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Alabama

AlabamaDevelopmentNews

Nicol Investment Starts Construction of $200M Upland Park Mixed-Use Project in Huntsville, Alabama

by Jeff Shaw

HUNTSVILLE, ALA. — Nicol Investment Co. has started construction of Upland Park, a $200 million mixed-use project in Huntsville. The 60-acre project will include multifamily and senior living residences, restaurants, retail, office, entertainment and green space. Located on Enterprise Way at Cummings Research Park, Upland Park will be anchored by HQ, a creative office and retail project being co-developed with Nashville-based Vintage South. The master plan includes The Kelvin, a 301-unit apartment community; Vitality at Upland Park, a 189-unit senior living property; and The Collins, a 334-unit multifamily project featuring …

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AlabamaNewsOperations

Phoenix Senior Living Assumes Management of Autumn Cove Assisted Living in Anniston, Alabama

by Jeff Shaw

ANNISTON, Ala. — Phoenix Senior Living has assumed management of Autumn Cove Assisted Living, located in Anniston, approximately midway between Birmingham and Atlanta. Phoenix Senior Living, founded in 2014, is a privately held senior living operator with over 30 communities throughout the southeast. Autumn Cove Assisted Living will add to the growing Alabama senior living holdings by Phoenix.

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AcquisitionsAlabamaNewsSkilled Nursing

SLIB Brokers Sale of 170-Bed Azalea Gardens in Mobile, Alabama

by Jeff Shaw

MOBILE, Ala. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Azalea Gardens, a 170-bed skilled nursing facility in Mobile. The asset was built in 1968 and renovated in 1982. Occupancy was 60 percent at the time of sale. The facility is part of a land lease with a local hospital. The seller was looking to divest from a non-core market. A local owner-operator familiar with the market acquired the property for $11 million, or $64,700 per bed. Bradley Clousing and Matt Alley handled the transaction for SLIB.

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AcquisitionsAlabamaAssisted LivingIndependent LivingNews

Blueprint Arranges Sale of 55-Unit Community in Birmingham, Alabama

by Jeff Shaw

BIRMINGHAM, Ala. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 55-unit independent living and assisted living community in Birmingham The Alabama-based developer purchased the existing assisted living community in 2016 and completed a full renovation, as well as the addition of new units. Further, ownership built a new, three-story independent living community on-site to complement the existing assisted living community. Inspired Healthcare Capital bought the property for an undisclosed price. The new owner plans to retain the existing operator.

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AcquisitionsAlabamaAssisted LivingNews

SLIB Brokers Sale of 42-Unit Brookdale Shoals in Muscle Shoals, Alabama

by Jeff Shaw

MUSCLE SHOALS, Ala. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Brookdale Shoals, a 42-unit assisted living and memory care community in Muscle Shoals, located along the Tennessee River in the northwest corner of Alabama. The asset was an operational outlier for Brookdale, the seller. The buyer is a local partnership between an individual investor and operating partner. The price was not disclosed. Brad Clousing, Jeff Binder and Daniel Geraghty of SLIB handled the transaction.

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Affordable HousingAlabamaDevelopmentNews

Pennrose Receives Tax Credits to Expand Stoneridge Villas Affordable Community in Huntsville, Alabama

by Jeff Shaw

HUNTSVILLE, Ala. — Pennrose and the Huntsville Housing Authority (HHA) have been awarded low-income housing tax credits from the Alabama Housing Finance Authority for the Phase II expansion of Stoneridge Villas in Huntsville. The project will add 65 units to the affordable seniors housing community, bringing Stoneridge Villas to a total of 145 apartments. Five of the new units will be wheelchair accessible and two will be outfitted for residents with hearing or vision impairments. Envolve Client Services operates the community. HHA and Pennrose previously partnered on Stoneridge Villas Phase …

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AlabamaDevelopmentNews

Legendary, Integral Plan 187-Unit Community in Montgomery, Alabama

by Jeff Shaw

MONTGOMERY, Ala. — Legendary Living and Integral Senior Living have unveiled a new strategic partnership to develop multiple best-in-class senior living projects, with the first being Legendary Living Montgomery in East Montgomery. Legendary Living Montgomery will be the second senior housing project for the Destin, Florida-based developer. The campus will comprise 50 age-restricted cottages, 64 units for independent living and 73 units for assisted living, 24 of which will be dedicated to those with memory impairment. Construction of Legendary Living Montgomery is scheduled to begin this year, with a planned …

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AcquisitionsAlabamaAssisted LivingNews

SLIB Arranges Sale of Brookdale Northport in Alabama

by Jeff Shaw

NORTHPORT, Ala. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Brookdale Northport, a seniors housing community in Northport, a suburb of Tuscaloosa. Built in 1999, the community features 68 assisted living units and 10 memory care units on a four-acre plot. A Mid-Atlantic-based owner-operator acquired the community, its second in the state, with plans to implement renovations. The seller and price were not disclosed. Bradley Clousing, Jeff Binder and Patrick Burke of SLIB handled the transaction.

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AlabamaFinanceNewsTexas

Walker & Dunlop Structures $46.7M HUD Financing for Two Communities in Texas, Alabama

by Jeff Shaw

LUBBOCK, Texas, and HUNTSVILLE, Ala. — Walker & Dunlop has structured $13.1 million in financing for Crown Point Health Suites, a skilled nursing facility in Lubbock, and $33.6 million in financing for Regency Retirement Village of Huntsville, a continuing care retirement community (CCRC) in Huntsville. Built in 2011, Crown Point Health Suites is a 96-unit, Class A+ facility in West Texas. Regency Retirement Village of Huntsville is a 312-unit CCRC built in 1980, with a skilled nursing expansion completed in 2016. The two transactions were both refinancings through HUD’s 232/233(f) …

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