HAILEY, Idaho — Seattle-based BearRock Investments LLC has purchased Silvercreek Living, an assisted living community in Hailey, for $6.4 million. The buyer plans to convert the property into workforce housing. Hailey is a small city of fewer than 10,000 residents south of the Sun Valley-Ketchum metro area in Central Idaho. Located on McKercher Boulevard, the 24,600-square-foot asset consists of two 12,000-square-foot buildings, each offering 16 studio apartments and a large commercial kitchen. Paul Kenny of Paul Kenny & Matt Bogue Commercial Real Estate represented the buyer and undisclosed seller in …
BRADENTON and VENICE, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two seniors housing communities in Bradenton and Venice, both located on the Gulf Coast south of Tampa. The properties feature a combined 211 units of assisted living and memory care. The Bradenton asset was built in 1989, while Venice asset was constructed in 1998. The Bradenton property totals 74,786 square feet on approximately 7.62 acres of land while the Venice property totals 74,445 square feet on approximately 4.06 acres of land. The buyer is Florida-based …
MASON CITY, Iowa — Evans Senior Investments (ESI) has arranged the sale of Country Meadow Place, a 56-unit assisted living and memory care community in Mason City, approximately midway between Des Moines and Minneapolis. An independent owner seeking to exit the industry sold the property to its existing operator for $13 million, or $232,142 per unit. The community was originally built in 1985 as a 36-unit memory care community. In 2013, Country Meadow was acquired and five years later underwent a 20-unit assisted living expansion. At the time of marketing, …
FLORIDA — Sherman & Roylance has arranged the sale of a 42-unit, 64-bed assisted living and memory care community in Northwestern Florida. CareTrust REIT sold the asset to a local owner-operator for an undisclosed price. The community was built in 1997 and was 87 percent occupied at the time of sale. Jack Osteen, Shep Roylance, and John Sherman of Sherman & Roylance led the transaction.
MANKATO, Minn. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of The Pillars of Mankato, a 118-unit seniors housing community in Mankato, approximately 75 miles southwest of Minneapolis. The community consists of 98 independent and assisted living units alongside 20 memory care units. It was built in 2019 and totals 146,138 square feet on approximately 3.9 acres of land. The undisclosed seller sought funding for continued investments in seniors housing. The buyer is an out-of-state private equity group that will be partnering with the in-place operator to run …
LAKEWOOD RANCH, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Summit of Lakewood Ranch in Lakewood Ranch, approximately 40 miles south of Tampa. The community offers assisted living and memory care. CPF plans to make improvements to the campus. Grace Management will take over management of the property. The seller, price and number of units were not disclosed. Brett Gardner and the seniors housing team at Walker & Dunlop advised the seller on the transaction.
BELLEVUE, Wash. — Great Expectations LLC has purchased Sagebrook, a seniors assisted living and memory care community on 2.3 acres in the Seattle suburb of Bellevue, for $16.5 million. The buyer plans to convert the property into a 108-unit apartment community for residents of all ages. The new property, which will be rebranded, will offer housing for residents earning 60 percent to 80 percent of area median income. The community is located at 15750 NE 15th St. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield …
KEIZER, Ore. — Foundry Commercial has purchased The Village at Keizer Ridge, a seniors housing community in Keizer, a northern suburb of the state capital, Salem. With this acquisition, Foundry now owns 30 senior living communities totaling over 1,900 units and operates 57 senior living communities totaling over 3,800 units across the U.S. The Village at Keizer Ridge, which opened in 2016, offers 126 units of assisted living and memory care. Cascadia Senior Living, Foundry’s regional operating partner in the Pacific Northwest, will operate the community following the acquisition. Foundry’s …
LITTLETON, Colo. — Evans Senior Investments (ESI) has arranged the sale of Balfour at Littleton, a seniors housing community in the Denver suburb of Littleton. United Properties sold the 86-unit assisted living and memory care community for $31.5 million, or $366,279 per unit. Built in 2018, the trophy asset was 97 percent occupied. Over the past 12 months, the community consistently maintained an average occupancy of 95 percent, even with new supply coming into the market, according to ESI. The buyer was an investment group based in Ohio.
DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 93-unit assisted living and memory care community in the Preston Hollow area of Dallas. The seller was a national developer and investor looking to create an exit strategy in order to maximize value for more than a dozen geographically disparate, older-vintage communities. The communities were purchased in a sizeable portfolio transaction pre-COVID, under a value-add thesis contemplating operator transitions to create regional groupings coupled with the intent to meaningfully invest in renovations and repositioning. Unfortunately, according to …