MASON CITY, Iowa — SVN Chicago Commercial has brokered the $2.8 million sale of Grant Village in Mason City in northern Iowa. The 64-unit affordable seniors housing property has a Section 8 contract with HUD, meaning tenants make a monthly contribution toward rent equal to 30 percent of their adjusted income. Cody Doran and Reid Bennett of SVN brokered the sale. A private buyer purchased the asset at the full asking price. The seller was not disclosed.
Acquisitions
KANSAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of three skilled nursing facilities in Kansas totaling 250 beds. The properties were located in suburban and rural locations. The price and buyer were not disclosed. The transaction is the last of five that Blueprint arranged for LTC Properties as part of the REIT’s divestment of its 2,500-bed Preferred Care skilled nursing portfolio. The company sold the properties to five different buyers, with each buying all properties within a single state.
ORANGE, Calif. — MBK Senior Living has acquired Kirkwood Orange, seniors housing community in Orange, approximately 30 miles southeast of downtown Los Angeles. Kirkwood Orange comprises 48 assisted living and memory care units. Originally built in 1999, the community underwent $1.1 million in capital improvements in 2019, including renovations to all common areas. The seller was a joint venture between Cadence Living and an institutional equity partner. This acquisition expands MBK’s portfolio to 33 owned and managed communities located throughout the Western United States. The purchase price was not disclosed. …
TEXAS — CBRE has arranges an undisclosed amount of financing for the acquisition of a 60-unit assisted living and memory care community in North Texas. The borrower is a joint venture between HJ Sims and Voralto Living. The financing is a four-year, floating-rate loan with 24 months of interest-only payments. A national bank provided the funds. CBRE’s Aron Will, Austin Sacco and Adam Mincberg arranged the financing. The name and specific location of the property were not disclosed.
DENVER — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities in the Denver metro area and a third in Eastern Colorado. The portfolio totals 250 skilled nursing beds, as well as 25 assisted living units. LTC Properties sold the assets as part of its plan to divest all its Preferred Care-branded communities. The buyer is a private private company looking to expand its presence in Colorado, as well as its relationships with its third-party operators in the state. The price was not disclosed.
HOUSTON and DALLAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of seven skilled nursing facilities in Texas for $23 million. The transaction was part of LTC Properties’ continuing divestment of its Preferred Care-branded properties. The portfolio totals 1,150 beds, with five of the communities located in major metros such as Houston and Dallas. A private company based in the Northeast was the buyer. The company was attracted to the immediate economies of scale with so many beds in a single state, according to Blueprint.
BEDFORD, N.H. — Single Digits, a wireless network provider serving multiple commercial real estate sectors including seniors housing, has acquired Inviacom, a provider of Wi-Fi and connectivity services for senior living communities across the U.S. Bedford-based Single Digits cites Inviacom’s specialty in the seniors housing sector as a reason for the purchase. The buyer plans to combine the software and service offerings of the two companies. “Inviacom has been providing exceptional managed Wi-Fi, VoIP, white glove training services and hands-on support to senior living communities since 2011,” says Stephen Singlar, …
TAMPA, Fla. — Private equity firm Twin Light Capital has acquired Hudson Manor Assisted Living, located in the Davis Islands neighborhood of Tampa. Hudson Manor is the only senior living property in Davis Islands, and one of two properties in the island community listed on the National Register of Historic Places. The seller and price were not disclosed. Miami architect Martin Hampton originally designed the property in 1926 as the Palmerin Hotel. The property was converted into seniors housing in 2004 and extensively renovated from 2016 to 2018. “Hudson Manor …
DES MOINES, Iowa — Blueprint Healthcare Real Estate Advisors has arranged the sale of seven skilled nursing homes in Iowa. Largely located in the Des Moines metro area, the properties total approximately 550 beds. LTC Properties sold the assets to a private owner-operator for an undisclosed price. The transaction was the third of five that Blueprint is brokering for LTC, which is divesting its entire portfolio of Preferred Care-branded properties.
MESA, Ariz. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 160-bed skilled nursing facility in Mesa. The property was recently renovated and expanded, and is located near multiple medical centers that refer residents to the facility. A buyer with an existing footprint in the market acquired the asset for an undisclosed price. The transaction is part of a series of sales that Blueprint arranged for LTC properties, which is divesting its entire portfolio of Preferred Care facilities. Blueprint estimates the combined sales will total $78 million.