Acquisitions

AcquisitionsCompany NewsNewsOperations

Cogir Acquires Cadence, Becoming 21st Largest Operator in United States

by Jeff Shaw

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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Wally Sauthoff NAI Seniors Housing Sale
AcquisitionsActive AdultAssisted LivingContent PartnersFeaturesFinanceIndustry ContentInvestmentOperationsPeopleSkilled Nursing

Steps to Help Small Seniors Housing Owners Prepare for a Sale

by Sarah Daniels

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 …

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AcquisitionsCompany NewsNewsTechnology

Technology Companies Enquire, Glennis Solutions, Sherpa to Merge Under New Private Equity Investor

by Jeff Shaw

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 …

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AcquisitionsActive AdultGeorgiaNews

Blaze Capital Partners Acquires 149-Unit Hardy Springs Active Adult Community in Dallas, Georgia

by Jeff Shaw

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. …

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AcquisitionsArizonaNews

Cushman & Wakefield Negotiates Sale of 188-Unit Bella Vista in Mesa, Arizona

by Jeff Shaw

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 …

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AcquisitionsNewsWashington

Oxford Capital, Fortress Investment Acquire Three Communities in Sequim, Washington for $54M

by Jeff Shaw

SEQUIM, Wash. — A joint venture between Oxford Capital Group LLC and Fortress Investment Group LLC has acquired a three-property, 256-unit seniors housing portfolio located on a single campus in Sequim. The properties were built between 1974 and 2007 and are located northwest of Seattle, just across the Salish Sea from Victoria, British Columbia. Evans Senior Investments (ESI) brokered the $54 million transaction. The buyer acquired the properties from an independent family operator. Oxford’s seniors housing management affiliate, Oxford Living US LLC, will manage the properties. Terms of the transaction …

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AcquisitionsNewsPennsylvaniaSkilled Nursing

Blueprint Brokers Sale of 180-Bed Skilled Nursing Facility in West Chester, Pennsylvania

by Jeff Shaw

WEST CHESTER, Pa. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 180-bed skilled nursing facility in West Chester, approximately 25 miles west of Philadelphia. Blueprint’s marketing efforts and financial projections highlighted the state’s July 2022 announcement to significantly increase Medicaid reimbursements in 2023, with over $500 million allocated to long-term care facilities. Tryko was the buyer and will rebrand the asset as West Chester Rehabilitation & Healthcare Center. The seller and price were not disclosed.

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AcquisitionsCompany NewsNewsTechnology

Sentrics Buys Connected Living Software Platform

by Jeff Shaw

QUINCY, Mass — Sentrics has acquired Connected Living, a seniors housing resident engagement platform based in Quincy. The platform includes a centralized content management system that helps operators share messages with whom they want, when they want and how it is best received easily and quickly, according to Sentrics. The Connected Living technology will become part of the Sentrics Engage360 suite. Brian McWade, the president of Connected Living will become the chief product officer at Sentrics, responsible for executing the integrated engagement strategy. “Residents who stay socially engaged are more …

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AcquisitionsAffordable HousingCaliforniaNews

Joint Venture Acquires 165-Unit Woodbridge Manor Affordable Community in Irvine, California

by Jeff Shaw

IRVINE, Calif. —Asland Capital Partners, Fairstead, iimpact Capital, Nuveen Real Estate and Innovative Housing Opportunities (IHO) have acquired Woodbridge Manor, a 165-unit affordable housing community for seniors in Irvine. Woodbridge Manor apartments are available to seniors earning up to 60 percent of the area median income (AMI), or a maximum of $59,040 per year. The complex comprises a trio of three-story buildings that were built from 1981 to 2003, all of which underwent a major rehabilitation in 2006. The community was purpose built as affordable housing for residents at least …

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AcquisitionsCompany NewsNews

Dunes Point Capital Acquires Furniture Design Company Kwalu

by Jeff Shaw

RYE, N.Y., and ATLANTA — Dunes Point Capital (DPC), a Rye-based investor, has acquired Kwalu, an Atlanta-based designer and manufacturer of furniture serving the healthcare and senior living markets. Kwalu has a manufacturing facility in Matamoros, Mexico and showrooms in Atlanta and Chicago. The company employs approximately 800 people. Dunes Point Capital Fund III LP provided the controlling equity for the transaction. Twin Brook Capital Partners provided the debt financing for the transaction. The purchase price was not disclosed. Kirkland & Ellis LLP served as legal advisor to DPC, and …

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