WENTZVILLE and ST. CHARLES, Mo. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two Boulevard-branded seniors housing communities in the St. Louis metro area for $97 million. The Boulevard Senior Living of St. Charles features 180 units and opened in 2018, and The Boulevard Senior Living at Wentzville features 139 units and opened in 2019. Both communities have a waiting list of over 75 prospective residents. The seller is the original developer, O’Reilly Development Cos. Kayne Anderson Real Estate is the buyer, and plans to continue forward …
Acquisitions
Seniors housing pricing takes a hit amid pandemic. By James Tellatin The COVID-19 pandemic has clearly impacted seniors housing valuations. The market for seniors housing assets is only beginning to thaw from the pandemic’s spring and summer freeze. In the absence of actual sales data priced in the pandemic, using enterprise valuations from publicly traded REITs and operating companies with large concentrations of seniors housing is a proxy to individual asset values. Operationally, most properties are experiencing lower occupancies and higher per-resident-day operating expenses and these conditions are likely to …
Investment sales professionals express optimism for the future of seniors housing despite the pain caused by the COVID-19 pandemic. Roundtable participants Brooks Minford, Associate Director, Berkadia Daniel Geraghty, Senior Vice President, Senior Living Investment Brokerage Jordyn Berger, Senior Director, Walker & Dunlop Bruce Gibson, Principal, Senior Capital Advisors Cindy Hazzard, Broker, JCH Senior Housing Brokerage Ted Flagg, Senior Managing Director, JLL Capital Markets Aron Will, Vice Chairman, CBRE Capital Markets Kris Lowes, Director, Evans Senior Investments Richard Swartz, Vice Chairman, Cushman & Wakefield Jeffrey Hyman, Senior Vice President, Colliers National Seniors Housing Group Steve Thomes and Ryan Chase, Senior Managing Directors, Blueprint Healthcare Real Estate Advisors Todd Lindblom, National Director, Marcus & Millichap Adam …
By Matt Valley Make no mistake about it, transaction volume in the seniors housing investment sales market has been significantly hampered by COVID-19, the respiratory disease linked to 197,000 deaths nationally as of Sept. 17. Year-to-date through July, property and portfolio sales in the seniors housing and care sector totaled just under $5.3 billion, down 52 percent from nearly $10.8 billion during the same period a year ago, according to Real Capital Analytics (RCA). The number of properties that traded over that same period fell from 703 in 2019 to …
COOS BAY, Ore. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Baycrest Memory Care, a 55-unit community in the coastal city of Coos Bay. A joint venture between an Oregon-based operator and its capital partner acquired the property with plans for renovations to the property. Details on the seller and price were not disclosed.
MT. STERLING, Ky. — Senior Living Investment Brokerage has arranged the sale of Sterling Meadows, a 30-unit assisted living community in Mt. Sterling, approximately 35 miles east of Lexington. Built in 2014, the 66,000-square-foot property was 80 percent occupied at the time of sale. It also offers an opportunity for a memory care expansion. A Lexington-based developer looking to exit seniors housing sold the asset to a Southeast-based owner-operator for $2.9 million. This is the buyer’s first community in Kentucky. Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage …
Greysteel Arranges $27.2M Sale of Cascades Village Senior Apartments in Sterling, Virginia
by Jeff Shaw
STERLING, Va. — Greysteel has arranged the sale of Cascades Village Senior Apartments, a Low-Income Housing Tax Credit (LIHTC) property in Sterling, approximately 25 miles northwest of Washington, D.C. A private local investor sold the property to Avanath Capital Management for $27.2 million. Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001 under the LIHTC. Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing practice represented the seller in the transaction. The Greysteel team additionally worked with the buyer to arrange a senior loan provided …
PASCO, Wash. — Blueprint Healthcare Real Estate advisors has arranged the sale of Tri-Cities Retirement Inn, an 82-unit assisted living and memory care community in Passco, located in the southeast portion of Washington state. A Washington-based owner-operator acquired the property for an undisclosed price. First Interstate Bank provided acquisition financing at an 85 percent loan-to-value ratio. The seller was not disclosed.
OHIO — Blueprint Healthcare Real Estate Advisors has arranged a new lease for four skilled nursing facilities in Ohio for an undisclosed price. The portfolio is located in northwest Ohio near the Indiana border, as well as the Columbus and Cincinnati metro areas. The four properties total 613 licensed beds. The Columbus-based operator was seeking an exit to the skilled nursing industry, so the REIT owner sought a replacement. Blueprint helped replace the operator and negotiate the new lease.