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 …
Acquisitions
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 …
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.
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.