BREWSTER, Mass. — OREC Securities, the investment banking affiliate of Lancaster Pollard, has arranged the sale of Pleasant Bay Nursing and Rehabilitation Center in the Cape Cod town of Brewster. The community is a five-star rated facility with 135 skilled nursing beds and 59 assisted living units. Although the original plan was to split the community into two separate sales, a regional owner-operator bought the properties as a single asset. Laca Wong-Hammond, Chad Elliott, Kevin Laidlaw and Aaron Becker led the transaction for OREC. The seller and price were not …
Acquisitions
Nonprofit Operator Acquires Former College of New Rochelle Campus in Metro New York City
by Jeff Shaw
NEW ROCHELLE, N.Y. — The Masonic Hall and Asylum Fund has acquired the former College of New Rochelle campus just north of the Bronx for $32 million, according to reports from The Journal News. The college declared bankruptcy in September, and sister school Mercy College absorbed all the students, faculty and programs. Although specific plans for the future of the property were not disclosed, Masonic Hall and Asylum Fund operates Masonic Care Community, a seniors housing community in Utica. The group also runs a summer camp and DeWint House, George …
POWAY, Calif. — Owner-operator Cadence Living and Sabra Health Care REIT have acquired Sunshine Care, a 32-acre seniors housing community in Poway, a suburb of San Diego. Now named Cadence at Poway Gardens, the property is situated near the Palomar Hospital. The community is known for its horticultural therapy program that grows more than 20,000 pounds of organic fruits and vegetables every year. “To be able to produce an in-house farm-to-table experience as an activity that brings staff, families and their loved ones together sets Cadence at Poway Gardens apart …
OHIO — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 45-unit assisted living and memory care community in Northeast Ohio. A regional owner-operator sold the property to an Ohio-based owner-operator looking to grow in the region. The price, facility name and exact location were not disclosed. Connor Doherty and Ryan Kelly of Blueprint facilitated the transaction.
TAMPA, Fla. — Evans Senior Investments (ESI) has arranged the sale of Tessera of Westchase, a 102-unit assisted living and memory care community in Tampa. An investor/developer sold the property to a publicly traded REIT for $28.8 million, or approximately $282,000 per unit. The community opened in summer 2019. The new owner is bringing in a regional operator to manage the property.
JACKSONVILLE, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Knollwood Retirement Village in Jacksonville, approximately 85 miles north of St. Louis. Knollwood is situated on 16.9 acres of a 32-acre site and features 86 units (96 Supportive Living beds). The 60,240-square-foot community was built in 2004 and features studio, one- and two-bedroom units. Before the sale was completed, the State of Illinois approved certification to the state’s SLP Dementia Care Program, allowing the new owner to add 10 memory care units. Occupancy was 90 percent at …
CHICAGO — The NHP Foundation, in partnership with Low Income Investment Fund, has acquired Edwin C. Berry Manor Apartments, an affordable seniors housing community in Chicago. NHP plans to preserve and maintain the 57-unit property, which was built in 1991. The property is in the Woodlawn neighborhood, which features many new developments including the future Barack Obama Presidential Library. “According to a recent report by the Joint Center for Housing Studies of Harvard University, 37 percent of Chicago households age 65 to 79 — or about 220,000 — are cost-burdened, …
HALLOWELL, Maine — Senior Living Investment Brokerage (SLIB) has arranged the sale of Granite Hill Estates, an entry-fee continuing care retirement community (CCRC) located in the Central Maine city of Hallowell. MaineGeneral Health sold the property to a regional owner-operator for an undisclosed price. Granite Hill Estates features 46 independent living cottages, 60 independent living apartments and 24 assisted living/memory care units. The independent living portion was built in 2000, with assisted living added in 2006. There is also room for further expansion on the 43-acre site. The buyer assumed …
FORT WASHINGTON, Pa. — Acts Retirement-Life Communities, one of the nation’s largest nonprofit senior living organizations, has acquired an 80,000 SF office building in Fort Washington for an undisclosed price. Acts will move its headquarters to the building and will be the sole occupant. Acts will move its operations from West Point, just a few miles away. Both municipalities are northern suburbs of Philadelphia. Acts has operated out of its current headquarters since 1989. The office complex was built in 2006 and will serve Acts’ primary base of operations for …
MUNCIE, Ind. — Strawberry Fields REIT has acquired The Waters of Muncie, a skilled nursing facility located in Muncie, approximately 50 miles northeast of Indianapolis. The buyer paid $3.2 million in an all-cash deal. The Waters of Muncie is a 72-bed facility that is located at 2400 Chateau Drive in Muncie, Indiana. Services offered include comprehensive medical, memory care and rehabilitative therapy services. The facility serves both short- and long-term residents. “The Waters of Muncie is a well-located facility in suburban Indianapolis that offers exceptional care and rehabilitation services,” says …