg. The facility consists of 45 skilled nursing beds and 39 personal care beds. Most of the building is configured as semi-private rooms. The facility encountered COVID very early in the pandemic with almost all residents and several staff testing positive. With very few deaths, the facility continued to perform extremely well, benefited from higher rates, and was able to continue admitting …
VALLEY STREAM, N.Y. — Oxford Finance LLC has arranged a $44.6 million senior credit facility and revolving line of credit to MDA Capital Group, a Valley Stream-based seniors housing consulting services firm. The proceeds are being used for the acquisition of five skilled nursing facilities located in Vermont totaling 527 licensed beds. Details on the properties and transaction were not disclosed.
UNIONTOWN, Pa. — Evans Senior Investments (ESI) has arranged the sale of Cherry Tree Nursing Center, a 120-bed skilled nursing facility in Uniontown, approximately 45 miles south of Pittsburgh. An independent owner-operator exiting the long-term care industry sold the property for $9.7 million. The buyer was an Ohio-based owner-operator looking to expand in Pennsylvania. Built in 1995, the community features all private or semi-private rooms. Despite the contemporary design, the community was not profitable at the time of marketing the offering, with census averaging 72 percent contributing to only $50,000 …
CANTON, Ohio — Capital Senior Living Corp. (NYSE: CSU) has sold a seniors housing community in Canton for $18 million The sale provided $6.4 million in net cash proceeds to the company, which will continue to operate the asset. The buyer and the name of the property were not disclosed. The community features 92 independent living units, 102 assisted living units and 36 memory care units.
Blueprint Brokers Sale of 154-Bed Pawtucket Center Skilled Nursing Facility in Rhode Island
by Jeff Shaw
PAWTUCKET, R.I. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Pawtucket Center, a 154-bed skilled nursing facility in the Providence suburb of Pawtucket. The property was built in 1978, expanded in 1997 and renovated in the early 2000s. A REIT sold the facility to a New Jersey-based entrepreneur, which has partnered with a regional operator. The new owner rebranded the property as Pawtucket Falls Healthcare Center. The price was not disclosed.