Acquisitions

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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AcquisitionsAssisted LivingConnecticutNews

Blueprint Arranges Sale of 100-Unit The Landing of North Haven in Connecticut

by Jeff Shaw

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 …

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AcquisitionsFinanceGeorgiaNews

Ziegler Advises on $20.5M Acquisition Financing for The Glen at Lake Oconee Village in Greensboro, Georgia

by Jeff Shaw

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.

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AcquisitionsNewsSkilled NursingVirginia

Blueprint Negotiates Sale of 120-Bed The Laurels of Willow Creek in Midlothian, Virginia

by Jeff Shaw

MIDLOTHIAN, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Laurels of Willow Creek, a 120-bed skilled nursing facility in the Richmond suburb of Midlothian. Built in 1991 with an addition completed in 2018, the facility features 36 private suites and 42 semi-private rooms. Blueprint utilized the underlying performance trends fueled by Virginia’s Medicaid rate enhancement tailwinds. The buyer and seller were both REITs. The price was not disclosed. Michael Segal and Ben Firestone led the Blueprint team.

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 50-Unit Gold Choice Palm Coast in Florida

by Jeff Shaw

PALM COAST, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Gold Choice Palm Coast, a 50-unit assisted living and memory care community in Palm Coast, approximately midway between Jacksonville and Orlando. The community was built in 2021 and spans 33,552 square feet on a 6.6-acre parcel. The seller was a Florida-based owner-operator that originally developed the community. The asset was fully stabilized with opportunity to continue revenue growth, according to SLIB.  The buyer was a 1031 fund looking for newer assets with strong in-place yield. The …

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AcquisitionsNewsSkilled NursingVirginia

Blueprint Brokers Sale of 326-Bed Portfolio in Virginia

by Jeff Shaw

VIRGINIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of five skilled nursing communities in central and western Virginia. Each property comprises between 57 and 89 licensed beds for a total of 326 beds across the portfolio. The properties were built in the early 1990s and most feature a 4- or 5-star CMS rating. Blueprint worked directly with the existing operator to not only acquire the real estate, but also source the equity and debt financing needed to ultimately capitalize the portfolio acquisition. The seller and price were …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 64-Unit The Canopy at Harper Lake in Lake City, Florida

by Jeff Shaw

LAKE CITY, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Canopy at Harper Lake in Lake City, a small city of approximately 12,000 residents between Jacksonville and Tallahassee. The community features 44 assisted living units and 20 memory care units. Built in 2019 the community sits on approximately 5.7 acres. The asset was stabilized with all private-pay residents at the time of sale. The seller was a Florida-based developer and investment group. The buyer is a 1031 fund targeting newer assets with strong in-place cash …

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AcquisitionsCCRCNewsPennsylvania

Presbyterian Senior Living Acquires 532-Unit CCRC in Doylestown, Pennsylvania

by Jeff Shaw

DOYLESTOWN, Pa. — Presbyterian Senior Living (PSL) has acquired Pine Run Life Plan Community, a 532-unit continuing care retirement community in Doylestown, approximately 25 miles north of Philadelphia. Doylestown Hospital sold the property for an undisclosed price. PSL is partnering with Doylestown Health at the community. Further details were not disclosed.

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