Acquisitions

LA MARQUE, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 120-bed skilled nursing facility in La Marque, a Gulf Coast city southeast of Houston. The community totals approximately 45,628 square feet on 4.3 acres of land. The seller is a local, Texas-based family partnership, which is selling its only seniors housing community. The buyer owns and operates several skilled nursing facilities in Texas. The price was not disclosed. Matthew Alley of SLIB handled the transaction.

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JOHNS CREEK, Ga. — Marcus & Associates and Buckley Shuler Properties have arranged the sale of St. Ives Memory Care, a 38-unit standalone memory care community in the Atlanta suburb of Johns Creek. Regional owner-operator Solinity was the buyer. The seller and price were not disclosed. The property experienced operational setbacks during the COVID-19 pandemic, as well as complications from a winter freeze that caused flooding and insurance issues.Marcus Van Ameringen of Marcus & Associates handled the transaction.

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EAST NORRITON, Pa. — Ziegler has arranged $6.4 million in financing for the acquisition of a 114-unit assisted living and memory care community in East Norriton, a suburb northwest of Philadelphia. The buyer is Comprehensive Care Capital, which plans to rebrand the property from Brandywine Living at Senior Suites to Silver Springs at East Norriton. Christopher Utz of Ziegler Investment Banking arranged and negotiated the transaction. Cura Health will oversee daily operations.

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SEABROOK, Texas — Green Courte Partners LLC, a private equity real estate investment firm, has acquired Chesapeake Bay, an active adult community with 348 apartments and cottages in Seabrook, just south of Houston. The acquisition was made through the buyer’s fifth investment fund, Green Courte Real Estate Partners V. The seller and price were not disclosed. The acquisition increases Green Courte’s national senior living portfolio to 19 communities containing approximately 3,100 units. The firm’s wholly owned operating platform, True Connection Communities, manages the properties. “The Houston market has demonstrated robust …

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MASSACHUSETTS — Capital Funding Group (CFG) has provided a $17.3 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities in Massachusetts.  The facilities support 322 beds. The buyer, seller, price and names/locations of the properties were not disclosed.  Craig Casagrande and Catherine Mansel originated the transaction for CFG.

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Bellingham at West Chester

ST. PETERS, Mo.; WEST CHESTER, Pa.; and FORT WORTH, Texas — Life Care Services, an LCS Company, has been selected as the management partner for three communities owned by affiliates of Longview Senior Housing.  The announcement expands the total number of Longview communities managed by Life Care Services to seven.    The properties include:

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The Legacy at Town Square, Amarillo, Texas

GRAPEVINE, Texas — Pegasus Senior Living will assume the management of eight communities in Texas and New Mexico. The Properties are currently operated by LifeWell Senior Living under its Legacy brand name.   The eight communities collectively total 652 units. All locations offer both assisted living and memory care.   With the addition of the eight LifeWell communities, Pegasus will operate 43 senior living communities, with 13 located in Texas and New Mexico. Further details were not disclosed.

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OHIO — Evans Senior Investments (ESI) has arranged the sale of a three-property portfolio in Western Ohio. The transaction was executed on behalf of the Mariner Management Group Inc., an independent owner and operator seeking to exit the industry. The portfolio, which was built in stages between 1990 and 2013, consists of three communities with a total of 317 licensed skilled nursing beds and 209 seniors housing units.  At the onset of ESI’s marketing process, the average occupancy rate was stagnant at 65 percent, leading to financial challenges. Despite these …

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Mallard Point Senior Living in Cedar Falls, Iowa

ST. CHARLES, Mo. — Arrow Senior Living, a St. Charles-based owner-operator, has taken over management of eight seniors housing communities across Illinois, Iowa, Missouri and Arkansas. Closed in June, CedarStone Senior Living and PrairieStone Senior Living, both located in Cedar Falls, Iowa, were developed by Nelson Construction and Development. CedarStone consists of 120 apartments, including 88 assisted living apartments and 32 memory care apartments. PraireStone consists of 111 apartments, with 79 assisted living apartments and 32 apartments dedicated to memory care. Arrow also began operating six independent living communities, in …

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TAMPA, Fla. — Berkadia has arranged the sale of a four-property, 334-unit assisted living and memory care portfolio along Florida’s West Coast.  Brooks Minford of Berkadia Seniors Housing & Healthcare closed the transaction on behalf of two separate sellers. The buyer of all four properties, a Central Florida-based family office, paid $42.6 million for the acquisition. In the first transaction, a Florida-based seniors housing and multifamily developer sold one 79-unit assisted living and memory care community. In the second transaction, an East Coast-based private equity firm sold three assisted living …

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