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 …
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 …
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 …
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.
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.
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 …
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 …
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 …
NORTH HAVEN, Conn. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Landing of North Haven, a 100-unit assisted living and memory care community in North Haven. Located near Long Island Sound south of Hartford, the community opened in late 2019 on an 11-acre campus. The seller is a national investor and developer. Inspired Healthcare Capital acquired the asset for an undisclosed price. Inspired plans to keep the existing operator. While lease-up progress was solid through COVID, rates and margin were always strong, leading to meaningful cash …
GREENSBORO, Ga. — Ziegler acted as exclusive financial advisor in raising $20.5 million in financing. The borrower, Phorcys Capital Partners, will use the funds to acquire The Glen at Lake Oconee Village, a senior housing community in Greensboro, approximately midway between Atlanta and Augusta. Stride Bank provided the capital. The community was built in 2017 and features 28 independent living units, 68 assisted living units and 18 memory care units.