NEW ROCHELLE, N.Y. — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing community in New Rochelle, a suburb of New York City on Long Island Sound. The facility was originally constructed in 1965 and is licensed for 60 beds. The seller was an independent owner-operator that operated the facility for 30 years, but sought to exit the long-term care industry. A New York-based owner acquired the property for an undisclosed price. Approval of the new operator is pending. “Evans Senior Investments was successfully able to navigate …
MOBILE, Ala. — Proveer has acquired Vitality Living Regency, a seniors housing community in Mobile. The community features 70 assisted living units and 20 memory care units. The acquisition marks the eighth overall for Proveer, its fifth in the state of Alabama and second in Mobile. Blueprint Healthcare Real Estate Advisors brokered the sale. Proveer’s business model is a value-add strategy that includes purchasing communities at a relatively low basis, renovating the buildings and rebranding them under the Proveer flag. The community is now known as Proveer at Port City. …
UPPER SANDUSKY, Ohio — Blueprint Healthcare Real Estate Advisors has brokered the sale of The Fairhaven in Upper Sandusky, approximately midway between Columbus and Toledo. United Church Homes sold the community, which was originally built in 1920 and features 99 skilled nursing beds and six independent living units. The undisclosed buyer specialized in buying and maintaining faith-based communities. Marketed as a value-add opportunity, the new owner plans to built a state-of-the-art replacement facility on the property.
PENDLETON COUNTY, Ky. — Senwell Senior Investment Advisors has arranged the sale of a 60-bed skilled nursing facility in Pendleton County. The facility was family owned since the 1960s. Prior to the COVID-19 pandemic, the building was fully occupied with a waitlist. While the pandemic presented challenges, the facility was slowly increasing its occupancy month over month. The undisclosed buyer owns facilities in the same geographical footprint. Ben Bohland facilitated the transaction.
MIDDLE RIVER, Md. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Woodlands Assisted Living, a 65-unit assisted living and memory care community in Middle River, a northeastern suburb of Baltimore. A publicly traded REIT sold the asset to Inspirations Assisted Living and Memory Care for an undisclosed price. Built in 1999, the community featured a history of performance prior to the onset of the pandemic, with occupancies north of 90 percent and operating margins approaching 30 percent. Significantly impacted by the pandemic in 2020 and 2021, the …
ELIZABETHTOWN and RICHMOND, Ky. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Acadian Cove in Richmond and Willow Creek Senior Living in Elizabethtown. Acadian Cove offers 49 units of assisted living and was built in 2009. Willow Creek feature 65 units of assisted living and memory care and was built in 1998. The seller was a REIT divesting to focus on liquidating capital for other investments. The buyer was a Northeast-based operator looking to add to its growing Midwest portfolio. The price was not disclosed. Daniel Geraghty …
SMYRNA, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Waterford in Smyrna. Located 25 miles southeast of Nashville, the facility features 68 units of assisted living and 24 units of memory care. Built in 2009, there is room for expansion on the 5.3-acre site. The property was 57 percent occupied at the start of the marketing. The seller is a local ownership group that developed and operated the property. The buyer is a Nashville-based owner-operator. The price was $10 million, or $108,695 per unit. Patrick …
CULVER CITY, Calif. — CBRE has acquired Valuation & Information Group (VIG), a Culver City-based provider of appraisal and market feasibility services for seniors housing and healthcare real estate throughout the United States. VIG provides valuation services for a wide variety of property types in the seniors housing and healthcare sectors, including independent living, assisted living, skilled nursing, medical office buildings, surgery centers, specialty hospitals and acute-care hospitals. In addition, the firm provides valuation services for HUD and conventional multifamily financing. VIG’s 23 employees will integrate with CBRE’s seniors housing …
OHIO — LTC Properties Inc. (NYSE: LTC) has made a $45 million joint venture investment for the purchase of an independent living, assisted living and memory care campus in Ohio. The campus was built between 2019 and 2022, includes a total of 242 units, and is now operated by current LTC partner, Encore Senior Living. Additionally, the transaction includes a $2.1 million lease incentive. The lease term is 10 years at an initial yield of 8.25 percent, and includes a purchase option for the seller during the third and fourth …
MARION, Ind. — Evans Senior Investments (ESI) represented a local nonprofit owner’s exit from the long-term care industry. Encompassing three assets total, the senior living and skilled nursing portfolio sold for $29 million, or $97,000 per bed/unit. Built in 1982 and 1995, the portfolio was being leased to an Indiana-based regional operator, which had approximately 10 years remaining on its current triple-net lease. That operator was the buyer, exercising its right of first refusal to purchase the properties from the Marion-based seller. The operator plans to make extensive renovations to …