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Acquisitions

AcquisitionsMinnesotaNews

SLIB Arranges Sale of 84-Unit River Oaks Community in Anoka, Minnesota

by Jeff Shaw

ANOKA, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of River Oaks, an 84-unit independent living and assisted living community in Anoka, a northern suburb of Minneapolis. Built in 1988, the 90,000-square-foot is located on 1.7 acres. The seller is a real estate development company that focuses on multifamily and sought to divest River Oaks to concentrate on its core assets. The buyer is a large nonprofit headquartered in Minnesota. The buyer plans to refresh and rebrand the community over time. The price was not disclosed. Jeff …

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AcquisitionsFinanceFloridaNews

Dwight Mortgage Trust Provides $27.3M Financing for Beachside Center for Rehabilitation and Healthcare in Florida

by Jeff Shaw

NEW SMYRNA BEACH, Fla. — Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, has provided a $27.3 million bridge acquisition loan for Beachside Center for Rehabilitation and Healthcare. The 239-bed skilled nursing facility is located in New Smyrna Beach, a coastal suburb of Orlando. The facility offers its residents short- and long-term care. The loan has a 30-month term. Its proceeds will be used towards capital expenditures and the acquisition. Josh Sturm originated this closing. The names of the buyer and seller were not disclosed.

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AcquisitionsActive AdultNewsTexas

Lloyd Jones, ST Real Estate Acquire 138-Unit Trinity Courtyard in Fort Worth

by Jeff Shaw

FORT WORTH, Texas — Lloyd Jones, in partnership with with ST Real Estate Holding Inc., has acquired Trinity Courtyard, a 138-unit active adult community in Fort Worth. Trinity Courtyard is located on six acres near downtown Fort Worth, the second fastest- growing large city in the United States, giving residents access to a diverse array of entertainment, retail and outdoor recreation. The property will operate under Lloyd Jones’ proprietary Aviva brand as AVIVA Fort Worth. The seller and price were not disclosed.

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AcquisitionsActive AdultNew YorkNews

Cushman & Wakefield Arranges Sale of 102-Unit Farrell Communities at Lakeside in Newburgh, New York

by Jeff Shaw

NEWBURGH, N.Y. — Cushman & Wakefield has arranged the sale of Farrell Communities at Lakeside, a 102-unit active adult community in the Hudson Valley city of Newburgh. The community opened in 2020 and features 30 one-bedroom units and 72 two-bedroom units. Cushman & Wakefield’s Adam Spies, Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch represented the owner, Farrell Communities, and procured the buyer, Castle Lanterra Properties. The price was not disclosed.

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AcquisitionsAssisted LivingCaliforniaNews

Northwestern Mutual Divests of Cortona Park Assisted Living Community in Brentwood, California for $39.2M

by Jeff Shaw

BRENTWOOD, Calif. — Northwestern Mutual has completed the sale of Cortona Park, an assisted living community in Brentwood, to a joint venture between Cogir and a national investment partner for $39.2 million. The buyer plans to rename the property Cogir of Brentwood. Built in 2007, the community features studio, one- and two-bedroom units averaging 761 square feet. Situated on 4.3 acres, the property is located at 150 Cortona Way. Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets’ investment sales and advisory team represented the seller in the …

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AcquisitionsAssisted LivingNewsSouth Carolina

Blueprint Negotiates Sale of 265-Unit Portside at Grande Dunes in Myrtle Beach, South Carolina

by Jeff Shaw

MYRTLE BEACH, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Portside at Grande Dunes in Myrtle Beach. Owned and developed by LIV Development, Portside at Grande Dunes is a 265-unit community. The development opened in two phases starting with 83 assisted living and 32 memory care units in January 2019, followed by a Phase II that included 134 units of independent living and 16 independent cottages in August 2020. Chicago Pacific Founders Living Communities acquired the asset for an undisclosed price, and will install Grace Management …

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AcquisitionsAssisted LivingNewsTennessee

SLIB Arranges Sale of Two-Property Portfolio in Metro Knoxville

by Jeff Shaw

KNOXVILLE and POWELL, Tenn. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of two seniors housing communities, one in Knoxville and one in nearby Powell. The communities feature a combined 102 assisted living and memory care units. The seller is a private REIT that had partnered with a national operator. These two assets were outliers for the operator, which led to the sale. The buyer is a joint venture between a real estate/asset management firm and an operator that already had a footprint within Tennessee. The price was …

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AcquisitionsActive AdultNews

Walker & Dunlop Negotiate Sale of 25-Property Portfolio for $502M

by Jeff Shaw

BETHESDA, Md. — Walker & Dunlop’s Seniors Housing Investment Sales team, based in Bethesda, has brokered the sale of 25 seniors housing communities in the Midwest and East Coast for $502 million. Calamar sold the assets, which are all active adult communities under the Connect55+ brand. The buyer was REIT giant Welltower (NYSE: WELL). Average monthly rents are $1,300 per month, and the average length of stay is over five years. The Walker & Dunlop team included Josh Jandris, Brett Gardner, Tony Cassie, Mark Myers, Gideon Orion, Jordyn Berger, Alex …

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AcquisitionsFeaturesNews

High Inflation, Interest Rates Could Lead to Value-Add Acquisition Opportunities, Say Webinar Panelists

by Jeff Shaw

Inflation and interest rates are both going up at levels not seen for decades, if ever, in the United States. As a result, both topics have entered the general consciousness of the American public in a way rarely seen before, according to JP LoMonaco, president of Valuation & Information Group. “I haven’t said the words inflation or higher interest rates in more than 20 years, but they have definitely creeped into the American pop psyche. Chances are that you’re likely to start an elevator conversation with inflation more than weather …

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AcquisitionsFloridaMemory CareNews

SLIB Arranges Sale of 54-Unit Memory Care Community in Port Orange, Florida

by Jeff Shaw

PORT ORANGE, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of a 54-unit memory care community in Port Orange, a coastal city in Central Florida. The seller was a private REIT looking to exit an operational outlier from a previous portfolio. The buyer is a growing regional owner-operator expanding its presence in Florida. The price was not disclosed. Bradley Clousing and Daniel Geraghty handled the transaction for SLIB.

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