DALTON, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Tranquility of Dalton in the Chattanooga, Tennessee, suburb of Dalton. The asset was built in two phases: The 34-unit assisted living section was built in 2013, and the 24-unit memory care section was built in 2016. The seller is a partnership that divested Tranquility of Dalton to exit the seniors housing industry. The buyer is a Southeast-based owner-operator that is strategically adding to its portfolio. Daniel Geraghty and Brad Clousing of SLIB handled the transaction.
Assisted Living
TACOMA, Wash. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Northwest Retirement Assisted Living Community in Tacoma. The 110-unit community “provides an affordable option to the area’s growing senior population,” according to Blueprint. The long-time owner sold the property to a local owner-operator. Harvest Bank provided acquisition financing at 85 percent of the undisclosed purchase price.
MURFREESBORO, Tenn. — CBRE has provided a $12.3 million Freddie Mac Optigo loan for The Rutherford Assisted Living & The Rutherford Memory Care in the Nashville suburb of Murfreesboro. The property features 68 units of assisted living and 26 units of memory care across two buildings. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the refinancing on behalf of a joint venture between Venue Capital LLC and Inspirit Senior Living, which acquired the asset in January 2018. Post-acquisition, the owners deployed more than $600,000 to …
SAN BERNARDINO COUNTY, Calif. — JCH Senior Housing Investment Brokerage has arranged thes sale of an 83-Unit assisted living and memory care facility in San Bernardino County. The price was $13.9 million, or $168,000 per unit. The buyer, seller and name of the community were not disclosed. Jim Hazzard, and Cindy Hazzard handled the transaction process.
BOSTON — A joint venture led by Taurus Investment Holdings and Northbridge Cos. has acquired six Class A seniors housing properties located in suburban Boston submarkets for approximately $200 million. The 507-unit portfolio consists of assisted living and memory care. Northbridge, a developer, owner, operator and asset manager of senior living communities, already manages the properties. The seller was Welltower, the largest REIT in the seniors housing space. The acquisition marks Taurus’ first investment in the senior housing sector. The specific names and locations of the properties were not disclosed. …
ROCKY RIVER, Ohio — Evans Senior Investments (ESI) has brokered the sale of Rockport Senior Living, a 117-unit assisted living and memory care community in the Cleveland suburb of Rocky River. A local independent owner sold the property to an undisclosed buyer for $4.8 million, or $41,000 per unit. Built in 1967, Rockport Senior Living was originally a hotel that was converted into a senior living facility in 1986. Located less than 10 miles from downtown Cleveland, the facility has a unit mix of 108 assisted living units and nine …
TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of three assisted living communities in East Texas. Two of the communities were vacant at the time of sale. The other was operational and 90 percent occupied. The portfolio totals 132 units. Dallas-based owner-operator WindRiver Cos. acquired the properties. The seller and price were not disclosed.
Advocacy Development Partners Completes Entitlements for 83-unit Assisted Living Project in San Jose
by Jeff Shaw
SAN JOSE — Advocacy Development Partners (ADP) has received unanimous approval from the San Jose City Council for a new assisted living and memory care project in the city. The 1.2-acre project will include 73,000 square feet of living and common areas, comprised of 83 units and 93 beds. “This facility underscores the need for assisted living and memory care for senior residents in San Jose,” says Pam Foled, councilmember for District 9, where the community will be located. “This project meets the market demand in a fashion that is …
ENGLEWOOD, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Heritage Oaks of Englewood, a 118-unit assisted living and memory care community in Englewood. Located along the state’s Gulf Coast between Tampa and Fort Myers, Heritage Oaks of Englewood is located near the Grove City shopping area, medical facilities, and indoor and outdoor recreation. The acquisition of Heritage Oaks of Englewood includes approximately 50 acres adjacent to the community, which may be utilized for future development. Additional terms of the deal …
BELLEVUE, Wis. — National Health Investors Inc. (NYSE:NHI) has exercised its purchase option to acquire The Courtyard at Bellevue, a 43-unit assisted living and memory care community in Bellevue, a small village just outside of downtown Green Bay. The purchase option was part of a deal that included a $3.9 million second mortgage loan at a rate of 13 percent that NHI announced in January 2020. The purchase price is $12.3 million at an initial cash lease yield of 7.5 percent with 2.5 percent annual escalators. The lease has an …