Acquisitions

AcquisitionsAssisted LivingNewsUtah

SLIB Negotiates Sale of 62-Unit Harmony Hills in Lehi, Utah

by Jeff Shaw

LEHI, Utah — Senior Living Investment Brokerage (SLIB) has arranged the sale of Harmony Hills, a 62-unit assisted living facility in Lehi, located on the north bank of Utah Lake between Salt Lake City and Provo. The community was built in 2016, totaling approximately 46,000 square feet on 1.5 acres of land. The property was vacant at the time of sale. The seller was a Utah-based developer looking to exit the industry. The buyer is a Utah-based skilled nursing and short-term rehab owner-operator expanding its portfolio into assisted living. The …

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AcquisitionsAssisted LivingFloridaNews

Blueprint Brokers Sale of Vista Lake Assisted Living in Leesburg, Florida

by Jeff Shaw

LEESBURG, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Vista Lake Assisted Living in the Central Florida city of Leesburg. Originally constructed in two phases in 1996 and 2000, Vista Lake consists of 74 units of assisted living and memory care. The sale was part of nonprofit owner Eagle Senior Living’s Chapter 11 bankruptcy process. Eagle bought the property in late 2018, and its performance suffered greatly during COVID. Atlantis Senior Living entered the stalking-horse bid for the property, which ended up winning the auction. The …

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AcquisitionsConnecticutMemory CareNews

Hamister Group Acquires 46-Unit Brookdale Buckingham Memory Care Community in Glastonbury, Connecticut

by Jeff Shaw

GLASTONBURY, Conn. — Hamister Real Estate Equity Fund III, a private real estate fund sponsored by Hamister Group, has acquired Brookdale Buckingham, a standalone memory care community in Glastonbury, a suburb of Hartford. The community will be renamed Buckingham Heights. The community first opened in 2001 and underwent a full renovation in 2020. The community features 46 units in a 33,640-square-foot building. Buckingham Heights will become the ninth senior living community in the company’s managed portfolio.

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AcquisitionsAffordable HousingCaliforniaNews

TMG Brokers $41.2M Sale of Two-Property Monte Vista Gardens Affordable Seniors Housing Portfolio in San Jose

by Jeff Shaw

SAN JOSE, Calif. — The Mogharebi Group (TMG) has arranged the sale of a two-property affordable seniors housing portfolio in San Jose. ROEM Development sold the assets to an undisclosed buyer for $41.2 million. Built in 2001 and 2003 by the seller, Monte Vista Gardens Senior 1 and 2 offer a total of 118 units across two residential buildings. Located at 2605 La Hacienda Court and 2600 Nuestra Castillo Court, the two- and three-story, controlled-access complexes include a community center with library and kitchen, a garden/courtyard area, solar panels and …

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AcquisitionsMichiganNews

Blueprint Brokers Sale of 114-Unit Pilgrim Manor in Grand Rapids, Michigan

by Jeff Shaw

GRAND RAPIDS, Mich. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Pilgrim Manor, a seniors housing community in Grand Rapids. The property features 59 assisted living and memory care units and 55 licensed skilled nursing beds. The community is a preferred provider for Spectrum Health System, the largest health system in Michigan. United Church Homes originally acquired the asset in 2016 from another nonprofit owner. Following takeover, ownership completed extensive capital improvements, interior renovations and a comprehensive building expansion. However, as the company’s only Michigan location, performance …

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AcquisitionsActive AdultNewsUtah

IPA Brokers Sale of 144-Unit Lakeside Village Active Adult Community Near Salt Lake City

by Jeff Shaw

WEST VALLEY CITY, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Lakeside Village, an active adult property in West Valley City. Constructed in 1997, Lakeside Village features 144 one- and two-bedroom residences with eight-foot ceilings, walk-in closets and private balconies or patios. The community includes a swimming pool, hot tub, community garden and pond. Danny Shin and Brock Zylstra of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Terms of the transaction were not released.

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AcquisitionsFloridaNewsSkilled Nursing

Blueprint Brokers $42M Sale of 210-Bed Southern Oaks Care Center in Pensacola, Florida

by Jeff Shaw

PENSACOLA, Fla. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Southern Oaks Care Center, a 210-bed skilled nursing facility in Pensacola. Southern Oaks had rebounded to pre-pandemic occupancy of 91 percent with over $4 million in annualized trailing EBITDAR, generating a 21 percent operating margin. An out-of-state partnership acquired the asset from an undisclosed seller for $42 million. The price equates to a 9.6 percent capitalization rate and $200,000 per bed.

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of Two Communities Near Fort Lauderdale

by Jeff Shaw

LAUDERHILL and HOLLYWOOD, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lenox on the Lake in Lauderhill and Majestic in Hollywood. Lenox on the Lake offers 127 units and 133 beds on a 4.9-acre site. Majestic exclusively offers memory care, totaling 65 units and 115 beds on a 3.6-acre site. The seller was primarily a skilled nursing operator, and these were its last assisted living assets. The buyer was a regional owner-operator based in South Florida. Bradley Clousing and Daniel Geraghty of SLIB represented the seller …

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AcquisitionsAssisted LivingMichiganNews

Blueprint Brokers Sale of 79-Unit Azpira Place of Breton in Kentwood, Michigan

by Jeff Shaw

KENTWOOD, Mich. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Azpira Place of Breton, a seniors housing community in the Grand Rapids suburb of Kentwood. The community was built in 2001 and features 67 assisted living and 12 memory care units. The seller acquired the property as part of a larger portfolio expanding its platform across the Midwest. Shortly thereafter, a substantial interior renovation initiative was completed in 2019. Representing management’s only location in the state, the seller made the decision to exit the market. The buyer …

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AcquisitionsFloridaInvestmentNewsSkilled Nursing

LTC Makes $62M Joint Venture Investment in Three Skilled Nursing Facilities

by Jeff Shaw

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT, has made a joint venture investment with PruittHealth Inc. for the purchase of three skilled nursing centers in North Florida. LTC will be the majority owner with a $62 million contribution to the joint venture. The assets were constructed between 2018 and 2021, have a combined 299 licensed beds primarily in private rooms, and are operated by PruittHealth. The centers will be operated under a 10-year master lease, with two five-year renewal options, with an affiliate of …

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