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Assisted Living

AcquisitionsAssisted LivingGeorgiaNews

SLIB Negotiates Sale of 72-Unit Laurel Lodge in Cleveland, Georgia

by Jeff Shaw

CLEVELAND, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Laurel Lodge Assisted Living and Memory Care, a 72-unit community in Cleveland, approximately 75 miles northeast of Atlanta. The original building was 56 units which leased quickly throughout 2020 and has since maintained a waiting list for available units. During original construction the building was rough graded and stubbed for an additional 16-unit wing, which was completed in March 2022. The asset was fully occupied at closing. The seller is an owner-operator that the buyer, a 1031 …

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AcquisitionsAssisted LivingKentuckyNews

SLIB Brokers Sale of 92-Unit Portfolio in Bowling Green, Kentucky

by Jeff Shaw

BOWLING GREEN, Ky. — Senior Living Investment Brokerage (SLIB) has arranged the sales of two seniors housing communities totaling 92 units in Bowling Green. The assets include the 61-unit Chandler Park Assisted Living and the 31-unit Chandler Memory Care. The properties are 2.5 miles from each other. The seller is a commercial real estate development company based out of Bowling Green. The buyer is a Midwest-based owner-operator looking to strategically add to its existing footprint throughout the Midwest. The price was not disclosed. Daniel Geraghty and Bradley Clousing handled the …

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AcquisitionsAssisted LivingGeorgiaNewsTexas

1031 Crowdfunding Acquires 109-Unit Portfolio in Texas, Georgia

by Jeff Shaw

DALLAS, Texas, and CLEVELAND, Ga. — 1031 Crowdfunding has acquired a 137-bed, 109-unit assisted living and memory care portfolio. The two properties, located in Dallas and Cleveland, were 95.6 percent occupied at the time of sale. Iris Senior Living and Over the Top Management will operate the two properties, known as Iris Memory Care and Laurel Lodge.

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Assisted LivingDevelopmentNewsVirginia

Benchmark Plans 10-story, 115-Unit Community in Alexandria, Virginia

by Jeff Shaw

ALEXANDRIA, Va. — Benchmark Senior Living has unveiled plans for Benchmark at Alexandria, a 10-story senior living community in Alexandria. The property will feature 89 assisted living units and 26 memory care units. The site is located within West Alex, a mixed-use destination offering over 100,000 square feet of retail space in addition to apartments, condominiums, office space, a daycare and a school. “This project is really exciting because not only is Benchmark expanding into a new market, but this community will be an integral part of a lively mixed-use …

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Assisted LivingDevelopmentFloridaNews

Providence One, ANF Group Break Ground on 117-Unit Community in Pembroke Pines, Florida

by Jeff Shaw

PEMBROKE PINES, Fla. — ANF Group Inc. and Providence One Partners have broken ground on Providence Living at Pembroke Pines, an assisted living and memory care community in the Miami suburb of Pembroke Pines. The two-story, 114,003-square-foot property is located on 3.2 acres near Pembroke Pines City Center.and will feature 117 units, totaling 121 beds. ANF will handle construction, while Providence One will be the operator upon completion. The project is scheduled to open in fourth-quarter 2023.

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AcquisitionsAssisted LivingCaliforniaNews

Northwestern Mutual Divests of Cortona Park Assisted Living Community in Brentwood, California for $39.2M

by Jeff Shaw

BRENTWOOD, Calif. — Northwestern Mutual has completed the sale of Cortona Park, an assisted living community in Brentwood, to a joint venture between Cogir and a national investment partner for $39.2 million. The buyer plans to rename the property Cogir of Brentwood. Built in 2007, the community features studio, one- and two-bedroom units averaging 761 square feet. Situated on 4.3 acres, the property is located at 150 Cortona Way. Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets’ investment sales and advisory team represented the seller in the …

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AcquisitionsAssisted LivingNewsSouth Carolina

Blueprint Negotiates Sale of 265-Unit Portside at Grande Dunes in Myrtle Beach, South Carolina

by Jeff Shaw

MYRTLE BEACH, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Portside at Grande Dunes in Myrtle Beach. Owned and developed by LIV Development, Portside at Grande Dunes is a 265-unit community. The development opened in two phases starting with 83 assisted living and 32 memory care units in January 2019, followed by a Phase II that included 134 units of independent living and 16 independent cottages in August 2020. Chicago Pacific Founders Living Communities acquired the asset for an undisclosed price, and will install Grace Management …

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AcquisitionsAssisted LivingNewsTennessee

SLIB Arranges Sale of Two-Property Portfolio in Metro Knoxville

by Jeff Shaw

KNOXVILLE and POWELL, Tenn. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of two seniors housing communities, one in Knoxville and one in nearby Powell. The communities feature a combined 102 assisted living and memory care units. The seller is a private REIT that had partnered with a national operator. These two assets were outliers for the operator, which led to the sale. The buyer is a joint venture between a real estate/asset management firm and an operator that already had a footprint within Tennessee. The price was …

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AcquisitionsAssisted LivingNewsWashington

Blueprint Arranges $4.6M Sale of Two Communities in Washington State

by Jeff Shaw

RENTON and OCEAN SHORES, Wash. — Blueprint Healthcare Real Estate Advisors has arrange the sale of two seniors housing communities in the Seattle suburb of Renton and Ocean Shores, located along the Pacific Coast approximately 140 miles west. The Renton community features 80 assisted living units and was built in 1983. The property has exceeded 95 percent occupancy for the past three years. The Ocean Shores community comprises 50 assisted living units built in 1998, and maintained occupancy in excess of 96 percent over the last three years. A Washington-based …

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Assisted LivingCaliforniaDevelopmentFinanceNews

CFG Provides $32.9M Construction Financing for Varenita of Temecula in California

by Jeff Shaw

TEMECULA, Calif. — Capital Funding Group (CFG) has provided a $32.9 million construction loan for the ground-up development of Varenita of Temecula. The 108-bed assisted living and memory care facility is located in Temecula, within Riverside County between Los Angeles and San Diego. The borrower and developer is Griffin Living. Brightwater Senior Living will operate the facility upon completion. The financing features a Commercial Property-Assessed Clean Energy (CPACE) structure, which allows building owners to borrow money for energy efficiency, renewable energy, or other projects and make repayments via an assessment …

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