DALLAS — The United Group of Cos. will take on property management duties at five luxury senior communities in Texas, Georgia and Indiana. The arrangement represents the latest in the organization’s expansion in this growing niche and represents the latest additions in what has been a period of growth for United Plus Property Management (UPPM), United Group’s management arm. The new deals center around three newly acquired Texas senior communities: NorthStar Georgetown, The Orchards Market Plaza and The Orchards Arlington Highlands. The organization will also manage day-to-day operations at two …
Indiana
Sunshine Names Erika Hamilton as Executive Director of Heritage Point in Mishawaka, Indiana
MISHAWAKA, Ind. — Sunshine Retirement Living has named Erika Hamilton as executive director at Heritage Point Assisted Living and Memory Care in Mishawaka, a suburb of South Bend near the Michigan border. Hamilton is a licensed healthcare facility administrator (HFA) with nearly a decade of experience in the senior living and healthcare industries. As executive director, Hamilton is responsible for all day-to-day management and operations of the community, including financials, marketing, government and community relations. She will also oversee all health and safety programs including new heightened procedures and protocols …
DANVILLE, Ind. — New Perspective has opened the doors on Woodland Terrace of Danville, a 164-unit senior living community in Danville, approximately 20 miles west of Indianapolis. The 35-acre campus includes 50 cottage-style townhomes and a main building for a variety of amenities. The property offers independent living, assisted living and memory care options. Along with sister properties in nearby Carmel and New Palestine, Minnesota-based New Perspective operates the community.
VALPARAISO, Ind. — Evergreen Real Estate Group has secured financing for Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso, approximately 45 miles southeast of Chicago. Development costs are estimated at $30 million. Evergreen Construction Co., a division of Evergreen Real Estate Group, will serve as general contractor on the development and plans to begin preliminary site work this month. Construction is scheduled for completion in early 2023. The project will offer 48 studio and 72 one-bedroom apartments, all of which will be reserved …
INDIANA — Evans Senior Investments (ESI) has arranged the sale of a 186-bed skilled nursing community in Indiana for $25 million, or $134,000 per bed. An independent owner-operator seeking to exit the long-term care industry sold the asset to a regional operator. The name of the facility was not disclosed. Built in the last 50 years, the community exhibited a large number of private rooms with all units being private or semi-private occupancy. Additionally, the community had a five-star Medicare rating and has historically been over 85 percent occupied. Despite …
GEORGETOWN, Ind. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Villas of Guerin Woods in Georgetown, a suburb of Louisville, Kentucky. The property offers primarily skilled nursing with some assisted living and memory care options across eight individual “small houses” with 10 units in each. A nonprofit organization seeking to exit its only seniors housing asset sold the community to a private regional company with 14 other communities in Indiana. The price was $4.3 million. Ryan Saul and Nick Cacciabando of SLIB handled the transaction. “This …
BROWNSBURG and PLAINFIELD, Ind. — Sonida Senior Living Inc. (NYSE: SNDA) has agreed to acquire two recently renovated seniors housing communities in metro Indianapolis for $12.3 million. Formerly known as Capital Senior Living, the Dallas-based owner-operator rebranded as Sonida in November and began trading under its new stock symbol. The communities, Northfield Senior Living in Brownsburg and Southfield Senior Living in Plainfield, total 157 independent living units and are located approximately 20 minutes outside of downtown Indianapolis. Sonida expects the acquisition to close in the first quarter of 2022. The …
CARMEL, NEW PALESTINE and DANVILLE, Ind. — Grandbridge Real Estate Capital’s Tampa-based National Senior Housing Investment Sales team has arranged the sale of the three seniors housing properties in the Indianapolis area. Named the Woodland Terrace Portfolio, the properties offer 482 units of independent living, assisted living and memory care in Carmel, New Palestine and Danville. The seller, The Justus Cos., developed the properties over the last four years. The buyer was a partnership between a national investor and Purpose First Partners, which is itself a joint venture between New …
INDIANA — Evans Senior Investments (ESI) has arranged the sale of an assisted living community in Indiana. The price and location were not disclosed. The seller was a publicly traded REIT seeking to divest of a non-performing asset. In 2018, the community had stabilized occupancy levels aboce 95 percent. However, in recent years the occupancy has slipped due to new competition in the surrounding submarket. At the time of sale, the community’s unit occupancy was 60 percent and it was operating at a negative cash flow margin. The buyer was …
Kittle Property Group Completes $36.2M Reserve at White River Active Adult Community in Indianapolis
INDIANAPOLIS — Kittle Property Group Inc. has opened the doors at Reserve at White River, an active adult community in Indianapolis. The $36.2 million development features 210 units that include one-bedroom/one-bathroom homes and two-bedroom apartments with either one or two bathrooms. Units range from 794 to 1,040 square feet. Residents will enjoy close proximity to downtown Indianapolis, as the property sits four miles from the center of the city. It is located on IndyGo’s No. 37 line, which connects to the Julia Carson Transit Center downtown. It is also located …