DOYLESTOWN, Pa. — Newmark Knight Frank (NKF) has arranged the sale of and financing for Solana at Doylestown, located in the Philadelphia suburbs. The 98-unit seniors housing community opened in 2014 and was 96 percent occupied at the time of sale. Ryan Maconachy and Chad Lavender of NKF represented the seller, Atlanta-based Formation Development Group. A joint-venture between LCS Senior Living and Nuveen acquired the property for an undisclosed price. Sarah Anderson and Brittany Robinson, also of NKF, secured the financing on behalf of the buyer. Solana at Doylestown provides …
Acquisitions
NORFOLK, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Thornton Hall Nursing and Rehabilitation, a 60-bed skilled nursing facility in Norfolk. A skilled nursing investor with an expanding presence in Virginia made an unsolicited offer on the property, prompting the existing owner-operator to sell. The price was not disclosed. Steve Thomes and Michael Segal led the effort on behalf of Blueprint.
NAPLES, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management, have acquired Beach House, a 113-unit assisted living and memory care community in Naples. The community is located three miles from Naples’ Fifth Avenue District, close to shopping centers, medical facilities, recreation and entertainment venues. CPF plans to make investments to improve the campus. Grace Management will take over operations. The seller was not disclosed. Although the price was also not disclosed, KeyBank Real Estate Capital provided an $18.1 million bridge loan for the …
TEXARKANA, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of Christian Care Center of Texarkana, a 114-bed skilled nursing facility in Texarkana. A public REIT sold the property to a regional provider for an undisclosed sum. Originally constructed in 1972, Christian Care Center of Texarkana was designed with three resident wings to offer rehabilitation, skilled nursing, cognitive care and long-term care. In recent years, overall census and quality mix declined, leading the operator to temporarily close one of the resident wings for efficiency and expense management purposes. …
Blueprint Brokers Sale of $7.3M Sale of Assisted Living Community in San Diego’s Mission Hill
by Jeff Shaw
SAN DIEGO — Blueprint has arranged the sale of the Cloisters of the Valley, an assisted living community in the hills of Mission Valley, an affluent northern submarket of San Diego. The seller was an owner-operator seeking to retire. Bayshire Senior Living, a growing regional owner-operator with three other communities in the greater San Diego area, acquired the property. The property consists of 70 beds in 35 units. The purchase price was $7.3 million, or just over $207,000 per unit. The Blueprint team consisted of Jacob Gehl, Humair Sabir and …
IRVINE, Calif. — Healthpeak Properties Inc. (NYSE: PEAK), the Irvine-based REIT formerly known as HCP, has signed an agreement with Oakmont Senior Living to buy up to 24 of its under-development communities for approximately $1.3 billion. The transaction is structured as a purchase option agreement, where Healthpeak may choose to buy the properties as construction is completed and Oakmont elects to sell. The developments are largely located in California, with planned completion dates between 2020 and 2023. Healthpeak expects $200 million of the transactions to occur during the first half …
Confluent Senior Living Sells Three MorningStar Communities in Iowa, Oregon, New Mexico
by Jeff Shaw
WEST DES MOINES, Iowa, BEAVERTON, Ore., and SANTA FE, N.M. — Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development, has sold three of its MorningStar-branded communities. Confluent Senior Living co-developed each community with its operating partner MorningStar Senior Living. MorningStar will maintain its role as operator for the communities. CBRE brokered the deal on behalf of Confluent Senior Living. In West Des Moines, the MorningStar at Jordan Creek community opened in March 2018. The 71,000-square-foot community provides 85 assisted living and memory care …
GRAVES COUNTY, Ky. — Senwell Senior Investment Advisors has arranged the sale of a 73-bed skilled nursing facility in the Purchase Region of Graves County, located in the southwest corner of the state near the Tennessee border. The seller was looking to exit in order to focus more attention on their core assets. A buyer expanding in the region acquired the property in an off-market transaction. Ben Bohland and Brandon Bohland of Senwell facilitated the transaction. The price and name of the facility were not disclosed.
CHICAGO — Harrison Street, a Chicago-based alternative asset investment firm, has acquired a portfolio of 11 properties managed by Brightview Senior Living located throughout Maryland, New Jersey and Massachusetts. Harrison Street and Brightview already partner on several properties. This acquisition adds 1,322 units to the portfolio. The price and seller were not disclosed. The properties include: Brightview Perry Hall, Nottingham, Maryland Brightview Rolling Hills, Catonsville, Maryland Brightview Towson, Towson, Maryland Brightview White Marsh, Baltimore Brightview South River, Edgewater, Maryland Brightview Greentree, Marlton, New Jersey Brightview Mount Laurel, Mount Laurel, New …
CHETEK, BLACK RIVER FALLS, BLOOMER and OCONTO FALLS, Wis. — Senior Living Investment Brokerage (SLIB) has arranged the sale of four skilled nursing facilities and three assisted living communities located throughout the northern half of Wisconsin. The properties total 394 beds and are located in Chetek, Black River Falls, Bloomer and Oconto Falls. The properties range in size from 34,070 square feet to 61,170 square feet. The Atrium portfolio was placed into receivership September 2018 when a for-profit owner-operator based in the East Coast was unable to fulfill its financial …