TOLEDO, Ohio — Welltower (NYSE: WELL) has agreed to sell a portfolio of seniors housing properties in California, Nevada and Washington for more than $740 million. The announcement was made on the company’s fourth-quarter earnings call on Wednesday, Feb. 12. Very few details have been released, however, with Welltower not disclosing the names, locations, buyers or number of properties. The portfolio was 97 percent occupied with a net operating income of $36.7 million in 2019.
Acquisitions
MOORESTOWN, N.J. — Private equity investment firm Tryko Partners has acquired Lutheran Crossings at Moorestown, a seniors housing community featuring 201 beds of skilled nursing and a 63-unit assisted living campus. The property is located on 14 acres in Moorestown, across the Delaware River from Philadelphia. The price was not disclosed. The community is slated for a two-phase, $12 million improvement campaign under the new ownership. The property has been separated into its skilled nursing and assisted living pieces and rebranded as Cambridge Rehabilitation & Healthcare Center and Cambridge Enhanced …
GILBERT, Ariz. — Green Courte Partners has acquired The Aspens at Mariposa Point, a 202-unit seniors housing property in Gilbert, just southeast of Phoenix. Despite only being opened last month, the new owner will convert the active adult community into full-service independent living. The conversion project will include expanding the dining area, modifying the existing kitchen and adding a third-party-operated home health office. Green Courte’s wholly owned operator True Connection Communities will manage the property. Green Courte made the acquisition through its fourth investment fund, Green Courte Real Estate Partners …
BALTIMORE — PGIM Real Estate has sold a portfolio of 11 seniors housing properties. Baltimore-based Brightview Senior Living manages the communities, which are located throughout the Northeast and Mid-Atlantic. The sale was executed by SHP IV, the fourth in PGIM Real Estate’s series of dedicated closed-end funds designed to capitalize on opportunities in the seniors housing sector. SHP IV closed in 2012 with approximately $569 million in commitments from institutional investors.
CLEVELAND — OnShift, a Cleveland-based software company serving the healthcare industry, has acquired Avesta Systems Inc., a provider of talent acquisition software and services that streamline recruiting and hiring processes. Avesta’s software, now called OnShift Employ, manages the talent acquisition process, including candidate sourcing, recruitment, screening, hiring and onboarding. With the Avesta acquisition, OnShift further expands its footprint in the healthcare marketplace, by now also serving organizations in the emergency medical services (EMS) segment. The cost of the acquisition was not disclosed.
ENGLEWOOD CLIFFS, N.J. — Oxford Finance LLC has provided a $64.6 million term loan and revolving line of credit to The Portopiccolo Group, a New Jersey-based, privately held company. Proceeds were used for the acquisition of three skilled nursing facilities — one in Maryland and two in North Carolina totaling 450 skilled nursing and 50 assisted living beds. The specific names and locations of the communities were not disclosed.
TENNESSEE — Monticello and its affiliates have provided $15.8 million in first lien debt financing for the acquisition and renovation of three assisted living and memory care communities in Tennessee. The portfolio totals 126 units. The borrower is an owner-operator with a current portfolio of 1,116 units. The names and locations of the properties were not disclosed.
MIAMI — Cushman & Wakefield has arranged the sale of 10 senior care facilities in Miami-Dade County for a combined price of $88.6 million as part of a value-add strategy. The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet. Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented the seller, A.D.M.E. Investment Partners, in each transaction. The individual buyers were not disclosed. Bruce Gibson of Senior Capital Advisors was the co-broker on all transactions, except those for …
LONGVIEW, Texas — MedCore Partners and The National Realty Group (TNRG) have acquired Parkview on Hollybrook, a 189-unit senior living community in Longview, approximately 60 miles west of Shreveport, Louisiana. The campus offers 126 independent living, 41 assisted living and 22 memory care residences. The buyers intend to develop land adjacent to the existing campus to add independent living cottages by early 2021. Integral Senior Living (ISL) will manage the community. JLL marketed the property on behalf of the seller, an Austin-based private equity group. The price was not disclosed. …
MADERA, Calif. — Evans Senior Investments (ESI) has arranged the sale of Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community. The property is located in Madera, approximately 25 miles northwest of Fresno. Originally built in 2005, the community averaged 87.6 percent occupancy in the year leading up to the sale. ESI represented the seller, an independent owner. A California-based REIT acquired the property for an undisclosed price.