Acquisitions

AcquisitionsAffordable HousingIllinoisNews

AHIB Negotiates $21.1M Sale of Valkommen Plaza in Rockford, Illinois

by Jeff Shaw

ROCKFORD, Ill. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the sale of Valkommen Plaza, a 171-unit affordable seniors housing community in Rockford, approximately 90 miles northwest of Chicago and southwest of Milwaukee. A private investor sold the asset to Envolve Communities for $21.1 million. AHIB’s Kyle Shoemaker represented both both parties in the transaction. Valkommen Plaza is a nine-story, elevator-serviced building with commercial spaces on the first floor, providing amenities such as a beauty salon, police sub-station and grocery for the local community. In addition to the commercial …

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AcquisitionsCCRCIllinoisNews

Lifespace Communities Acquires 257-Unit GreenFields of Geneva CCRC in Illinois

by Jeff Shaw

GENEVA, Ill. ­— Lifespace Communities has acquired GreenFields of Geneva, a nonprofit, 257-unit continuing care retirement community (CCRC) in Geneva, approximately 40 miles west of downtown Chicago. Friendship Senior Options (FSO) sold the property for an undisclosed price. FSO will continue to provide management services through June, at which time the community will fully transition onto Lifespace management, systems and support. The sale brings Lifespace’s total portfolio to 18 communities, including three in metro Chicago. Located on 26 acres bordering two championship golf courses, GreenFields includes walking paths, a fishing …

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AcquisitionsAssisted LivingNewsTexas

Cushman & Wakefield Arranges Sale of 76-Unit Franklin Park of Round Rock in Texas

by Jeff Shaw

ROUND ROCK, Texas — Cushman & Wakefield has arranged the sale of Franklin Park of Round Rock, a 76-unit assisted living and memory care community in Round Rock, approximately 20 miles north of downtown Austin. A Cushman & Wakefield team of Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin represented the seller, Franklin Park Senior Living and its institutional capital partner, in the transaction. The buyer was Inspired Healthcare Capital, a senior housing investor with a captive operator called Volante Senior Living, which will manage the community going forward. …

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AcquisitionsNewsOperationsTexas

12 Oaks Senior Living to Operate 166-Unit The Inn at Los Patios in San Antonio

by Jeff Shaw

SAN ANTONIO — 12 Oaks Senior Living has taken over management of The Inn at Los Patios, a 166-unit independent living and assisted living community in San Antonio. 12 Oaks, along with local nonprofit San Antonio Community Development Council, intends to complete a major renovation and upgrade to the community.

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AcquisitionsActive AdultNewsTexas

Grace Management Breaks Ground on 115-Unit Active Adult Complex in Conroe, Texas

by Jeff Shaw

CONROE, Texas — Grace Management has broken ground on The Lakes at Woodhaven Village, a 115-unit active adult complex in Conroe, located about 40 miles north of Houston. The project, which is being developed on a five-acre plot adjacent to the 2,000-acre Grand Central Park master-planned community, is slated for a spring 2024 completion. Project partners include developer Padua Realty Co. and affiliated construction company Dorado Builders, Investwell Architects, Lizabeth Jones Interior Design and Jordan & Skala Engineers.

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AcquisitionsCompany NewsNewsOperations

ABP Acquisition to Purchase AlerisLife for $43.8M

by Jeff Shaw

NEWTON, Mass. — ABP Acquisition LLC has agreed to acquire Newton-based operator AlerisLife Inc. (NASDAQ: ALR) for $1.31 per share, or $43.8 million, and take the company private. The price represents an 85 percent premium to the average stock price over the 30 days prior to the sale announcement, which was 71 cents per share. ABP is majority owned and controlled by Adam Portnoy, one of ALR’s managing directors and the chair of its board of directors. ABP and its affiliates currently own approximately 6.1 percent of ALR’s outstanding shares …

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AcquisitionsCompany NewsNewsOperations

Sabra Completes $185M in Dispositions, 24-Property Operator Change

by Jeff Shaw

IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has completed roughly $185 million of sales related to previously disclosed disposition activity. In addition, the 24 properties formerly leased to North American have been successfully transitioned to Ensign Group (NASDAQ: ENSG) and the Avamere Family of Companies. The disposition activity was almost entirely comprised of skilled nursing investments, including a sizable portfolio that sold for over $200,000 per bed. In aggregate, the cash yield on this disposition activity was approximately 7 percent for the 12-month period ending Sept. 30, …

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AcquisitionsNewsPennsylvaniaSkilled Nursing

ESI Arranges Sale of Three-Property Portfolio in Pennsylvania for $39M

by Jeff Shaw

PENNSYLVANIA — Evans Senior Investments (ESI) has arranged the exit from the long-term care industry for a Pennsylvania owner-operator. The portfolio consisted of three properties comprising of 395 beds of skilled nursing and 32 units of private-pay seniors housing. The purchase price was $39 million, or $91,000 per functional bed/unit. At the time of marketing, the average census was 64 percent with total portfolio revenue of $27.2 million and net operating income loss of -$1.5 million, or a -5 percent net operating income margin. While under contract, census reached a …

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AcquisitionsMemory CareNewsOklahoma

Blueprint Brokers Sale of 54-Unit Memory Care Portfolio in Oklahoma

by Jeff Shaw

TULSA and OKLAHOMA CITY, Okla. — Blueprint Healthcare Real Estate Advisors has brokered the sale of two memory care communities totaling 54 units in Tulsa and Oklahoma City. Built in 2015 and 2016, the communities were fully stabilized in 2018 and 2019, were resilient through the pandemic and sharply rebounded to near 100 percent occupancies at the time of marketing in mid-2022. The buyer was a Texas-based owner-operator focused on standalone memory care in the region. Blueprint also assisted the buyer with debt placement through an existing bank relationship. The …

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AcquisitionsActive AdultNewsTexas

Blaze Capital Partners Acquires 150-Unit Active Adult Community in San Antonio

by Jeff Shaw

SAN ANTONIO — Blaze Capital Partners has purchased Sage Stone Oak, a 150-unit active adult community in San Antonio. Built in 2020 on a 7.5-acre site, Sage Stone Oak features a mix of one- and two-bedroom apartments ranging in size from 829 to 1,172 square feet. The property is located in the Stone Oak neighborhood, 15 miles north of downtown San Antonio. The seller and price were not disclosed. “As we look to the future of housing and continue diversifying our portfolio with property types that take advantage of long-term …

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