Acquisitions

AcquisitionsFrom The MagazineInvestment

Investors Hit the Brakes on M&A

by Jeff Shaw

After transaction volume rebounded greatly in 2021, sales fell 38 percent in 2022 as economic hardships mounted. By Jeff Shaw I get knocked down, but I get up again  You are never gonna keep me down  The lyrics to the song “Tubthumping” by former British rock band Chumbawamba are an apt description of the seniors housing industry because of its resiliency in the face of adversity over the past three years. The COVID-19 pandemic delivered the first blow in early 2020, leading to a rise in deaths at communities, declining …

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AcquisitionsCompany NewsInvestmentNewsOperations

LTC Seeks to Sell, Transition 35-Community Portfolio as Brookdale Elects to End Lease

by Jeff Shaw

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC ), a REIT that primarily invests in seniors housing and healthcare properties, has announced plans to diversify its portfolio through the transition and possible sale of some of the properties in its Brookdale Senior Living (NYSE: BKD) portfolio, following Brookdale’s election not to exercise its lease renewal option. Brookdale is contractually obligated to pay rent on the portfolio of 35 assisted living communities across eight states through the end of the lease term on Dec. 31, 2023. The portfolio represents 8.4 …

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AcquisitionsAffordable HousingNewsVermont

Affordable Housing Investment Brokerage Negotiates Sale of Three Affordable Communities in Vermont

by Jeff Shaw

WILLISTON and ST. ALBANS, Vt. — Affordable Housing Investment Brokerage Inc. (AHIB) has negotiated the sale of a three-property affordable seniors housing portfolio in the greater Burlington area. Consisting of 191 units across all properties, the three communities — Hawk’s Nest in St. Albans, and Falcon Manor and Eagle Crest in Williston — serve independent senior tenants and were all developed under the Section 42 Low Income Housing Tax Credit program. The price was not disclosed. AHIB’s Kyle Shoemaker represented both the seller, a local development company, and the buyer, …

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AcquisitionsIllinoisNews

Cushman & Wakefield Brokers $20M Sale of Historic River Glen of St. Charles in Metro Chicago

by Jeff Shaw

ST. CHARLES, Ill. — Cushman & Wakefield has arranged the sale of River Glen of St. Charles, located within the former Delnor Hospital in St. Charles, which was built in 1939. Located approximately 35 miles west of Chicago, the community features 106 units of independent living, assisted living and memory care. The original hospital building has been converted into a modern, well-amenitized campus. Bridge Investment Group sold the asset to Citrine Senior Communities, a joint venture between affiliates of Citrine Investment Group and Jaybird Capital, for $20 million. Jaybird Senior …

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AcquisitionsConnecticutNewsSkilled Nursing

Blueprint Negotiates Sale of 180-Bed Skilled Nursing Facility in Wallingford, Connecticut

by Jeff Shaw

WALLINGFORD, Conn. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant, 180-bed skilled nursing facility in Wallingford, approximately midway between Hartford and New Haven. The buyer was a Florida-based developer with local ties to Wallingford. No further details were disclosed.

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AcquisitionsAssisted LivingFloridaNews

Grandbridge Arranges Sale of Three Communities in Florida

by Jeff Shaw

BRADENTON, SANFORD and PINELLAS PARK, Fla. — Grandbridge Real Estate Capital’s seniors housing investment sales team has arranged the sale of three assisted living and memory care communities in Florida. A national REIT sold the communities in three separate transactions. The buyers were a national investor based in Florida and two owner-operators with a presence in the region. The prices were not disclosed. The properties include the 112-unit Bradenton Oaks in Bradenton, the 94-unit Renaissance Retirement Center in Sanford, 145-unit FL Bayside Terrace in Pinellas Park. The Renaissance was built …

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AcquisitionsIndependent LivingNewsOregon

Cushman & Wakefield Brokers $57.8M Sale of The Alexander Bend Independent Living Community in Bend, Oregon

by Jeff Shaw

BEND, Ore. — Cushman & Wakefield has arranged the sale of The Alexander Bend, a 136-unit independent living community in Bend. Opened in late 2019 and representing the city of Bend’s newest independent living offering in over 10 years, The Alexander Bend features 3.1 acres of adjacent land. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard represented the seller, BPM Real Estate Group, in the transaction. The buyer was Touchmark, which renamed the community Touchmark at Pilot Butte and will operate it alongside Touchmark …

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AcquisitionsAssisted LivingIowaNews

SVN Senior Housing Negotiates Sale of Assisted Living Portfolio in Iowa

by Jeff Shaw

OSAGE, CHARLES CITY and CLEAR LAKE, Iowa — SVN Senior Housing has arranged the sale of a three-property, 130-unit assisted living portfolio in Iowa. T The properties were located in the communities of Osage, Charles City and Clear Lake and were stabilized at the time of sale. A private investment group sold the assets to an Iowa-based investment group with properties in Iowa, Minnesota and Wisconsin. Jennifer Espeland and John Klement led the SVN team in the transaction.

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AcquisitionsActive AdultNewsWashington

SVN Cornerstone Arranges $10.1M Sale of Whispering Pines Apartments in Spokane, Washington

by Jeff Shaw

SPOKANE, Wash. — SVN Cornerstone has arranged the sale of Whispering Pines Apartments, an age-restricted apartment community in Spokane. The asset traded for $10.1 million. The unassisted seniors housing community offers two- and three-bedroom units with two-car garages and individual backyards. Community amenities include a clubhouse and dog park. Nate Gant and Guy Byrd of SVN Cornerstone represented the undisclosed seller, while Levi Sterley of Lee & Associates represented the undisclosed buyer in the deal.

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AcquisitionsAssisted LivingCaliforniaFinanceNews

BWE Arranges Financing for Harrison Street Acquisition of Three-Property Oakmont Portfolio in California

by Jeff Shaw

AGOURA HILLS, LODI and SAN JOSE, Calif. — Bellwether Enterprise Real Estate Capital LLC (BWE), has arranged the financing for Harrison Street’s acquisition of three Class A seniors housing communities in California. Oakmont Management Group operates all three communities: Oakmont of Agoura Hills in Agoura Hills, Oakmont of Lodi in Lodi and Oakmont of Silver Creek in San Jose. The luxury properties offer assisted living and memory care services. Ryan Stoll, BWE’s national director of seniors housing and care, and Taylor Mokris, senior vice president for seniors housing and care, …

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