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.
Acquisitions
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.
GREEN SPRINGS, Ohio — Evans Senior Investments (ESI) has brokered the sale of of Eden Springs Garden Homes, a six-unit independent living community in Green Springs, a small village between Cleveland and Toledo. The property is part of the Eden Springs Healthcare & Senior Living campus, which was built in phases between 1963 and 2006. The larger campus was placed into receivership in January 2019. The court-appointed receiver sold the Garden Homes portion to an undisclosed buyer for $943,000, or $157,000 per unit. The six units were all occupied at …
CHARLOTTE, N.C. — Caring.com, a senior living referral and review service has acquired SeniorHousingNet.com, a senior living and active adult lifestyle website that was formerly part of the realtor.com network. In addition to active adult properties, SeniorHousingNet.com includes information and directory listings for senior living, in-home care, adult day care, respite care and skilled nursing. “Acquiring SeniorHousingNet.com enables us to expand digital marketing opportunities for our partner network of senior living communities and in-home care agencies, as well as SeniorHousingNet.com’s current advertisers,” says Caring.com CEO Jim Rosenthal.
YOUNGSTOWN, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 150-bed skilled nursing facility in the Youngstown metro area. An owner-operator expanding in the Midwest acquired the property for an undisclosed price. The seller cited recent changes in leadership for declining occupancy, and de-licensed some beds to allow for more private rooms. The sale was positioned as a value-add opportunity.
Cushman & Wakefield Arranges $22.2M Sale of The Pointe at Ocean Boulevard in Stuart, Florida
by Jeff Shaw
STUART, Fla. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of The Pointe at Ocean Boulevard, a seniors housing community in Stuart, approximately 100 miles north of Miami. Sentio Investments sold the asset to an affiliate of Waypoint Real Estate Investments for $22.2 million. Arrow Senior Living will continue to operate the community The Pointe at Ocean Boulevard features 150 units of independent living near the city’s waterfront and downtown areas. The property was built in 1986 and recently renovated. The Cushman & Wakefield team involved …
CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of six skilled nursing facilities in Michigan totaling 496 licensed beds. A publicly traded REIT sold the portfolio to an undisclosed buyer for $36 million, or $73,000 per bed. The portfolio’s occupancy was 86 percent with $43 million in annual revenues. However, the seller chose to divest the properties upon finding out the tenant would no longer be able to meet its lease obligations due to having to pay back millions in improper Medicaid payments.