Acquisitions

AcquisitionsAssisted LivingMichiganNews

Blueprint Arranges Operator Purchase of Four Comfort Care Communities in Michigan

by Jeff Shaw

DETROIT — Blueprint Healthcare Real Estate Advisors has arranged the sale of four communities in the Detroit and Saginaw metro areas. The buyer, Comfort Care Senior Living, is the operator of the properties. The seller was the former REIT landlord. The four communities total approximately 236 assisted living and memory care units with vintages ranging from 2013 to 2019. Consolidated with its REIT partner across multiple transactions, these communities constituted approximately a quarter of Comfort Care’s portfolio across the state. The communities exhibited strong performance trends pre-COVID, but faced occupancy …

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AcquisitionsNew JerseyNewsSkilled Nursing

Tryko Partners Buys 308-Bed Virtua Health Skilled Nursing Portfolio in New Jersey

by Jeff Shaw

BERLIN and MOUNT HOLLY, N.J. — Tryko Partners has acquired two skilled nursing facilities in Berlin and Mount Holly, both located across the Delaware River from Philadelphia. Virtua Health sold the two communities for an undisclosed price. Tryko plans to rebrand the assets as Berlin Rehabilitation & Healthcare Center and Mount Holly Rehabilitation & Healthcare Center, respectively. Tryko facilities are supported by Marquis Health Consulting Services, a nursing home consulting company. The standalone Mount Holly facility features 180 licensed beds. The 128-bed Berlin facility is part of a larger Virtua …

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AcquisitionsMontanaNews

SLIB Negotiates Sale of 159-Unit Big Sky Senior Living in Butte, Montana

by Jeff Shaw

BUTTE, Mont. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Big Sky Senior Living in Butte. The community features 159 units of independent living, assisted living and memory care. The 87,000-square-foot asset was built in 1997 and sits on 11.3 acres of land. The seller is a locally based regional owner-operator. The buyer is a regional owner-operator based in the West that is expanding in the Mountain West. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

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AcquisitionsNewsOhioSkilled Nursing

Blueprint Brokers Sale of 335-Unit Portfolio in Metro Cleveland

by Jeff Shaw

CLEVELAND — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 335-unit skilled nursing and seniors housing portfolio in the Cleveland metro area. The seller was a regional owner-operator seeking to exit the industry. A private equity buyer based in New York acquired the portfolio for an undisclosed price. Further details on the portfolio were not disclosed.

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AcquisitionsFinanceNewsSkilled NursingTexas

VIUM Funds $15M Acquisition Loan for Skilled Nursing Facility in Texas

by Jeff Shaw

TEXAS — VIUM Capital has provided a $15 million bridge loan for the acquisition of a 124-bed skilled nursing facility in Texas. The financing features 100 loan-to-cost ratio and 50 percent recourse that will burn off along with the HUD loan application. The community opened in March 2020. Further details were not disclosed.

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AcquisitionsCompany NewsDevelopmentFloridaNews

Drive Development Partners Merges with Lloyd Jones

by Jeff Shaw

MIAMI — Drive Development Partners, a boutique development advisory and construction management firm, has merged with Lloyd Jones, a real estate investment firm. Both companies are headquartered in Miami. Drive, which specializes in senior living and multifamily developments, matches Lloyd Jones’ current $1 billion portfolio which consists primarily of those two asset types. Drive’s managing partner in Florida, Michael Hass, will assume the role of senior vice president of development, design and construction at Lloyd Jones. The company currently has one ground-up senior living development under construction in Florida and …

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AcquisitionsNewsOregonSkilled Nursing

SLIB Brokers Sale of 38-Unit Cornerstone Care in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Cornerstone Care Option, a 38-unit, 56-bed skilled nursing facility in Portland. The community was originally built in 1955 on 7.3 acres, with renovations in 2006. The 98,700-square-foot asset was 98 percent occupied. The seller was a local owner-operator looking to retire from seniors housing. A regional group based in the West acquired the property for an undisclosed price. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

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AcquisitionsIllinoisNews

Blueprint Negotiates Sale of 67-Unit Bickford of Springfield in Illinois

by Jeff Shaw

SPRINGFIELD, Ill. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Bickford of Springfield, a 67-unit independent living and assisted living community in Springfield. A publicly traded REIT sold the asset to Trustwell Living for an undisclosed price. Built in 2005, the historically cash-flowing community experienced operational challenges following industry-wide COVID headwinds. Through a targeted refresh effort and enhanced marketing, the community was offered as a value-add opportunity for incoming investors with a presence in the market.

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AcquisitionsCaliforniaNews

Kisco Senior Living Enters Upscale Segment with Acquisition of Crestavilla in Laguna Niguel, California

by Jeff Shaw

LAGUNA NIGUEL, Calif. — Kisco Senior Living has taken over operations of Crestavilla, a luxury seniors housing community in the Orange County city of Laguna Niguel. Affiliates of Kisco Senior Living and Harrison Street as advisor to an institutional investor fully transferred operations and management of Crestavilla from Atria Senior Living to Kisco. Opened in 2018, the LEED Gold-designated community offers 201 studio, one- and two-bedroom floorplans for independent living, assisted living and memory care residences. Crestavilla’s amenities and services include a 12,000-square-foot rooftop terrace, organic greenhouse, wellness programming, five …

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AcquisitionsNew MexicoNewsSkilled Nursing

Blueprint Arranges Sale of 50-Unit Transitional Care Facility in New Mexico

by Jeff Shaw

NEW MEXICO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 50-unit transitional care facility in New Mexico. The property is located within five miles of three hospitals. It recently underwent an operator transition, and occupancy was approaching 80 percent at the time of marketing. The buyer was a regional owner-operator that was open to leasing for a short period of time before exercising a purchase option to acquire the facility. This marked the buyer’s first acquisition in New Mexico, further expanding its geographic footprint in the …

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