BALTIMORE — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 126-bed assisted living and skilled nursing community in suburban Baltimore. Acts Retirement-Life Community sold the asset, as it did not fit the nonprofit owner-operator’s usual business model of continuing care retirement communities. An undisclosed buyer paid $20 million for the property.
Acquisitions
ROCHESTER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Shire Senior Living in Rochester. The community features 200 beds of assisted living, as well as 42 standard apartment units. Ardent Senior Living sold the property to a New York-based owner-operator for an undisclosed price.
WICHITA, Kan. — KeyBank Community Development Lending and Investment (CDLI) has provided an $11.3 million tax-exempt construction and permanent bond loan for the acquisition of Somerset Tower Plaza in Wichita. Steele Properties plans to renovate the 100-unit affordable seniors housing community. The city of Wichita issued the bonds, and the National Development Council provided $4.2 million of Low-Income Housing Tax Credit equity. Originally constructed in 1979, the seven-story Somerset Tower Plaza is located two miles from the Wichita Central Business District. The renovation will include exterior upgrades and life-safety improvements. …
SALEM, Ore. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 190-unit seniors housing campus in Salem. The community features 94 independent living apartments, 22 cottages and 72 assisted living units. At the time it was put on the market, the property generated a 30 percent profit margin and was still 94 percent occupied despite the pandemic, according to Blueprint. The seller was an ownership group finalizing its exit from seniors housing. The buyer was a local owner-operator with two other communities within a mile of the …
ORLANDO and WINTER PARK, Fla. — Strive Senior Living, based in Orlando, has acquired Sutton Homes, based in Winter Park. Sutton Homes is a 25-year-old operator of seven seniors housing communities in Central Florida. Sutton Homes is focused on memory care, and Strive will launch a new standalone memory care brand named Sanctuary by Strive to lead the new portfolio. Strive purchased all assets of the company and will continue to operate the communities under Sutton Homes until the full rebrand to Sanctuary by Strive is completed by the end …
PIKEVILLE, Ky. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 120-bed skilled nursing facility in Pikeville, located along the Big Sandy River in the eastern portion of the state. The property was built in 1979 and renovated in 1987. The rooms are mostly semi-private. The REIT owner elected to sell the property as the existing operator sought to exit. The seller acquired the asset through a sale-leaseback in fourth-quarter 2019, all part of a larger portfolio. A local operator acquired the facility for an undisclosed price.
Grandbridge Provides $16.6M Acquisition Financing for Summer Vista Assisted Living in Pensacola
by Jeff Shaw
PENSACOLA, Fla. — Grandbridge’s Seniors Housing and Healthcare Finance Group has provided $16.6 million in financing for the acquisition of Summer Vista Assisted Living in Pensacola. The property totals 89 units of assisted living and memory care. Details on the buyer and seller were not disclosed. Richard Thomas and Thomas Wiedeman, based in Grandbridge’s Atlanta office, originated the Freddie Mac loan.
DAVISON, Mich. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 32-unit assisted living community in Davison, a suburb of Flint. The property was built in 1997 and expanded in 2013. A REIT sold the community to a Grand Rapids-based operator.
JOHNSON CITY, Texas — Senior Living Investment Brokerage (SLIB) has negotiated the sale of LBJ Medical Center, a 60-bed skilled nursing facility in Johnson City, approximately 45 miles west of Austin. The property was built in 1989 and totals 16,045 square feet on a 2.6-acre plot. The transaction was positioned as a value-add opportunity, as its occupancy was only 63 percent even before the COVID-19 pandemic. A local owner-operator exiting the industry sold the asset to a regional owner-operator based in Texas. The price was not disclosed. Matthew Alley arranged …
KLAMATH FALLS, Ore. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 56-unit independent living community in Klamath Falls, located in the southern part of the state near the California border. The buyer is a regional owner-operator that plans to reposition the asset as an affordable option. The seller was not disclosed.