PHOENIX — Merrill Commercial Real Estate has arranged the sale of a 301-unit seniors housing community in Phoenix. The 300,000-square-foot property offers both independent living and assisted living. The seller invested $20 million in capital improvements to convert the former Embassy Suites Hotel to the resort style property it is today. An independent owner-operator sold the asset to a development group looking to expand in Arizona for $45 million, which represents a capitalization rate of 4.5 percent and per-unit cost of $149,500 Tyler Merrill led the transaction.
VANCOUVER, Wash. — Cushman & Wakefield has arranged the sale of three Class A seniors housing communities in the Portland, Oregon suburb of Vancouver. The 703-unit portfolio spans the care continuum with offerings of active adult apartments, independent living, assisted living and memory care services. The seller, Rood Investments, developed all three communities between 2001 and 2017 in well-amenitized urban areas. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Jack Griffin represented the seller in the transaction. The buyer and price were not disclosed.
LEESBURG and COLUMBUS, Ga. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of two Oaks Senior Living communities in the Middle Georgia municipalities of Leesburg and Columbus. The properties feature 154 units of assisted living and memory care. Oaks Senior Living, which will stay on as operator, sold the assets to a 1031 exchange fund. The price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB handled the transaction.
WINTER GARDEN, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Summit of Winter Garden, a 113-unit senior living community in Winter Garden, a suburb of Orlando. The name change reflects the change in ownership. Grace Management Inc. will take over operations at the community. Additional terms of the deal were not disclosed. The new owner plans to make investments in the campus.
PALATKA, Fla. — Affordable Housing Investment Brokerage Inc. (AHIB) has sold Kay Larkin Apartments, a 60-unit garden-style apartment complex, and Grand Pines Apartments, a 78-unit senior living apartment community. Both properties are located in Palatka, approximately midway between Jacksonville and Orlando. The Grey Rock Group LLC acquired the assets from a private investor for $4.9 million. Kyle Shoemaker and Bill Brading of represented both the buyer and the sellerin the transaction. Kay Larkin and Grand Pines were both developed using LIHTC and SAIL funding and are subject to regulatory agreements …
ARLINGTON and ROCKWALL, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sales of Revere Court of Arlington and Revere Court of Rockwall, both standalone memory care communities located in metro Dallas. Constructed in 2011, Revere Court of Rockwall consists of 44 memory care units while Revere Court of Arlington, built in 2000, contains 34 memory care units The communities faced operational challenges in 2020 due to the COVID-19 pandemic in addition to the physical plant being adversely affected by freezing temperatures across Texas in early 2021. The communities …
DENVER and OMAHA, Neb. — iN2L, a Denver-based digital engagement company serving the senior living market, has acquired LifeLoop, an Omaha-based resident engagement platform that encourages communication between residents, staff and family members. The buyer hopes LifeLoop’s suite of communication, experience and operational tools will help build healthy workplaces and communities that support the overall happiness, satisfaction and well-being of both residents and staff. Today, amid mounting caretaker burnout, the industry’s staffing crisis continues unabated, further exacerbating existing operational and occupancy challenges. According to the National Center for Assisted Living, …
HARRISONVILLE and LEXINGTON, Mo. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Meadow View of Harrisonville Health & Rehabilitation and Riverbend Heights Health & Rehabilitation. The two skilled nursing facilities are located in the Kansas City suburbs of Harrisonville and Lexington, respectively. The portfolio totals 280 licensed beds. Both assets were built in the 1970s. Following a tenant transition in 2018 facilitated by Blueprint for the REIT owner, specific targeted capital improvement projects were completed, and operational performance improved as a result. With the improved census and …
HOUSTON — CBRE National Senior Housing, a Houston-based broker and financial intermediary, has arranged the sale of a three-community active adult portfolio in the Midwest. The portfolio consists of nearly 300 units across three cities in the Midwest. Further details on the assets were not disclosed. John Sweeny Jr., Aron Will, Austin Sacco, Garrett Sacco and Scott Bray represented the seller, an active adult developer, owner and operator.
EASLEY, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Easley Place, a continuing care retirement community (CCRC) in Easley. Easley Place, a 222-unit campus offering independent living, assisted living and skilled nursing services, is located in the Greenville-Spartanburg metro area and was built in 1985. The seller was a West Coast-based owner-operator seeking to divest of a non-core asset. The company acquired the asset in 2019, but the turnaround plan was negatively impacted by COVID. Elevation Financial Group bought the property for an undisclosed price and …