IRVINE, Calif. — 1031 Crowdfunding, an Irvine-based real estate investing platform, has fully subscribed its $16.9 million 1031CF Portfolio 1 DST. This is the company’s sixth investment in senior living care facilities. The fund was used to acquire two memory care communities. Iris Senior Living is the operator of both properties, which are located in the Dallas-Fort Worth and Oklahoma City metro areas. The facilities include a combined 88 beds and 76 units, and are currently 91 percent occupied. 1031 Crowdfunding’s affiliate, 1031 CF Properties LLC, created the investments to …
CHICAGO — Green Courte Partners LLC, a Chicago-based private equity firm that includes seniors housing has promoted eight of its team members. The company promoted Jon Pollan to managing director of acquisitions and Josh Reichert to managing director of portfolio management. Pollan joined Green Courte in 2013 as an associate focusing on acquisitions and asset management. He was promoted to senior associate in 2015 and vice president in 2018. As a managing director, Pollan will be responsible for sourcing and leading new acquisitions for Green Courte’s near-airport parking company, The …
SALT LAKE CITY — Bridge Investment Group Holdings Inc. (NYSE: BRDG) has launched a $75 million program to acquire, develop and operate needs-based seniors housing assets within the United States. As part of the venture, StepStone Real Estate co-invested in an existing portfolio managed by Salt Lake City-based Bridge and intends to help build the platform by co-investing in other seniors housing assets identified by Bridge in the future. “Bridge’s partnership with StepStone represents a strategic milestone as we continue to expand our needs-based seniors housing strategy,” says Robb Chapin, …
MORRISVILLE, N.C. — K4Connect, a Morrisville-based health technology company that builds tech for older adults, has received $12 million in additional venture financing since the beginning of the COVID-19 pandemic. The credits the “undeniable need for dependable and scalable resources that can support the older adult population with easy access to important information, socialization tooling, communications and safety.” New investors include Forte Ventures, Second Century Ventures (National Association of Realtors), and senior living industry leaders such as Daniel Decker, president of CoastWood Senior Housing Partners; William Petty, BPOC founder and …
Occupancy trends, the impact of the Omicron variant, development, investment, vaccine mandates and labor shortages were just some of the pressing topics panelists discussed during the “Seniors Housing Policy Outlook: What Will Impact Operations, Investment & Development in 2022?” webinar, hosted by Seniors Housing Business. Industry experts weighed in on the policies and priorities shaping the future of senior living communities, as well as their own legislative agendas for 2022. Regarding investment and development, Dave Schless, president of American Seniors Housing Association (ASHA), explains Capital markets have remained committed and robust …
IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has entered into a definitive agreement to amend the company’s master lease with a tenant, Avamere Group. Avamere’s annual base rent on the current portfolio has been reduced roughly 30 percent to $30.7 million from $44.1 million. No changes have been made to the lease maturity date (May 31, 2031) or the annual base rent escalator (2.75 percent). Sabra plans to recapture this rent reduction as the portfolio’s performance improves. Starting with the second lease year, Sabra will participate in …
Some investor types have doubled down while others have fled seniors housing as the COVID-19 pandemic enters its third year. By Jeff Shaw COVID-19 has changed many investors’ approaches to the seniors housing sector. The pandemic caused a major shift in who’s buying and who’s selling. Some of the biggest buyers in 2019 were the biggest sellers in 2021. For example, institutional investors went from buying more than $2 billion in 2019 to selling more than $3 billion through the first three quarters of 2021. That’s according to Real Capital …
A variety of partnerships and lease structures present many options for landlords and tenants to both benefit. By Jeff Shaw In the retail real estate world, triple-net leases are king. Under this standard agreement, the tenant is responsible for all expenses — taxes, insurance, maintenance, utilities and rent to the owner. But seniors housing is a very different type of real estate. In retail, if a tenant fails, the owner simply finds a new one. For senior living, there’s a human element at play both for the employees and the …
If there were one phrase to summarize the attitude of seniors housing investors and lenders in 2022, it would be “cautiously optimistic.” How quickly can the seniors housing industry hope to recover in the face of continued difficulties? What is likely to drive the financing and investment market? While difficulties due to COVID and labor shortages continue to create challenges in terms of immediate occupancy, strong demand fundamentals and a healthy appetite for seniors housing investments indicate a return to normality is possible in 2022, according to Brandon Taseff, senior …
ST. LOUIS — EmpowerMe Wellness, a St. Louis-based integrated healthcare provider to senior living communities, announced that Jim McKelvey, serial entrepreneur and co-founder of Square (NYSE: SQ), has made an investment in the company. McKelvey joins lead investor Hermann Cos., a St. Louis-based holding company owned by the Hermann family and led by CEO Bob Hermann and COO Rick Holton. “EmpowerMe’s mission of improving the lives of seniors by using technology and integration is what led me to invest,” says McKelvey. “Having founded a technology company to serve the underserved …