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AcquisitionsAssisted LivingKentuckyNews

SLIB Brokers Sale of 119-Unit Forest Hills Commons in Louisville, Kentucky

by Jeff Shaw

LOUISVILLE, Ky. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Forest Hills Commons, a 119-unit assisted living and memory care community in Louisville. Built in 2019, Forest Hills is located 14 miles from downtown Louisville on 4.4 acres. The seller is a regional owner-operator exiting the state of Kentucky. The buyer is a Midwest-based owner-operator looking to add to its existing footprint throughout the Midwest. The price was not disclosed. Ryan Saul and Daniel Geraghty handled the transaction on behalf of SLIB. “The seller developed this asset …

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AcquisitionsAssisted LivingFinanceNewsWisconsin

VIUM Provides $6.2M Bridge Loan for Community in Northeast Wisconsin

by Jeff Shaw

WISCONSIN — VIUM Capital has funded a $6.2 million bridge loan for a 62-unit assisted living and memory care community in Northeast Wisconsin. The borrower used the funds to acquire the property and further build on its existing portfolio in Wisconsin. Further details were not disclosed.

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AcquisitionsAssisted LivingColoradoNews

ESI Negotiates Sale of 66-Unit Community in Denver’s Cherry Creek Neighborhood

by Jeff Shaw

DENVER — Evans Senior Investments (ESI) has arranged the sale of a 66-unit assisted living community in the Cherry Creek neighborhood of Denver. A large, East Coast-based private equity firm sold the asset to Novellas Living, the buyer’s first acquisition in the state of Colorado. The price was not disclosed. Built in 2002, the community was 67 percent occupied at the time of marketing while losing money. Throughout the transaction process, the community was able to increase occupancy to 79 percent while increasing the private pay payor source. ESI helped …

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Assisted LivingDevelopmentNevadaNews

MorningStar, Confluent Break Ground on 168-Unit Seniors Housing Development in Las Vegas

by Jeff Shaw

LAS VEGAS — MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar Senior Living at The Canyons, the joint venture’s first development in Nevada. Located in Las Vegas, the four-story, 196,000-square-foot community will feature 95 independent living, 49 assisted living and 24 memory care units. Common areas will include indoor and outdoor dining venues, a pool and spa, fitness center and clubroom terrace with views of the Vegas Strip and mountains to the west. Completion is slated for summer 2024. Confluent Senior Living, a subsidiary of Denver-based …

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AcquisitionsActive AdultAssisted LivingIndustry ContentInvestmentOperationsSkilled NursingVideosWebinars

Webinar: The Great Squeeze — Vanishing Seniors Housing Operating Margins

by Sarah Daniels

    Operating margins are shrinking, with cap rates becoming harder to calculate and in-place cash flows lower than pre-pandemic levels. The Sept. 22 webinar “The Great Squeeze — Vanishing Seniors Housing Operating Margins” focused on the bottom line for industry owners and operators. The panel discussion, hosted by Seniors Housing Business and sponsored by Valuation & Information Group, sought to shed light on valuation impacts, debt, interest rates and equity. “In the early months of the pandemic, interest rates decreased. Cap rates for well-performing senior housing projects hit new lows. Meanwhile, …

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AcquisitionsAssisted LivingNewsSouth Carolina

ESI Negotiates Sale of 52-Unit Assisted Living Community in Greenville, South Carolina

by Jeff Shaw

GREENVILLE, S.C. — Evans Senior Investments (ESI) has arranged the sale of a 52-unit assisted living community in Greenville. A large, East Coast-based private equity firm sold the asset to regional owner-operator Windriver Cos. for an undisclosed price. Built in 2001, the community is 100 percent private pay. Having been all studios, the community was 40 percent occupied at the time of marketing and losing money. “The buyer plans on utilizing their existing resources in the state to oversee the community, begin construction on a refurbishment and add memory care …

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AcquisitionsAssisted LivingNewsUtah

SLIB Negotiates Sale of 62-Unit Harmony Hills in Lehi, Utah

by Jeff Shaw

LEHI, Utah — Senior Living Investment Brokerage (SLIB) has arranged the sale of Harmony Hills, a 62-unit assisted living facility in Lehi, located on the north bank of Utah Lake between Salt Lake City and Provo. The community was built in 2016, totaling approximately 46,000 square feet on 1.5 acres of land. The property was vacant at the time of sale. The seller was a Utah-based developer looking to exit the industry. The buyer is a Utah-based skilled nursing and short-term rehab owner-operator expanding its portfolio into assisted living. The …

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AcquisitionsAssisted LivingFloridaNews

Blueprint Brokers Sale of Vista Lake Assisted Living in Leesburg, Florida

by Jeff Shaw

LEESBURG, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Vista Lake Assisted Living in the Central Florida city of Leesburg. Originally constructed in two phases in 1996 and 2000, Vista Lake consists of 74 units of assisted living and memory care. The sale was part of nonprofit owner Eagle Senior Living’s Chapter 11 bankruptcy process. Eagle bought the property in late 2018, and its performance suffered greatly during COVID. Atlantis Senior Living entered the stalking-horse bid for the property, which ended up winning the auction. The …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of Two Communities Near Fort Lauderdale

by Jeff Shaw

LAUDERHILL and HOLLYWOOD, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lenox on the Lake in Lauderhill and Majestic in Hollywood. Lenox on the Lake offers 127 units and 133 beds on a 4.9-acre site. Majestic exclusively offers memory care, totaling 65 units and 115 beds on a 3.6-acre site. The seller was primarily a skilled nursing operator, and these were its last assisted living assets. The buyer was a regional owner-operator based in South Florida. Bradley Clousing and Daniel Geraghty of SLIB represented the seller …

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AcquisitionsAssisted LivingMichiganNews

Blueprint Brokers Sale of 79-Unit Azpira Place of Breton in Kentwood, Michigan

by Jeff Shaw

KENTWOOD, Mich. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Azpira Place of Breton, a seniors housing community in the Grand Rapids suburb of Kentwood. The community was built in 2001 and features 67 assisted living and 12 memory care units. The seller acquired the property as part of a larger portfolio expanding its platform across the Midwest. Shortly thereafter, a substantial interior renovation initiative was completed in 2019. Representing management’s only location in the state, the seller made the decision to exit the market. The buyer …

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