TUCSON, Ariz. — 12 Oaks Senior Living has acquired the operations of Copper Canyon Memory Care & Transitional Assisted Living in Tucson. 12 Oaks Senior Living intends to expand and enhance the service offerings at this community while restoring stability and planning for long-term growth. Copper Canyon augments four other senior living properties that 12 Oaks currently manages for the same ownership group. The previous operator was not disclosed.
ST. LOUIS PARK and EAGAN, Minn. — Lifespark, a senior health company based in St. Louis Park, has agreed to acquire Eagan-based Livio Health, a wholly owned subsidiary of Blue Cross and Blue Shield of Minnesota that provides in-home health services to people with chronic and complex illness. The purchase agreement will integrate all operational components of Livio Health, as well Livio Health employees, into the current systems and capabilities of Lifespark throughout the state. Concurrent with the announcement, Blue Cross has secured a minority owner stake in Lifespark through …
ARIZONA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 150-unit “behavioral assisted living” community in Arizona. A regional developer, owner and operator sold the asset to a private equity firm for $45 million, or $271,000 per unit. The property was 70 percent occupied, approximately 90 percent of which was Medicaid resident census. The property was originally built in 1987 as a hotel, though was converted to an assisted living community in 2016 after undergoing a nearly $10 million renovation. The operator had established a unique relationship …
SENECA, S.C. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of Lila Doyle Post Acute, a 120-bed skilled nursing facility located in Seneca, approximately midway between Atlanta and Charlotte. The real estate at Lila Doyle Post Acute is located on the campus of Prisma Health Oconee Memorial Hospital and was acquired by a subsidiary of Standard Bearer Healthcare REIT Inc., Ensign’s captive real estate company, pursuant to a 30-year ground lease with extension options. “This acquisition created a perfect opportunity for our continued growth in South Carolina,” …
KENOSHA, Wis. — The Pennant Group Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice, home care and senior living companies, has acquired the assets of Kenosha Visiting Nurse Association Inc., which provides skilled home health, private duty and community health services in Kenosha. “We are pleased to expand our home health operations deeper into southern Wisconsin,” says Brent Guerisoli, CEO of Pennant. “KVNA will be a great partner to our senior living affiliates in the area as we further expand the continuum of …
SACRAMENTO and SCOTTSDALE, Ariz. — Cogir Management has acquired Cadence Living to form one of the largest operators in the United States. The transaction involves Cogir buying out the shareholders of Cadence. Both companies have a focus on the West Coast, and the combined total number of units will be approximately 8,000 across nine states. Based on the American Seniors Housing Association’s June 1 numbers, that would make the company the 21st largest operator in the country, between Merrill Gardens and publicly traded Sonida Senior Living. Cogir Management USA is …
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Steps to Help Small Seniors Housing Owners Prepare for a Sale
The seniors housing market has had its fair share of well-documented struggles, including plunging occupancies during COVID-19 and continuing labor challenges. Like the rest of the commercial real estate market, the sector is now confronting higher interest rates and recession. Despite those headwinds, investor demand for seniors housing assets remains strong, says Dawn Davis, an advisor specializing in seniors housing and skilled nursing with NAI Greywolf in Milwaukee. But sellers are only now grudgingly coming to terms with the fact that, because capital has become more expensive, the price buyers …
BOULDER, Colo. — Three technology platforms focused on seniors housing — Enquire, Glennis, and Sherpa — have announced plans to merge following an investment from Boulder-based private equity firm Rubicon Technology Partners, which will be the majority shareholder in the combined company. The combined company will serve over 50 of the largest 150 seniors housing operators, and more than 800 customers in total, representing 5,700 communities across the senior living, post-acute and home care sectors. Rubicon is focused exclusively on investing in and growing enterprise software companies. Rubicon’s investment also …
DALLAS, Ga. — Blaze Capital Partners has acquired Hardy Springs, a 149-unit active adult community in Dallas, approximately 30 miles northwest of Atlanta. Hardy Springs is a cottage-style community with 149 units spread across 53 buildings. Completed in May 2022, the community is built on 31 acres of land and consists of one- and two-bedroom apartments. The property marks the firm’s first acquisition of an active adult community, but with several more planned. Blaze now owns six multifamily properties in Georgia, with a total unit count of more than 860. …
MESA, Ariz. — Cushman & Wakefield has arranged the sale of Bella Vista, a 188-unit independent living and assisted living community in Mesa. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Sam Dylag and Jack Griffin represented the sellers, a joint venture between Wexford Real Estate Investors and Beztak Cos., in the transaction. Bourne Financial Group, a private equity buyer based in Winter Park, Florida, acquired the asset and will self-manage this community with its in-house operator, Park Avenue Lifestyle. The price was not disclosed. The property was originally …