Acquisitions

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AcquisitionsAssisted LivingIllinoisIndependent LivingMemory CareNews

Town Lane, Arcole Acquire 198-Unit Community in Metro Chicago

by Hayden Spiess

LAKE BLUFF, Ill. — Town Lane and seniors housing platform Arcole have acquired The Sheridan at Green Oaks in Lake Bluff, roughly 35 miles outside downtown Chicago.  Town Lane and Kelly Sheehy, who serves as managing partner of the platform, launched Arcole late last year. This marks the fifth senior living investment for Town Lane’s inaugural $1.3 billion real estate fund.  Totaling 198 independent living, assisted living and memory care units, The Sheridan at Green Oaks was built in 2016. The community encompasses more than 220,000 square feet on a 17-acre …

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AcquisitionsIllinoisNews

SVN Chicago Commercial Brokers $6.7M Sale of Illinois Community 

by Hayden Spiess

BOLINGBROOK, Ill. — SVN Chicago Commercial has brokered the sale of McKenzie Falls, a senior living community located in Bolingbrook, roughly 30 miles southwest of downtown Chicago.  An undisclosed buyer acquired the property, which totals 105 units, for $6.7 million.  Reid Bennett, Cody Doran and Dan Short of SVN Chicago Commercial arranged the transaction.  “This was a more intricate transaction given the layered capital stack and various area median income restrictions,” says Doran. “However, our team’s experience navigating complex deal structures, combined with a highly capable and well-capitalized buyer, allowed us …

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AcquisitionsFinanceNewsTexas

Blueprint Arranges Recapitalization, Joint Venture Partnership for Community in Texas

by Hayden Spiess

WICHITA FALLS, Texas — Blueprint HCRE has arranged the recapitalization of Countryside of Wichita Falls, a 50-unit senior living community situated in Wichita Falls.  The recapitalization included the introduction of new equity through a joint venture partnership.  Following the closing of the transaction — brokered by Amy Sitzman and Giancarlo Riso of Blueprint — the joint venture began the execution of a business plan that features that conversion of units to memory care, as well as physical and operational upgrades.  This marks the new joint venture owner’s first entry into the …

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AcquisitionsAssisted LivingFinanceMemory CareNewsTennessee

BWE Arranges Sale, Financing of Metro Nashville Community

by Hayden Spiess

GALLATIN, Tenn. — BWE has arranged the sale and financing of The Capstone at Station Camp, a senior living community located in Gallatin, roughly 30 miles northeast of Nashville.  Totaling 100 units, the property features assisted living and memory care.  Charley Bissell, Ryan Stoll and Taylor Mokris of BWE represented the seller, Hunt Midwest, in the transaction. BWE also secured non-recourse acquisition financing through a regional bank on behalf of the undisclosed buyer.  Kansas City-based Hunt Midwest is a privately held development company that has developed more than 875 assisted living …

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AcquisitionsNewsSkilled NursingWisconsin

Marcus & Millichap Brokers $2.7M Sale of Skilled Nursing Facility in Wisconsin

by Hayden Spiess

STEVENS POINT, Wis. — Marcus & Millichap has brokered the sale of Portage County Health Care Center, a skilled nursing and rehabilitation facility located in Stevens Point in central Wisconsin.  An undisclosed buyer acquired the property for $2.7 million.  Ray Giannini of The Giannini Group at Marcus & Millichap arranged the sale on behalf of the seller, Portage County.  Situated on 16 acres, the facility comprises 81,562 square feet and 48 beds. The property was originally built in 1965 and expanded in 1985 and 1994. 

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AcquisitionsAssisted LivingFloridaIndependent LivingMemory CareNews

Berkadia Brokers Sale of 130-Unit Community Near Jacksonville, Florida

by Hayden Spiess

JACKSONVILLE, Fla. — Berkadia has brokered the sale of a 130-unit seniors housing community located near Jacksonville.  Built in 2015, the property offers independent living, assisted living and memory care.  A Maryland-based private equity investment firm sold the community to an undisclosed buyer. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia represented the seller in the transaction. 

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AcquisitionsMinnesotaNews

SLIB Arranges Sale of 229-Unit Minnesota Portfolio

by Hayden Spiess

BLOOMINGTON and FRIDLEY, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a seniors housing portfolio totaling 229 units in Minnesota.  The portfolio includes Nine Mile Creek Senior Living in Bloomington and Willows Bend Senior Living in Fridley. Together, the buildings comprise 304,258 square feet and feature independent living, assisted living and memory care residences.  A national REIT acquired the communities from a partnership of regional developers for an undisclosed price. Jake Anderson, Jason Punzel, Vince Viverito and Taylor Graham of SLIB brokered the transaction.  “The Twin Cities …

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AcquisitionsAssisted LivingMarylandMemory CareNewsVirginia

Morgan Stanley Sells Spring Arbor Portfolio for $296M 

by Hayden Spiess

NEW YORK CITY — Morgan Stanley Investment Management, through funds managed by Morgan Stanley Real Estate Investing (MSREI), and Foundry Commercial have completed the sale of a portfolio of 11 communities within the Spring Arbor Senior Living collection. An undisclosed buyer purchased the communities for $296 million.  Located in Maryland and Virginia, the properties total 795 assisted living and memory care units. According to Morgan Stanley, the communities surpassed 90 percent occupancy in recent years. Foundry will continue to operate the properties through its affiliated Allegro Living platform.  This marks the …

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AcquisitionsAssisted LivingFloridaMemory CareNews

Foundry Commercial, Fortress Investment Group Acquire Two Communities in Central Florida

by Hayden Spiess

CLERMONT and TAVARES, Fla. — Foundry Commercial and Fortress Investment Group have acquired two senior living communities located in Central Florida. The acquisition was completed by Foundry Commercial and funds managed by affiliates of Fortress Investment Group.  Totaling 252 assisted living and memory care units, the communities include Alto Clermont and Alto Tavares. Allegro Living, the affiliated management company of Foundry Commercial, manages the properties under its Alto brand.  Alto Tavares was opened in 2012, and Alto Clermont opened in 2014.  “We are pleased to continue our involvement with these two …

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AcquisitionsConnecticutNews

Harrison Street Acquires Two Communities in Southern Connecticut

by Hayden Spiess

DARIEN and STAMFORD, Conn. — Harrison Street has acquired two seniors housing communities in southern Connecticut for an undisclosed price. The sellers were Virtus Real Estate Capital and LCB Senior Living.  Together, the properties comprise 216 units and include The Residence at Selleck’s Woods in Darien and The Residence at Summer Street in Stamford.  The Residence at Selleck’s Woods totals 102 independent living, assisted living and memory care units and was completed in 2019. Amenities at the community include a private theater, billiards room, salon, library, activity space and restaurant-style dining …

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