BOCA RATON, Fla. — Fairstead has acquired Gould House, a 101-unit Section 8 housing development for the elderly in Boca Raton. The property is located on the 100+ acre Jewish Federation of South Palm Beach County Campus. While the seller and price were not disclosed, Fairstead did unveil plans for a $6 million rehabilitation of the entire complex. The project will include new kitchens, baths, lighting, HVAC, flooring and windows for all apartments, as well as common area improvements to the physical plant, security systems, grounds, lobbies, community room and …
Acquisitions
KNOXVILLE, Tenn. — Propel Insurance, a leading retail insurance agency and a portfolio company of Flexpoint Ford, has acquired HealthCare Services (HCS), a boutique risk management and insurance consulting firm based in Knoxville. HCS specializes in serving senior care organizations. The combined agency expects to generate more than $120 million of annual revenue in 2020 and will have seven offices across the country. The acquisition will expand Propel’s existing senior living practice, as well as the Charlotte, North Carolina-based company’s geographic spread. Ed Sims and Taylor Preston, senior partners at …
SPRINGFIELD, Pa. — Tryko Partners has purchased the Harlee Manor and Springfield Commons skilled nursing campus in Springfield, approximately 12 miles west of downtown Philadelphia. Located on more than six acres, the property totals 173 skilled nursing beds and personal care units. It will be rebranded as Springfield Rehabilitation & Healthcare Center and Springfield Crossings. The acquisition price was not disclosed. Tryko is planning to immediately start a $2.5 million improvement plan for both the physical plant and programming. Tryko Partners’ regional portfolio includes three additional skilled nursing facilities in …
NORTH PROVIDENCE, R.I. — Private equity investment firm Tryko Partners has been selected to acquire Hopkins Manor, a 200-bed skilled nursing facility in North Providence. Tryko will purchase the property out of receivership for $14.5 million. Tryko and its healthcare affiliate, Marquis Health Services, will assist Jonathan Savage of Shechtman Halperin Savage, the Rhode Island Superior Court-appointed special master for Hopkins Manor. Savage, with the facility’s team of caregivers and staff, has stabilized and successfully marketed the facility, culminating the court approval just seven weeks after the start of the …
WEST LINN, Ore. — Owner-operator Cadence Living has partnered with boutique investment firm Dylan Investments to acquire Tanner Spring, an assisted living and memory care community in the affluent Portland suburb of West Linn. The community comprises 62 assisted living units and 26 memory care units. The partnership also acquired the adjacent vacant land and has plans to add 100 residential units in the future. Orix Securities advised the seller on the transaction and Blueprint Healthcare Real Estate advised the buyer. “We have been focused on the northwest for our …
DANVILLE, Ky. — Strawberry Fields REIT LLC has acquired Charleston Health Care Center, a skilled nursing facility in Danville, approximately 35 miles southwest of Lexington. The REIT paid $5.4 million for the community, which features 90 skilled nursing beds, 16 assisted living beds and an independent living cottage. The seller was not disclosed. “The plan is to rebrand the property Landmark of Danville, and include it in the Landmark group of homes that are operated by A&M Healthcare,” says Moishe Gubin, CEO of Strawberry Fields. “A&M already has other facilities …
LUNENBURG, Mass. — Boston Capital has invested in the development of Baker Brook Apartments, a 70-unit development for seniors in Lunenburg, a small town north of Worcester. The developer is Great Bridge Properties. Residents must be age 55 or older and earn 80 percent or less of the area median income (AMI). Forty-eight units are reserved for seniors earning 60 percent or less of AMI and eight units are for seniors earning 30 percent of less of AMI. Ten percent of the units are reserved for those currently homeless. Located …
Elevation Acquires Kennington Pointe in Memphis for $2.2M, Plans Affordable Redevelopment
by Jeff Shaw
MEMPHIS, Tenn. — Elevation Financial Group, through its Elevation Real Property Fund VII, has acquired Kennington Pointe, a 155-unit seniors housing property in Memphis. Built in 1989, the property was previously an independent living and assisted living facility. As part of a renovation plan, Elevation will add kitchens to the assisted living units and convert the entire property to an affordable community for those over age 55. The property will also be rebranded as The Elevation at Autumn Ridge. The $2.2 million purchase represents the seventh acquisition by the fund …
ST. PETERSBURG, Fla. — Colliers International has arranged the sale of Loving Care of Saint Petersburg in the Tampa suburb of St. Petersburg. The property features 120 beds across 60 units. The assisted living facility has a limited mental health specialty license. Best Care Senior Living at St. Pete acquired the property from Loving Care of St Petersburg for an undisclosed price. The community was 80 percent occupied at the time of sale. Kenneth and Damien Carriero of Colliers arranged the transaction.
HAZEL CREST, Ill. — Charter Senior Living has acquired Citadel Estates, an assisted living and memory care community in Hazel Crest, approximately 20 miles south of Chicago. The buyer has renamed the community Charter Senior Living of Hazel Crest. The seller and price were not disclosed. “The acquisition was planned before COVID-19 and by the time we were transitioning, most of the country was already locked down,” says Jayne Sallerson, Charter’s chief operating officer. “We had plans in place for our other communities, so implementing new procedures at Hazel Crest …