Acquisitions

AcquisitionsMemory CareMichiganNewsOhio

SLIB Negotiates Sale of 100-Unit Midwestern Memory Care Portfolio

by Jeff Shaw

LANSING, Mich., and BEAVERCREEK, Ohio — Senior Living Investment Brokerage (SLIB) has arranged the sale of two memory care communities totaling 100 units and 132 beds in the Midwest. Located in Lansing and Beavercreek, both communities were built in 2018 and each total approximately 34,500 square feet on 4.9 acres of land. The seller is a national owner and developer that is exiting the industry. The buyer was a REIT that will lease the communities to Ridgeline Management Co. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito …

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AcquisitionsNewsOperationsWashington

Veda Living to Manage 10 Properties in Washington State

by Jeff Shaw

WASHINGTON — Veda Living, the management company spin-off of ETROS Management Firm, has taken on a 10-property management agreement in Washington state. ETROS Management Firm, founded in 2016, specializes in turnaround management solutions for underperforming senior living assets. The properties are all branded as Greenlake Senior Living communities, which target middle-market seniors in the Pacific Northwest. With this most recent management deal, Veda Living now operates a portfolio of 15 properties across the nation.

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AcquisitionsNewsSkilled NursingTexas

CareTrust Acquires 125-Bed Skilled Nursing Facility in Metro Houston

by Jeff Shaw

HOUSTON — CareTrust REIT Inc. (NYSE: CTRE) has acquired a 125-bed skilled nursing facility located in the greater Houston metropolitan area. An affiliate of Evergreen Health Group will operate the property, opening a new tenant relationship for CareTrust. The specific name and location of the property were not disclosed. Evergreen Health Group is a Texas-based operator of skilled nursing facilities primarily owned by Selina Chao, an industry veteran. Evergreen has entered into a 15-year, triple-net lease with CareTrust that includes two five-year extension options and annual CPI-based rent escalators. CareTrust’s …

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AcquisitionsNews

CBRE Brokers Sale of Midwestern Portfolio for Bridge Investment Group

by Jeff Shaw

AUSTIN, Texas — CBRE’s National Senior Housing Investment Properties team, based in Austin, has arranged the sale of a portfolio of communities in the Midwest on behalf of Bridge Investment Group. The communities are midrise buildings offering independent living, assisted living and memory care units and services. All were built in 2007 or later. CBRE’s National Senior Housing team members John Sweeny, Aron Will, Scott Bray, and Garrett Sacco represented the seller. The Properties are located in highly desirable areas, close to hospitals and primary transportation routes. Assets in the …

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AcquisitionsAssisted LivingFloridaNews

SLIB Arranges Sale of 173-Unit Portfolio in Florida

by Jeff Shaw

LUTZ and ORANGE CITY, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two seniors housing communities in Florida. Totaling 173 units of assisted living and memory care, the properties are located in the Tampa suburb of Lutz and the Orlando suburb of Orange City. The seller is a partnership between an institutional capital provider and a national operator. The company initially acquired the communities as part of a larger portfolio of campus-style assets. The buyer is a Florida-based regional owner-operator continuing to grow across the Southeast. …

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AcquisitionsFinanceIllinoisNews

CBRE Arranges Acquisition Financing for 348-Unit Lexington Square of Elmhurst in Illinois

by Jeff Shaw

ELMHURST, Ill. — CBRE has arranged an undisclosed amount of financing for the sale of Lexington Square of Elmhurst, a 348-unit independent living and assisted living community in Elmhurst, approximately 17 miles west of Chicago. The property was built in 1990. The borrower, Focus Healthcare Partners LLC, has purchased the asset and rebranded it as The Roosevelt at Salt Creek. Focus plans to execute a significant capital improvement plan and convert the existing entrance-fee CCRC model to rental units. Aron Will, Matt Kuronen and Michael Cregan of CBRE National Senior …

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AcquisitionsNewsWisconsin

Ziegler Advises on Sale of 101-Unit Terova Senior Living in Mequon, Wisconsin

by Jeff Shaw

MEQUON, Wis. — Ziegler has acted as exclusive financial advisor to Marquee Capital on the sale of Terova Senior Living, a 101-unit senior living community in Mequon, a northern suburb of Milwaukee. Marquee Capital is the real estate company affiliated with Marcus Investments LLC, a family office. Located in one of the most affluent suburbs in Wisconsin, the community represented the only senior living asset owned by Marquee in the state. Terova was built in 2005. Between 2020 and 2022, Marquee Capital renovated and repositioned the community as a for-profit …

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AcquisitionsIndependent LivingNevadaNews

SLIB Negotiates Sale of 131-Unit Mountain Lakes Estates in Reno, Nevada

by Jeff Shaw

RENO, Nev. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mountain Lakes Estates, a 131-unit independent living community in Reno. The property was built in 2020 and totals 120,316 square feet on approximately 5.2 acres of land. The seller was a regional owner-operator located in the West. The buyer was a private equity company based in New York that specializes in active adult and independent living communities. The price was not disclosed. Jason Punzel, Dave Balow, Vince Viverito and Brad Goodsell of SLIB handled the transaction. “The …

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AcquisitionsFinanceNewsOklahomaSkilled Nursing

Lument Arranges $10.7M Acquisition Loan for Bellevue Health & Rehabilitation in Oklahoma City

by Jeff Shaw

OKLAHOMA CITY — Lument has arranged a $10.7 million loan to facilitate the acquisition of Bellevue Health & Rehabilitation, a 119-unit, 150-bed skilled nursing facility (SNF) in Oklahoma City. Bill Wilson, managing director with Lument in Kansas, led the transaction for Lument. To provide funding for the acquisition, Wilson tapped Lument’s debt syndications team, led by Steve McGee and Sangjin Na, to place the loan with a community bank. Proceeds from the loan were utilized by the long-time operator to acquire 100% ownership of the facility. Prior to the acquisition, …

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AcquisitionsAssisted LivingGeorgiaNewsTennessee

SLIB Negotiates Sale of 228-Unit Portfolio in Tennessee, Georgia

by Jeff Shaw

MADISON, Tenn., and MARIETTA and JONESBORO, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of three assisted living and memory care communities in the Southeast. Located in Madison, Marietta and Jonesboro, the portfolio totals 228 units built in 1999 and 2000. The properties are 46,483, 52,642, and 52,157 square feet, and are situated on approximately 3.69, 9.66, and 6.04 acres of land. The seller was a western US owner-operator divesting to focus on its core Western markets as these were outliers in their portfolio. The buyer is …

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