Tuesday, November 26, 2024
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Acquisitions

AcquisitionsIndependent LivingMinnesotaNews

SLIB Negotiates Sale of 120-Unit The Wellington in St. Paul, Minnesota

by Jeff Shaw

ST. PAUL, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Wellington, a 120-unit independent living and assisted living community in St. Paul. The community was built in 1985 and encompasses 124,468 square feet on 1.7 acres. The seller was a multifamily owner/developer looking to focus on its market-rate portfolio. The buyer was a large seniors housing nonprofit looking to expand its footprint in Minnesota. The price was not disclosed. The buyer plans to convert the building to all independent living. Jason Punzel and Jake Anderson …

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AcquisitionsIndustry Voices

Broker Q&A: Dealmakers Accept the Challenge

by Jeff Shaw

Roundtable participants Alex Florea, Managing Director, Blueprint Healthcare Real Estate Advisors Ross Sanders, Managing Director, Investment Sales, Berkadia Senior Housing & Healthcare Ryan Saul, Managing Director, Senior Living Investment Brokerage John Sweeny Jr., Co-Head National Senior Housing, CBRE Jay Jordan & David Kliewer, Grandbridge Real Estate Capital Cindy Hazzard, PresidentJCH Senior Housing Investment Brokerage Ken Carriero, Senior Vice President, Colliers Bill & Madison Meiser, CEO, COO, WMRG Real Estate Andrew Wittenauer, Senior Associate, Helios Healthcare Advisors By Jeff Shaw We all know the factors by now that are slowing transaction …

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AcquisitionsIndustry Voices

Question of the Month: The Bid-Ask Gap

by Jeff Shaw

Are you seeing a narrowing of the bid-ask gap or indications that the investment market is thawing? Stabilization is coming By John Sweeny Co-Head, National Senior Housing CBRE We are seeing the early stages of a narrowing of the bid-ask spread as the consensus view is forecasting higher benchmark rates for longer (there’s no pending Fed cut in the short term), as owners think through decisions surrounding debt maturities or expiring caps, fund maturities or their time value of money calculus.  We expect pricing for the balance of the year …

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AcquisitionsAssisted LivingMinnesotaNews

Vista Prairie Communities Acquires Two Ridgeway Properties in New Ulm, Minnesota

by Jeff Shaw

NEW ULM, Minn. ­— Ridgeway Senior Living and Vista Prairie Communities have completed the transition of ownership for both HADC Ridgeway senior communities located in New Ulm, approximately 90 miles southwest of Minneapolis.  The two properties, Ridgeway on German and Ridgeway on 23rd, provide assisted living and memory care services in 116 apartments. Housing Alternatives Development Corp. (HADC) and Vista Prairie Communities (VPC), both Minnesota-based nonprofits, completed the ownership transition effective Sept. 30. Vista Prairie Communities, ranked in the nation’s 200 largest nonprofit senior living multi-sites, will now own 10 …

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AcquisitionsCCRCFloridaNews

Acts Completes Affiliation with Nine-Story Mease Life CCRC in Dunedin, Florida

by Jeff Shaw

DUNEDIN, Fla. — Acts Retirement-Life Communities has completed its previously announced affiliation with Mease Life, a nonprofit continuing care retirement community (CCRC) in the coastal Tampa suburb of Dunedin. Under the affiliation agreement, Mease Life has become an Acts affiliate member and part of its network of 27 CCRCs in nine states across the east coast. Rising nine stories, Mease Life is home to approximately 350 residents and includes a mix of independent living, assisted living, skilled nursing and other specialty care services. Acts is currently the nation’s fourth largest …

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AcquisitionsNewsOregon

Blueprint Brokers Sale of Five Communities in Oregon

by Jeff Shaw

OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of five independent living, assisted living and memory care communities in Oregon. The portfolio consists of 468 total units with communities built in the 1980s and 1990s. The portfolio generated approximately $4.8 million in EBITDAR in 2022. The buyer was Arcus Healthcare Partners, which also assumed the existing Freddie Mac loan and current operator. The seller and price were not disclosed. The Blueprint team included Dan Mahoney, Michael Segal and Ben Firestone.

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AcquisitionsAssisted LivingCaliforniaNews

JCH Negotiates Sale of 25-Unit Community in California’s Central Coast

by Jeff Shaw

CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of a 25-Unit assisted living facility on the Central Coast of California.  The seller was a longtime family owner. The licensee of the property passed away during the sale process, leading the buyer to choose an alternate use for the asset. All residents were relocated to other senior living properties as a result. Cindy Hazzard and Jennifer Contreras led the JCH team. Further details on the transaction were not disclosed.

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AcquisitionsAffordable HousingCaliforniaNews

Standard Communities Acquires Six Affordable Communities in Metro Los Angeles for $122M

by Jeff Shaw

LOS ANGELES — Standard Communities has led a public-private partnership that acquired six Section 8 communities in Los Angeles County with a total of 407 units. Five of the communities are affordable seniors housing. Standard will extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts. The transaction has a total capitalization of approximately $122 million, including planned renovation costs of over $8 million. The six communities were built between 1969 and 1980. “Extending the affordability of all 407 apartment units isn’t just a matter of …

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AcquisitionsAssisted LivingMemory CareNewsVirginia

Commonwealth Purchases UVA Health Caton Merchant House in Manassas, Virginia

by Jeff Shaw

MANASSAS, Va. — Commonwealth Senior Living has acquired UVA Health Caton Merchant House, a seniors housing community in the western D.C. suburb of Manassas.  The purchase marks the buyer’s 28th community in Virginia, and it will be rebranded as Commonwealth Senior Living at Manassas.  Commonwealth plans to implement a complete renovation which includes updating all of the apartments and public areas as well as the addition of a new memory care neighborhood. The community currently features only assisted living. Other amenities for the renovation include a new dining room; a …

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AcquisitionsAssisted LivingNewsSouth Carolina

Blueprint Negotiates Sale of 61-Unit Florence Place in South Carolina

by Jeff Shaw

FLORENCE, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Florence Place, an assisted living and memory care community in Florence, approximately 80 miles east of Columbia. Originally constructed in 1999, the purpose-built seniors housing community featured 61 units in a prominent location within the submarket. Blueprint marketed the opportunity alongside 16 communities located throughout the Southeast, Midwest and Mid-Atlantic. The undisclosed seller decided to market the portfolio at the start of 2023, following the successful implementation of rate increases, which resulted in double-digit revenue growth over …

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