ARVADA, Colo. — Evans Senior Investments (ESI) has arranged the sale of The Kipling Meadows, a 120-unit independent living community in the first-ring Denver suburb of Arvada. Built in 2008 with a renovation in 2018, Kipling Meadows averaged 86 percent occupancy in the three months prior to sale. “With the community recently recovering occupancy back to 90 percent in just the latest month, the Evans Senior Investments team was able to showcase the potential upside for a new ownership group by forecasting a 6 percent rental rate increase,” says Hank …
CALIFORNIA and WASHINGTON — A joint venture between owner-operator Merrill Gardens and publicly traded REIT National Health Investors (NYSE: NHI) has acquired six independent living communities located on the Pacific Coast. The communities were formerly managed by Holiday Retirement, and more recently, Atria Senior Living. The price and seller were not disclosed. The communities will be rebranded as part of the Truewood by Merrill brand. The properties include: Truewood by Merrill, Fig Garden; Fresno, Calif.; 103 units Truewood by Merrill, Modesto; Modesto, Calif.; 120 units Truewood by Merrill, Pinole; Pinole, …
SCOTTSDALE, Ariz. — Greystone has arranged a $140 million loan package for both the refinancing and expansion of Maravilla Scottsdale, a seniors housing community in Scottsdale. Phase I of the community comprises a fully stabilized, 217-unit independent living, assisted living and memory care property. Opened in 2012, the community has received multiple awards, including being named Best 50+ CCRC Community by the National Association of Home Builders (NAHB), Best Multi-Family Project by Arizona Commercial Real Estate (AZRE), and Ten Best Places to Live by Arizona Foothills Magazine. Phase II of …
BONITA SPRINGS, Fla. — Discovery Senior Living and National Health Investors (NYSE: NHI) have formed a joint venture to acquire and rebrand nine former Holiday Retirement communities. The properties are located in Arkansas, Georgia, Ohio, Oklahoma, New Jersey and South Carolina and total 1,094 units. Discovery Senior Living and its subsidiary management companies have taken over operations. Additionally, Discovery will assume operations of Isles of Vero Beach, a 230-unit assisted living community in Vero Beach, Florida, through Discovery and NHI’s existing joint venture. That property will be renamed Discovery Village …
COSTA MESA, Calif. — CBRE National Senior Housing has arranged $15.5 million in financing for Coastal Heights Senior Living, a 148-unit independent living community located in the Orange County city of Costa Mesa. The borrower was a joint venture between Capitol Seniors Housing and an institutional equity partner, which has owned the property since 2016. It was built in 1990 and has undergone $7 million in renovations since the acquisition. The operator is Integral Senior Living. Aron Will, Austin Sacco and Adam Mincberg arranged the three-year, floating-rate loan with full-term, …
INDIAN HARBOUR BEACH, Fla. — Zon Management has broken ground on The Residences at Zon Beachside. The 45-unit independent living community is located in Indian Harbour Beach, which is on a barrier island east of Orlando. The property is scheduled to open in spring 2023. The development is an addition to the existing Zon Beachside Assisted Living & Memory Care campus, creating a continuum of care at the property.
LODI, Calif. — CBRE has provided $8.3 million in financing for the acquisition of Arbor Senior Living in Lodi, approximately 40 miles south of Sacramento. Built in 1985, the community features 96 independent living units on a three-acre site. The borrower is Ray Stone Inc. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing partnered with CBRE Sacramento’s Kevin Randles to arrange the fixed-rate Freddie Mac financing. RSI will take over as operator following the sale.
OAK BROOK, Ill. — Northmarq has arranged a $19.2 million FHA loan for the refinancing of Mayslake Center II in the Chicago suburb of Oak Brook. The property features 249 independent living units and is located within the larger Mayslake Village. Amenities include a wellness center, dining room, chapel and social services. Sue Blumberg of Northmarq arranged the fixed-rate loan, which is fully amortized over 40 years. The borrower was a nonprofit entity.
PORT ST. LUCIE, Fla. — Lloyd Jones has started construction of AVIVA Port St. Lucie, a 159-unit independent living community in the South Florida city of Port St. Lucie. The community features one- and two-bedroom options and is slated to open in spring 2023. Overlooking Lake Whitney, AVIVA Port St. Lucie will be near Town Center at St. Lucie West and across the street from a medical office center.
COLUMBIA, S.C. — JLL Capital Markets has arranged the sale of Discovery Village at Sandhill, a 187-unit independent living community in Columbia. JLL marketed the property on behalf of the seller, South Bay Partners LLC. Liberty Senior Living LLC acquired the property and took over operations following the closing of the transaction. The property has been renamed to Inspire Sandhill. The price was not disclosed. Completed in 2019, Inspire Sandhill features one-, two- and three-bedroom units averaging 981 square feet. Located on 8.4 acres, Inspire Sandhill is near local entertainment …