SAN CLEMENTE, Calif. — Harbert South Bay Partners has broken ground on The Seville, an assisted living and memory care community in San Clemente, a coastal city approximately 60 miles southeast of Los Angeles. The property will feature 63 assisted living and 24 memory care units. Completion is scheduled for summer 2024. Project partners include Momentum Senior Living as operator, Banvard & Soderbergh as architect, Rodrigo Vargas Design as interior designer and W.E. O’Neil as general contractor.
ELMHURST, Ill. — Focus Healthcare Partners LLC, a Chicago-based real estate investment and asset management firm, has acquired Lexington Square Senior Living in Elmhurst, approximately 15 miles west of Chicago. BMO provided financing for the sale. The price and seller were not disclosed. Focus will rebrand the community as The Roosevelt at Salt Creek and convert it from an entrance-fee buy-in model to a rental community offering independent living and assisted living. Life Care Services will manage the community and help facilitate the transformation. Focus will implement a multi-year renovation …
STOW, Ohio — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Landing of Stow, a seniors housing community in Stow, approximately 27 miles southeast of Cleveland. The property was built in 2008 and offers 61 assisted living and 20 memory care units. The seller of the community chose to divest this asset to focus attention on communities that more closely align with its current footprint. The buyer is a Midwest-based owner-operator looking to strategically add to its existing footprint in Ohio. The price was not disclosed. Bradley …
LA GRANGE, WESTMONT, PROSPECT HEIGHTS and LAKE ZURICH, Ill. — Senior Lifestyle has acquired four communities in the Chicago metropolitan area: Aspired Living of La Grange Aspired Living of Westmont Aspired Living of Prospect Heights Azpira Place of Lake Zurich The communities offer assisted living, memory care and supportive living residences in the northern and southern suburbs of Chicago. Further details on the properties were not disclosed.
NASHVILLE, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Grace Manor, a 42-unit assisted living community in Nashville. A local church built Grace Manor in 2010. The property struggled with occupancy and profitability during the COVID-19 pandemic. As a result of the performance, the property was voluntarily closed in November of 2021. The seller (which purchased the HUD note at auction) is a private investment firm that manages alternative assets for high-net-worth individuals and institutional investors. The buyer and price were not disclosed. Patrick Burke and …
CARROLLTON, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 62-unit assisted living and memory care community in Carrollton, a suburb of Dallas. The community totals approximately 40,000 square feet on a 3.6-acres plot. The seller is a private equity group with a regional seniors housing portfolio. The Dallas-based buyer is a private investment group with a national seniors housing portfolio partnering with a local operator. The price was not disclosed. Matthew Alley and Jeff Binder of SLIB handled the transaction. “SLIB was able to help …
MOBILE, Ala. — Proveer has acquired Vitality Living Regency, a seniors housing community in Mobile. The community features 70 assisted living units and 20 memory care units. The acquisition marks the eighth overall for Proveer, its fifth in the state of Alabama and second in Mobile. Blueprint Healthcare Real Estate Advisors brokered the sale. Proveer’s business model is a value-add strategy that includes purchasing communities at a relatively low basis, renovating the buildings and rebranding them under the Proveer flag. The community is now known as Proveer at Port City. …
BROKEN ARROW, Okla. — Berkadia has arranged $16.7 million in financing for Prairie House, a 105-unit assisted living and memory care community in Broken Arrow, a suburb of Tulsa. Chris Cain and Rafael Nobo of Berkadia Seniors Housing & Healthcare secured the acquisition financing through Fannie Mae on behalf of the buyer, Wichita-based Legend Senior Living. The 10-year loan features a 5.68 percent interest rate, 30-year amortization schedule and 65 percent loan-to-value ratio. Prairie House was built in 2016 and features 73 assisted living units and 32 memory care units.
MINDEN, Nev. — A joint venture between Greystone Housing Impact Investors LP (NYSE: GHI) and ISL Ventures has broken ground on Valage Carson Valley, a seniors housing community in Minden, a small municipality of approximately 3,000 people just east of Lake Tahoe. The property will feature 56 assisted living units and 46 memory care units. The project is scheduled for completion in fall 2024. PI Architects designed the community, which Metcalf Builders is constructing, managed by Leading Light Development and Construction Consulting. Integral Senior Living will be the operator upon …
MIDDLE RIVER, Md. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Woodlands Assisted Living, a 65-unit assisted living and memory care community in Middle River, a northeastern suburb of Baltimore. A publicly traded REIT sold the asset to Inspirations Assisted Living and Memory Care for an undisclosed price. Built in 1999, the community featured a history of performance prior to the onset of the pandemic, with occupancies north of 90 percent and operating margins approaching 30 percent. Significantly impacted by the pandemic in 2020 and 2021, the …
