TRINITY, Florida — Cushman & Wakefield’s Tampa-based Senior Housing Team has arranged the sale of The Watermark at Trinity in the Tampa suburb of Trinity. Kayne Anderson Real Estate acquired the community for an undisclosed price. The operator, Watermark Retirement Communities, will continue to manage the property. The five-story community features 117 units of independent living and was recently completed. The property is adjacent to a 97-unit assisted living and memory care building constructed by the same development team in 2016. The Cushman & Wakefield team led by Allen McMurtry …
Acquisitions
SUNRISE, Fla. — Fairstead has acquired Federation Sunrise Apartments, a 123-unit Section 8 housing development for the elderly in Sunrise, just west of Fort Lauderdale. The company paid $29.5 million for the property and has planned a multimillion dollar rehabilitation of the entire complex. The seller was not disclosed. The acquisition was financed through the issuance of federal Low-Income Housing Tax Credits and tax-exempt bonds from the Housing Finance Authority of Broward County, Florida.
MICHIGAN — Evans Senior Investments (ESI) has arranged the sale of two senior living/skilled nursing facilities and one standalone nursing home in Michigan for $38.5 million, or $98,000 per bed/unit. The portfolio consists of 88 assisted living units, 36 memory care units, and 270 skilled nursing beds. An independent owner-operator sold the properties to a Midwest-based owner-operator. The names and specific locations were not disclosed. Built in 1997, 2007, and 2008 the Senior Living portion of the portfolio was 100% private pay, while the properties’ Skilled Nursing census exhibited a …
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of six seniors housing communities in three states. The seller, Invesque, was seeking an exit from its joint venture portfolio of Royal Senior Care properties. One community in Florida was sold to a third-party buyer, while a Georgia community was sold to Royal Senior Care. The remaining four communities, all located in South Carolina, went to an existing portfolio partner of Royal Senior Care with a strong presence in the state. The prices and specific …
HOUSTON — Colliers International has arranged the sale of a 15,610-square-foot assisted living facility in Houston. Ocean 4 LLC acquired the property from Best Personal Care for an undisclosed price. The three-story property features 46 beds in 26 units. It was built in 1976 and renovated in 2005 Richard Copeland of Keller Williams Commercial represented the buyer in the transaction. Elena Bakina of Colliers International represented the seller.
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.
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.