GRAND FORKS, N.D. — Karen Dubrosky and Frank Hogan of the Minneapolis office of Colliers Mortgage and Colliers Securities, respectively, have closed a $10.9 million HUD loan for the acquisition and rehabilitation affordable housing portfolio in Grand Forks. Located near the Red River, which forms the border between Minnesota and North Dakota, the portfolio totals 182 units of affordable housing across three properties. University Square includes 60 multifamily units, Columbia Square East includes 50 seniors housing units and Columbia Square South includes 72 multifamily units. All units are covered by …
Institutional Property Advisors Arranges Sale of 277-Unit Active Adult Community Near Salt Lake City
DRAPER, Utah — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Ivy at Draper, a 277-unit active adult community in Draper, a southern suburb of Salt Lake City. Ivy at Draper features freeway access, with connectivity to interstates 15, 215 and 80 and immediate access to Bangerter Highway, a main thoroughfare throughout the Wasatch Front. The buyer, seller and price were not disclosed. “Draper City’s prestigious location at the Point of the Mountain, in the south end of Salt Lake Valley and …
MADISON, Ala. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Heritage Assisted Living and Memory Care, a 46-unit seniors housing community. Located in Madison, a western suburb of Huntsville, the community is in a growing residential, medical and commercial corridor. The units are split as 30 for assisted living and 16 for memory care on a 4.9-acre site. The seller was a local ownership group of physicians who had originally developed the asset. The building was not fully stabilized regarding rental rates or expenses, but was near …
DETROIT — Evans Senior Investments (ESI) has arranged the sale of two assisted living and memory care communities in the northern suburbs of Detroit. A regional owner-operator sold the assets to an operator looking to expand into Michigan for $38.3 million, or $314,000 per unit. With each community being built between 2019 and 2020, the properties were smaller in size, with fewer than 65 units at each community. This allowed for above-average performance during the COVID-19 pandemic. At the time of marketing the portfolio was 88 percent occupied and boasted …
DENVER — Endeavor Senior Living has officially launched, with plans to invest $500 million into North American seniors housing assets with a focus on value-add opportunities. The principals of Endeavor encompass over 50 years of experience in seniors housing, behavioral health, real estate development and investments, capital markets, hospitality, branding, marketing and sales. “Building upon our deep perspective into investments, capital markets and operations, Endeavor is poised to capitalize on opportunities to better serve seniors today and for decades to come,” says Kyle Beard, co-founder and managing partner. “Rooted in …
EAGLE, Idaho and SAN DIEGO — 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 Ardent Hospice and Palliative Care. The San Diego-based company provides hospice and home health services in the Central Valley, Palm Springs, and San Diego. “This off-market acquisition opens the door to new service areas in Palm Springs and the Central Valley, and further strengthens our presence in San Diego,” says Brent Guerisoli, CEO of Pennant. …
RIO RANCHO, N.M. — California-based Tailwind Investment Group has acquired Vista Grande, an active adult community located at 4101 Meadowlark Lane in Rio Rancho. Aspen, Colo.-based Cooper Street Capital sold the asset for an undisclosed price. Built in 1972 on 10.9 acres, the 107,216-square-foot Vista Grande features 168 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 456 square feet to 807 square feet. At the time of sale, the community was fully leased. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s …
NEW BALTIMORE and GRAND RAPIDS, Mich. — Commonwealth Senior Living has entered the Michigan market with the acquisition of three newly renovated senior living communities. The properties include Prestige Commons in New Baltimore, and Addington Place at Grand Rapids and Addington Place at East Paris in Grand Rapids. The communities will be rebranded as Commonwealth Senior Living at New Baltimore, Commonwealth Senior Living at Grand Rapids and Commonwealth Senior Living at East Paris, respectively. Commonwealth Senior Living at New Baltimore is wrapping up a $6.5 million complete renovation of the …
JAMESTOWN, N.Y. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $27 million bridge acquisition loan for a portfolio of four assisted living and memory care facilities. The properties are located in the rural Western New York city of Jamestown and its suburb of Frewsburg. The assets include Tanglewood Manor, Memory Gardens, The Magnolia and Comfort Today. The portfolio totals 293 beds. Dwight’s Josh Levin originated this transaction for the borrower, Gary Rohinsky, the CEO of Culture Care Senior Living. Details on the seller and price …
HARTFORD, Conn. — Evans Senior Investments (ESI) has arranged the sale of a three-property senior living and skilled nursing portfolio located just outside of Hartford. The portfolio features 114 independent living units and 246 skilled nursing beds all within 10 miles of each other. Prior to the COVID-19 pandemic, the communities were 92 percent occupied and featured a strong post-acute rehab census mix within the skilled nursing communities. The buyer was an east coast owner-operator expanding its presence in the state. The seller and price were not disclosed.