Thursday, November 21, 2024
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Assisted Living

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AcquisitionsAssisted LivingFeaturesFinanceIndependent LivingIndustry VoicesInvestmentMemory Care

Seasoned Appraiser: Buyer-Seller Standoff Eases, Transaction Activity Picks Up

by Hayden Spiess

For over two years, a persistent bid-ask spread between buyers and sellers of seniors housing properties prevented many deals from getting done.  Seniors Housing Business (SHB) caught up with Brian Chandler, senior managing director and national practice leader for seniors housing for Raleigh, N.C.-based Partner Valuation Advisors. As an appraiser in the seniors housing and care sector, he is privy to in-progress deals months before closing, including transaction data.  He says a growing number of buyers and sellers are agreeing to close transactions and shares more here.  SHB: Some experts say a growing number …

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Plano, Texas Hotel Property
Assisted LivingDevelopmentFinanceMemory CareNewsTexas

Eastern Union Secures $20.4M Financing for Assisted Living Conversion Project in Plano, Texas

by Hayden Spiess

PLANO, Texas — Eastern Union has secured two loans totaling $20.4 million to finance the conversion of a former hotel property in Plano, Texas, into an assisted living community. Totaling 137 room across six stories, the building was most recently operated as a Deluxe Inn and was previously a Comfort Inn. Built in 1984 and renovated in 2005, the property has been owned and operated by Maheshbhai Patel since 2022.  Meir Abrahamson of Eastern Union arranged the transaction, which included a construction loan, as well as the refinancing of an existing …

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Assisted LivingCaliforniaIndependent LivingNews

Cogir Senior Living Opens 158-Unit Seniors Housing Community in Metro Los Angeles

by Hayden Spiess

TORRANCE, Calif. — Cogir Senior Living has opened Cogir of South Bay, a 159-unit seniors housing community in Torrance, approximately 20 miles outside downtown Los Angeles.  Situated near the Del Amo Fashion Center and two miles from the ocean, the property features independent and assisted living residences. Amenities at the community include multiple dining venues, a bistro, fitness center, theater, salon, art room and an outdoor amenity deck with a pool.  Ryan Cos. US Inc. constructed the development on behalf of Cogir Senior Living. 

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Kevin Giusti Walker & Dunlop quote on seniors from article
Active AdultAffordable HousingAssisted LivingCCRCContent PartnersDevelopmentFeaturesFinanceIndependent LivingIndustry ContentInvestmentMemory Care

With Seniors Housing Positioned for Growth, Financing Activity Begins to Stir

by Sarah Daniels

Slowly but surely, the performance of seniors housing assets is improving. While rent growth in 2022 in the sector represented a period of catch-up after the pandemic stymied the ability of operators to raise lease rates, continuing rent increases in 2023 began contributing to more meaningful net operating income recovery, according to Walker & Dunlop’s recently released Senior Housing Outlook report. Now, seniors housing owners are positioned for a sustained period of significant revenue expansion amid improving occupancy and a shortfall of new inventory, reports the Bethesda, Maryland-based commercial real …

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AcquisitionsAssisted LivingMemory CareNew JerseyNews

Blueprint Arranges Sale of 60-Unit Assisted Living, Memory Care Facility in New Jersey

by Hayden Spiess

MANALAPAN TOWNSHIP, N.J. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a Class A seniors housing facility located in Manalapan Township, roughly 45 miles outside New York City. Delivered in 2022, the community includes 60 residences and features both assisted living and memory care units. Ben Firestone, Steve Thomes and Kory Buzin of Blueprint represented the New Jersey-based seller in the transaction.  Springpoint, the tenant in place at the property, acquired the community for an undisclosed price. According to Blueprint, the facility experienced occupancy issues during its first …

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Scott Wede Seniors Housing Risk Elevators quote
Active AdultAffordable HousingAssisted LivingCCRCContent PartnersFeaturesIndependent LivingIndustry ContentMemory CareOperationsSkilled NursingTechnology

De-Risking Elevator Emergencies: Why Senior Living Facilities Need Modern Elevator Communication Solutions

by Sarah Daniels

Any property owner knows the headaches that arise when an elevator malfunctions. In senior living facilities, such problems have the potential to escalate into a crisis very quickly. Emergency communications in senior care facilities are vitally important, not only to protect the health and safety of residents and visitors but also to minimize disruptions to staffing resources. If there is an emergency, that call has to go somewhere. In senior living facilities, that destination is often the nursing station. “We consistently hear about nursing shortages, with staff being pulled in …

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AcquisitionsAssisted LivingIllinoisIndependent LivingMemory CareNews

Chicago Pacific Founders Sells Seniors Housing Portfolio to Ventas For $725M

by Channing Hamilton

CHICAGO — Chicago Pacific Founders has sold a 20-property seniors housing portfolio to Ventas for $725 million. JLL brokered the all-cash transaction. The portfolio comprises communities in the Sun Belt, Northeast and Midwest markets. Roughly two-thirds of the properties are independent living communities, with the remainder of the assets falling into the categories of assisted living and memory care. The communities are spread across 14 states including Alabama, Arizona, Florida, Illinois, Kansas, Maine, Michigan, Nevada, New York, Ohio, Oklahoma, South Carolina, Tennessee and Texas. Chicago Pacific Founders owned the portfolio properties in …

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The Lodge at Greeley in Greeley, Colorado
AcquisitionsAssisted LivingColoradoIndependent LivingMemory CareNews

JLL Brokers $30M Sale of Colorado Seniors Housing Portfolio 

by Channing Hamilton

GRAND JUNCTION AND GREELEY, Colo. — JLL has brokered the $30 million sale of a seniors housing portfolio located in Colorado. The portfolio comprises two private pay communities — The Lodge at Greeley and The Lodge at Grand Junction — totaling 140 units. Bow River Capital sold the properties to an undisclosed buyer. JLL Capital Markets represented the seller in the transaction.  Delivered in 2020, The Lodge at Greeley in Greeley offers 92 residences, with 20 independent living units, 48 assisted living units and 24 memory care units in studio and …

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Cedar Sinai Park in Portland
AcquisitionsAssisted LivingNewsOregonSkilled Nursing

Cedar Sinai Park Sells 246-Unit Seniors Housing Campus in Portland, Oregon

by Channing Hamilton

PORTLAND, Ore. — Nonprofit Cedar Sinai Park has sold its namesake seniors housing campus totaling 246 units in southwest Portland. Situated within four miles of downtown Portland, the Cedar Sinai Park campus comprises Rose Schnitzer Manor, a 154-unit assisted living community; Robison Jewish Health Center, a 44-bed skilled nursing facility; and the Harold Schnitzer Center for Living, a 48-bed skilled nursing facility. Built in 2016, the Harold Schnitzer Center for Living also offers adult day care services. Rose Schnitzer Manor was constructed in 1998 and 2002, and Robison Jewish Health Center …

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HarborChase Wellington Crossing in Wellington, Florida
AcquisitionsAssisted LivingFloridaMemory CareNews

JLL Capital Markets Brokers Sale of HarborChase Wellington Crossing in South Florida

by Channing Hamilton

WELLINGTON, Fla. — JLL Capital Markets has brokered the sale of HarborChase Wellington Crossing, a 134-unit, Class A seniors housing community in Wellington, located about 15 miles southwest of West Palm Beach. A partnership between Scarp Ridge Capital Partners and Walton Street Capital acquired the community and selected Agewell Solvere Living as the operator. The buyer has also rebranded the property, which now operates under the name Alamar Senior Living. The name of the seller was not disclosed. Completed in late 2018, HarborChase Wellington Crossing consists of 76 assisted living units and 58 memory care units. …

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