ALPHARETTA, Ga. — Berkadia has arranged the sale of an 85-unit assisted living and memory care community in Alpharetta, a suburb north of Atlanta. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders led the Berkadia team in representing the seller, a publicly traded REIT. The asset, part of a three-property portfolio, was purchased by a regional owner/operator. The first two properties in the portfolio closed in May. The price and other details were not disclosed.
PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of a Class A skilled nursing facility in the Philadelphia area. Built in the early 2000s, the facility underwent a significant renovation project in 2022. The property is a Medicare-only community. The seller was an institutional private equity firm. The incumbent operator was a seniors housing-focused manager also providing lower acuity senior care services on the adjacent campus. A regional owner-operator looking to expand in the region acquired the asset for an undisclosed price. Michael Segal, Jacob Gehl, Dillon …
TULSA, OKLA. — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Heatheridge Assisted Living, an 87-unit seniors housing property located just outside the downtown Tulsa area. Built in 1990, the property offers one-bedroom units with four different floor plans and amenities such as a laundry room, entertainment room, outdoor courtyard and full-service salons. Jon Krebbs of TMG brokered the deal. The buyer and seller were not disclosed.
HUNTINGTON PARK, Calif. — Coldwell Banker Commercial West has arranged the sale of Seville Gardens Apartment Community, a seniors housing property located at 2701 Randolph St. in Huntington Park. Seville Gardens LLC sold the asset to Equity Consultants Equity Inc. for $33.7 million. The buyer plans to maintain the property as seniors housing. Built in 1989, Seville Gardens features 225 apartments in a mix of 108 studios, 114 one-bedroom/one-bath and three two-bedroom/one-bath units. The property is currently under a building covenant that mandates it be used as 55-plus housing with …
JOLIET, Ill. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 136-unit assisted living and memory care community in the Chicago suburb of Joliet. The two-building campus features dedicated assisted living and memory care buildings that were built in 1999 and 2007, respectively. The seller made approximately $1.3 million of capital expenditure investments since 2016. The buyer was a local owner-operator. The seller and price were not disclosed. Giancarlo Riso, Lauren Nagle, Brooks Blackmon and Amy Sitzman led the Blueprint team.
DENVER — LifeLoop, a Denver-based resident and staff experience solution for senior living, has acquired Linked Senior, an evidence-based resident engagement platform supporting person-centered care. This acquisition brings together two senior living resident experience solutions. This merger comes as the industry actively prepares to support the influx of 76 million seniors who are aging into and exploring senior living care and lifestyle options. This need is compounded further by ongoing caregiver and staffing shortages that impact operators’ ability to provide exceptional services and experiences. “Mission alignment was essential for us …
MERIDIAN, Idaho; SANTA CLARA, Utah; and CREEK, Ariz. — Grace Management Inc. has added three senior living communities to its management portfolio: The Pointe at Meridian in Meridian; Snow Canyon Retirement Community in Santa Clara, opening in fall 2024; and Cave Creek Assisted Living in Cave Creek, opening late 2024. Gold Stream Retirement Communities owns all three properties. Based in Salt Lake City, Gold Stream has strategically honed its focus on the development of upscale retirement communities in previously underserved markets. With this expansion, Grace Management now manages 64 communities …
VANCOUVER, Wash. — JLL Capital Markets has arranged the $28 million sale of Van Mall Retirement, a 191-unit senior living community in the Portland, Oregon, suburb of Vancouver. JLL represented the seller, Lytle Enterprises, and procured the buyer, a regional Pacific Northwest owner-operator. In addition, JLL procured acquisition financing from a regional bank on behalf of the buyer. The property is adjacent to the Vancouver Mall and approximately five miles from downtown Vancouver and 10 miles from Portland International Airport. Additionally, the property is located close to Interstate 205, State Route …
Increased interest rates have made the cost of capital high, slowing both acquisitions and new development in the seniors housing space. “Since interest rates took the bubbles out of our champagne in 2022, many in our industry have been hunkering down as valuations have been challenged, exit plans have been destroyed and carrying costs of non-cash-flowing properties have spiked,” said JP LoMonaco, executive vice president at CBRE. But for those able to make acquisitions work, now may be the perfect time to buy. “We’re past the COVID recovery now,” said …
PLYMOUTH and LOGANSPORT, Ind. — Evans Senior Investments (ESI) has arranged the sale of two skilled nursing communities that were family-owned and operated in Northern Indiana. Pilgrim Manor, located in Plymouth, was built in 1969, with a significant renovation in 2012. The facility offers 78 skilled nursing beds, including 40 private rooms. Despite experiencing financial challenges and a 73 percent occupancy rate at the time of sale, the facility maintained an four-star CMS rating. Chase Center, situated in Logansport, opened in 1978. The facility offers a total of 101 skilled …