SPRINGFIELD, Mo. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Fremont, a 119-unit independent living, assisted living and memory care community in Springfield. A Missouri-based ownership group sold the property to a Florida-based private equity company for an undisclosed price. The new owner assumed an existing agency loan as part of the acquisition, and will keep Arrow Senior Living as the operator. Originally built in 2008, the community underwent an expansion in 2012 to keep up with the demand of the local market. Consisting of 54 …
Acquisitions
INDIANAPOLIS — Elevation Financial Group, through its Elevation Real Property Fund VII, has Crestwood Village East in Indianapolis for $20 million, or $40,300 per unit. The property sits on 20 acres and features 496 units ranging from 430 to 1,130 square feet. It is Elevation’s largest acquisition to date, in both unit count and price, and its first property in Indiana. The Justus Co. built the community in 1966 as part of a larger development, with the intent of offering an affordable lifestyle for seniors. A single family has owned …
MIAMI — Lincoln Avenue Capital (LAC) has acquired Brownsville Transit Village I and II, a mid-rise, two-building affordable housing complex in Miami’s Brownsville neighborhood. The first building features 96 units available to any age, while the second features 100 units reserved for independent seniors. The purchase price was not disclosed. Both properties are part of a larger campus of affordable apartment buildings that were built in 2012, encompassing almost 500 affordable housing units plus ground-floor retail. The development is transit-oriented, located near the Metrorail Green Line station, with easy access …
ROCKLIN, Calif. — Greystone has provided a $37 million Fannie Mae structured adjustable rate mortgage loan for the acquisition of a 134-unit seniors housing property in Rocklin, a suburb of Sacramento. The Pines at Rocklin offers independent living, assisted living and memory care services. Merrill Gardens Senior Living is the operator and a joint venture partner in the community, which was built in 2015. The borrower was Harbert Seniors Housing Fund II. Greystone’s seniors housing finance team originated the 10-year loan with an adjustable rate and five years of interest-only …
SAN DIEGO — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of a portfolio of seven communities located in California, Oregon, Arizona, Florida and Rhode Island for a combined $103.3 million. Diversified Healthcare Trust was the seller of all properties. The Cushman & Wakefield team involved in the transaction included Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard. Further details on the properties and transaction were not disclosed.
RALEIGH, N.C. — Green Courte Partners (GCP), through one of its investment funds, has acquired The Aspens at Bedford Falls, a 182-unit seniors housing community in Raleigh. Construction of the community was completed in August 2019. GCP acquired the property along with its wholly owned subsidiary True Connection Communities, which will take over operations. The price and seller were not disclosed. GCP plans to convert the community from an active adult focus to a full-service independent living community. Post-conversion, the community will total 181 units, increasing buyer’s total portfolio to …
SAN ANTONIO — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of The Healthcare Center at Patriot Heights, a seniors housing campus in San Antonio. The property features 59 skilled nursing beds and 158 independent living units. The seller and price were not disclosed. This acquisition brings Ensign’s portfolio to 214 skilled nursing operations, 23 of which also include assisted living, across 13 states. Ensign owns the real estate at 90 of those properties.
CLEMMONS, N.C. — Evans Senior Investments (ESI) has arranged the sale of Crest of Clemmons, an assisted living community in the Winston-Salem suburb of Clemmons for $5 million, or $111,000 per unit. The seller was previously the owner-operator, which leased the facility 15 months ago. The buyer is the current regional operator exercising its purchase option. The 45-unit community features 70 operational and licensed beds. It was built in 1984 and renovated in 2005. Occupancy has averaged 85 percent (per bed, not unit) since 2016.
WYOMING, Mich. — American House Senior Living Communities has acquired First & Main Metro Health Village in Wyoming, a suburb of Grand Rapids. American House has taken over operations at the property, and renamed it American House Wyoming. “We have continued to focus on growing our presence in the Midwest, Florida and New England — and we now own and manage over 65 senior communities,” says Dale Watchowski, president and CEO of American House Senior Living Communities and REDICO, an affiliated company. American House Wyoming, built in 2015, offers 102 …
STOCKBRIDGE and MORROW, Ga. — Evans Senior Investments (ESI) has arranged the sale of two GoldenCrest Assisted Living communities in Georgia. The portfolio consists of a community in Stockbridge and a community in Morrow, approximately eight miles apart south of Atlanta. The portfolio sold for $12 million, or $124,000 per unit. Built in 1990, GoldenCrest at Eagles Landing in Stockbridge is a 57-unit assisted living community that is consistently over 90 percent occupancy. Built in 1996, GoldenCrest at Morrow is a 40-unit community that recently transitioned all units to memory …