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.
BURLINGTON, N.C. — Ziegler has arranged three separate loans to fund the acquisition of The Village at Brookwood (TVAB), a continuing care retirement community (CCRC) in Burlington. Opened in 2003, TVAB features 155 independent living units, 12 assisted living units, 12 memory care units and 24 skilled nursing units on a 47-acre plot. The buyer, Well-Spring, is the current operator and also owns/operates a second CCRC in nearby Greensboro. Alamance Regional Medical Center originally developed TVAB, but the health system was acquired by Cone Health in 2011, after which Well-Spring …
LADY LAKE, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living community in Lady Lake, immediately adjacent to retirement mecca The Villages. The seller is a Northeast-based real estate private equity fund that purchased this asset as part of an extensive portfolio in December 2021. This asset was an operational outlier from the rest of the portfolio. The buyer was a regional owner-operator looking to add to its existing operations throughout Florida. Brad Clousing, Daniel Geraghty and Ryan Saul led the transaction for SLIB. …
SACRAMENTO — Avanath Capital Management has purchased six affordable multifamily and seniors housing properties in the Sacramento area for more than $181.6 million in an off-market transaction. The portfolio consists of four multifamily and two affordable seniors housing communities totaling 1,032 units. The multifamily properties include Anton Arcade at 2134 Butano Drive in Sacramento, Norden Terrace at 3685 Elkhorn Blvd. in North Highlands, The Ridge at 8151 Civic Center Drive in Elk Grove and Whitney Ranch at 711 University Ave. in Rocklin. The seniors housing properties includes Corsair Park Senior …