CHICAGO — CareTrust REIT Inc. (NYSE: CTRE) has acquired a 136-unit, two-facility memory care portfolio located in metro Chicago. Chapters Living will take over operations at the community, which is a new relationship for CareTrust. Chapters Living is a seniors housing and memory care operator based in the Midwest led by industry veteran Danny Stricker. The two properties will be placed in a 15-year, triple-net lease. The agreement includes two five-year extension options as well as annual CPI-based rent escalators. CareTrust’s initial investment in the facilities, inclusive of transaction costs, …
PORTLAND, Ore. — KeyBank Community Development Lending and Investment (CDLI) has provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, an affordable seniors housing property in Portland. Grace Peck Terrace features 95 one-bedroom units for residents age 62 and older or disabled persons earning no more than 60 percent of the area median income (AMI). The borrower, Home Forward, is a developer, owner and operator of more than 9,500 affordable units in Portland and its surrounding counties. KeyBank’s CDLI group arranged a $27.2 million construction …
ANTWERP, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Antwerp Manor, a 52-unit assisted living community in Antwerp, just across the state border from Fort Wayne, Indiana. Built in 1920, the community was originally constructed as an elementary school and redeveloped into seniors housing in 2007. The company that led the redevelopment took operational control of the community in 2018 after the previous operator declined its lease renewal. The buyer, an Ohio-based owner-operator, plans to take advantage of the proposed rent increase to the Ohio Assisted …
SHELTON, Wash. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Maple Glen, a 54-unit assisted living community in Shelton, approximately 55 miles southwest of Seattle. The facility was built in 2000. The property totals 50,555 square feet, and is situated on approximately 3.7 acres of land. The buyer is a Pacific Northwest owner-operator and plans to spend money on capital improvements and increase the number of licensed beds. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of Senior Living Investment Brokerage handled the transaction. The seller …
STOUGHTON, Mass. — Cushman & Wakefield has arranged the sale of the Arbors of Stoughton, a 91-unit assisted living and memory care community in Stoughton, 20 miles south of downtown Boston. Richard Swartz, Jay Wagner and Jim Dooley represented the seller, the Gralia Group of East Longmeadow and their institutional capital partner, in the transaction. The buyer was KIRCO in a partnership with Everbrook Senior Living, which will operate the community going forward. Cushman & Wakefield also arranged the acquisition financing for the borrower, with a loan of 65 percent …
SOUTH CAROLINA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 77-unit assisted living and memory care community in South Carolina. The property was originally constructed in the late 1990s. While historically a stable performer, the community has recently struggled due to a combination of the effects of the pandemic and census losses driven by competition, according to Blueprint. The buyer is a company growing its seniors housing platform in the state. Further details were not disclosed.
EUGENE, Ore. — Cushman & Wakefield has arranged the sale of Crescent Park, a 119-unit independent living community in Eugene. Built in 2014, the community is a three-story, 116,000-square-foot community on 5.7 acres. Inspired Healthcare Capital acquired the asset for $35 million. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig and Dan Baker represented the seller, an investment management firm with a focus on alternative assets including seniors housing. “Crescent Park showed exceptional stabilized performance throughout the pandemic and closed at the original contract price despite challenging capital markets,” …
MINDEN, Nev. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a development site in Minden, approximately 50 miles south of Reno. The five-acre parcel is fully entitled for construction of a seniors housing community totaling up to 130 units. The site is strategically located adjacent to Carson Tahoe Minden Medical Center, which Carson Tahoe Regional Health — the region’s largest healthcare provider — operates. The buyer was a West Coast-based seniors housing developer that is affiliated with a seniors housing operator. Information on the seller and price …
MERRITT ISLAND, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Cedar Creek Assisted Living in Merritt Island, located east of Orlando. Built in 2004, the facility features 70 assisted living units. The seller is a publicly traded REIT. The buyer is a regional owner-operator based in Florida that intends to renovate the asset. The price was not disclosed. Bradley Clousing and Daniel Geraghty handled the transaction for SLIB.
HIALEAH, Fla. — Lument Securities has arranged the sale of Epworth Village Retirement Community in Hialeah, a suburb of Miami. A private joint-venture partnership acquired the nonprofit continuing care retirement community for an undisclosed price. Laca Wong-Hammond and Dominic Porretta led the transaction for Lument Securities. The community was originally founded in 1948 as The Biscayne Home for Women.