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Acquisitions

AcquisitionsIllinoisNews

Blueprint Brokers Sale of Three-Property Value-Add Portfolio in Metro Chicago

by Jeff Shaw

CHICAGO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of three value-add seniors housing communities in western suburbs of Chicago. Opened between 1994 and 2000, the portfolio consisted of three geographically clustered communities, with two distinct managers, offering approximately 290 assisted living and memory care units and approximately 40 Medicare-only skilled nursing units.  The communities struggled post COVID and presented a meaningful value-add opportunity, despite some recent capital improvements. Ultimately, the seller elected to divest the communities to preserve liquidity and simplify the portfolio. The buyer was a …

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AcquisitionsKansasNewsSkilled Nursing

Marcus & Millichap Negotiates Sale of 78-Bed Providence Living Center in Topeka, Kansas

by Jeff Shaw

TOPEKA, Kan. — Marcus & Millichap has arranged the sale of Providence Living Center, a 78-bed, 24,000-square-foot nursing facility in Topeka. A limited liability company sold the asset to an undisclosed buyer for an undisclosed price. The Marcus & Millichap team included Rod Llanos and Colby Haugness.

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AcquisitionsCaliforniaFinanceNews

Cambridge Arranges $6M Acquisition Loan for Twilight Haven in Fresno, California

by Jeff Shaw

FRESNO, Calif. — Cambridge Realty Capital Cos. has arranged a $6 million acquisition loan for Twilight Haven Senior Living in the San Joaquin Valley city of Fresno.  Twilight Haven comprises 60 independent living units, 116 assisted living beds and 50 skilled nursing beds. A California-based LLC was the borrower. A Utah-based industrial bank provided the capital. The seller was a nonprofit operator facing bankruptcy. The 25-year loan is fully amortizing.

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AcquisitionsFrom The Magazine

M&A Activity Poised to Rebound

by Jeff Shaw

Although 2023 was a down year for property sales, the seniors housing industry fared better than other real estate sectors, and many investors are already switching to ‘buy’ mode. By Jeff Shaw At first blush, 2023 looks like a bad year for seniors housing property sales. Total transaction volume fell 23 percent to $10.6 billion, the sector’s lowest mark in over a decade, according to data from MSCI Real Assets. “I’m not surprised to see transaction volume down from 2022,” says Kelly Sheehy, senior managing director of Artemis Real Estate …

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AcquisitionsMissouriNewsOregonSouth CarolinaWashington

Merrill Gardens Acquires Five Communities

by Jeff Shaw

GREENVILLE, S.C.; SEATTLE; SPRINGFIELD, Mo.; TUKWILA, Wash.; and HILLSBORO, Ore. — Seattle based Merrill Gardens has added four existing communities to its portfolio, along with one new community under construction. The privately held company now operates 65 communities in 17 states. The first community is Merrill Gardens at Greenville. The newly opened independent living community features 129 studio, one- and two-bedroom apartments. Also acquired was Murano Senior Living in Seattle. The high-rise community features 243 apartments with waterfront and city skyline views. The property offers independent living, assisted living and …

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AcquisitionsAssisted LivingDelawareNew JerseyNewsOperations

Juniper Communities Takes Over Management of Three Leisure Care Properties in New Jersey, Delaware

by Jeff Shaw

NEWARK, Del.; HAMILTON and WASHINGTON TOWNSHIP, N.J. — Juniper Communities has taken over management of three Leisure Care senior living properties providing assisted living and memory care. The three properties are part of Columbia Pacific Advisors’ seniors housing portfolio. The move adds 397 assisted living and memory care units and approximately 300 associates to Juniper’s current portfolio. Juniper Communities now owns and operates 28 communities in Colorado, New Jersey, Pennsylvania, Texas and Delaware. Juniper Village at Newark, formerly known as The Vero at Newark and built in 2023, offers assisted …

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AcquisitionsAssisted LivingNewsUtah

Blueprint Negotiates Sale of Two Value-Add Communities in Utah

by Jeff Shaw

SALT LAKE CITY and ST. GEORGE, Utah — Blueprint Healthcare Real Estate Advisors has brokered the sale of two communities in Utah. The seller was a national developer/investor seeking an exit from more than a dozen geographically disparate, older-vintage communities.  The communities were purchased in a sizeable portfolio transaction pre-COVID, under a value-add thesis of operator transitions to create regional groupings coupled with renovations and repositioning. Unfortunately, the cumulative impact of COVID followed by the unprecedented rise in interest rates created meaningful headwinds to the original thesis and drove a …

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AcquisitionsFloridaMemory CareNews

SLIB Brokers Sale of 60-Unit Rosecastle of Deerwood Memory Care Community in Jacksonville

by Jeff Shaw

JACKSONVILLE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Rosecastle of Deerwood, a 60-unit memory care community in Jacksonville. The asset was built in 2015 on approximately 3.4 acres. The buyer was a Florida-based entity using a 1031 exchange. The seller and price were not disclosed. Brad Clousing and Daniel Geraghty led the transaction for SLIB.

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AcquisitionsAssisted LivingMichiganNews

Commonwealth Acquires Community in Wyoming, Michigan

by Jeff Shaw

WYOMING, Mich. — Commonwealth Senior Living has acquired a seniors housing community in the Grand Rapids suburb of Wyoming.  The buyer will rebrand the community as Commonwealth Senior Living at North Byron. This marks the third community for Commonwealth in the Grand Rapids area joining Commonwealth Senior Living at Grand Rapids and Commonwealth Senior Living at East Paris. The community currently features 102 assisted living and memory care units. Commonwealth Senior Living is planning a renovation of the community, primarily focused on enhancing the secure memory care neighborhood. The seller …

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AcquisitionsMinnesotaNewsOperations

Health Dimensions Group Appointed to Manage Northern Lights Services Inc.

by Jeff Shaw

MINNEAPOLIS — Health Dimensions Group, a Minneapolis-based operator, has taken over day-to-day operations at Northern Lights Health Care Center and The Oaks at Northern Lights. HDG has been working closely with the communities’ teams since assuming operational oversight of Northern Lights Services on Feb. 1. In addition to Northern Lights Services, HDG manages 48 other senior living and care communities throughout the nation.

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