MOUNT PLEASANT and LENOIR CITY, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mount Pleasant Health and Rehabilitation in Mount Pleasant and Trinity Health and Rehabilitation in Lenoir City. The properties are approximately 200 miles apart. Mount Pleasant features 72 beds and 30 independent living units in a 39,048-square-foot property situated on six acres south of Nashville. Trinity features 104 skilled nursing beds and a vacant assisted living area in a 57,686-square-foot property on 4.7 acres southwest of Knoxville. Bradley Clousing, Daniel Geraghty and Ryan Saul …
Acquisitions
OCEAN PINES, Md. — Colliers International has arranged the sale of Catered Living of Ocean Pines, a 32-bed assisted living and memory care community in Ocean Pines, a small community located on Maryland’s Eastern Shore. A local operator sold the community to a private operator and investor for $5.5 million. The asset is situated on one acre and consists of two 9,600-square-foot buildings, each with 16 private suites. It has been in operation since 2001. Bob Gaines of Colliers arranged the sale.
AUSTIN, Texas, and ALBUQUERQUE, N.M. — As advisor to Titan Development and EverWest Real Estate Investors, Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of a pair of seniors housing assets in the Austin and Albuquerque metro areas. A joint venture between Watermark Retirement Communities and a global real estate investment manager acquired the properties for an undisclosed price. The portfolio consists of two new buildings with nearly identical layouts and unit mixes, each consisting of 77 assisted living units and 36 memory care beds, for a …
JACKSONVILLE and STUART, Fla. — CBRE National Senior Housing has brokered the sale of Inspired Living of Jacksonville and Inspired Living of Stuart, both located in Florida. The portfolio offers approximately 300 units and was in initial lease-up at the time of closing. Lisa Widmier of CBRE represented the seller, a privately held owner-developer. The buyer was a large public REIT in partnership with a national, leading management company. The price was not disclosed.
IRVING and PLANO, Texas — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of two seniors housing communities in the Dallas Metroplex. A real estate investment company acquired the properties for an undisclosed price. The communities total 265 units and include MacArthur Hills in Irving and Prestonwood Court in Plano. Senior Lifestyle Corp. manages both assets. The two Class A, infill properties offer a combination of independent living, assisted living and memory care. MacArthur Hills was recently constructed, while Prestonwood Court has a long history of strong …
WYNDMOOR, Pa. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Wyndmoor Hills, a 180-unit rental continuing care retirement community (CCRC). The community is located on 12 acres in Wyndmoor, an affluent suburb just north of Philadelphia. The building totals 214,288 square feet. Blueprint represented the court-appointed receiver for the sale of the financially distressed community. The receiver took over operational control and saw immediate improvement, allowing the property to be marketed as a value-add opportunity. A regional buyer with a track record for turnaround projects acquired the …
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 …
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.