PALM BAY, Fla. — Watercrest Senior Living Group has hired James Brassard as executive director of Palm Bay Memory Care, a 72-unit memory care community approximately 70 miles southeast of Orlando. Brassard is experienced in senior living start-ups and turn-around communities and has received the FALA Sales and Marketing Director of the Year award. A combat veteran who served in both Afghanistan and Iraq, Brassard received his M.B.A. from Gulf Coast University and continues to serve his local community as a college professor.
Memory Care
Merrill Commercial Real Estate Negotiates Sale of 55-Unit Memory Care Community in Oregon
by Jeff Shaw
COOS BAY, Ore. — Merrill Commercial Real Estate has arranged the sale of a 55-unit memory care community in Coos Bay, located along the Pacific Coast in the southern portion of the state. The 28,000-square-foot community was vacant since 2018. It was part of a portfolio of four seniors housing properties that went into receivership in 2019. The sales price was $3 million, or $54,545 per unit. Tyler Merrill of Merrill represented the undisclosed seller, while Dan Mahoney of Blueprint Real Estate Advisors represented the undisclosed buyer.
Blueprint Arranges Sale of 48-Unit Shoreline of Clinton Memory Care Community in Connecticut
by Jeff Shaw
CLINTON, Conn. — Blueprint Healthcare Real Estate Advisors has brokered the sale of The Shoreline of Clinton, a 48-unit memory care community in Clinton, located on Long Island Sound east of New Haven. The community was renovated in 2015, but due to high levels of competition was still marketed as a value-add opportunity. A New York-based owner-operator acquired the property. The seller and price were not disclosed.
LITTLETON, Colo. — Anthem Memory Care has named Angie Erickson as executive director of Willowbrook Place, a memory care community in the Denver suburb of Littleton. Erickson previously worked for Leisure Care, serving as sales manager and general manager of Denver’s Carillon at Belleview Station. She has also been general manager of MacKenzie Place in Colorado Springs and Treeo, a senior living community in Utah.
Alzheimer’s Association Awards National Certificate of Recognition to Discovery’s Memory Care Program
by Jeff Shaw
BONITA SPRINGS, Fla. — The Alzheimer’s Association has awarded a national Certificate of Recognition to Discovery Senior Living for the company’s SHINE Memory Care program. Discovery is a seniors housing owner-operator based in Bonita Springs. The company’s portfolio totals 15 communities in 13 states. The distinction comes following a comprehensive review of the program curriculum, which uses scientific principles to promote engagement, comprehension and lifestyle quality for seniors living with dementia. Discovery is one of eight providers nationally to receive this recognition. The Alzheimer’s Association Dementia Care Practice Recommendations use …
ORLANDO and WINTER PARK, Fla. — Strive Senior Living, based in Orlando, has acquired Sutton Homes, based in Winter Park. Sutton Homes is a 25-year-old operator of seven seniors housing communities in Central Florida. Sutton Homes is focused on memory care, and Strive will launch a new standalone memory care brand named Sanctuary by Strive to lead the new portfolio. Strive purchased all assets of the company and will continue to operate the communities under Sutton Homes until the full rebrand to Sanctuary by Strive is completed by the end …
DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million refinancing for a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger led the transaction for Lancaster Pollard.
SPRINGFIELD, Ore. — Senior Living Investment Brokerage has negotiated the sale of ElderHealth & Living Memory Care Village in Springfield. Built in 1988 and expanded in 1996, the memory care community features 95 beds across 59 units. The facility is approximately 30,215 square feet and is situated on approximately 5.1 acres of land. A regional operator with multiple West Coast communities acquired the property for an undisclosed price. The seller, a local owner-operator divesting its only seniors housing community, will stay on as a consultant. A local bank provided a …
As developers dial back on new supply and absorption continues at a healthy pace, the vacancies begin to recede. By Bendix Anderson The phone continues to ring at the leasing office at Woodside Place of Washington in Washington, Pa., even though businesses across the U.S. have closed their doors to slow the spread of the novel coronavirus. Half of the 36 units at Woodside Place were already occupied in March 2020, even though the new standalone memory care facility had only opened its doors a few weeks before in February. …
Anthem experiences huge occupancy growth as the company champions the importance of standalone memory care. By Jeff Shaw Standalone memory care has been through the wringer in recent years. Although nearly every assisted living community now includes some memory care units, properties that exclusively offer this specialized care have fallen out of favor. Lenders and investors have begun to shy away amid low occupancy rates, instead favoring properties that offer a full continuum of care (often including independent living as well). Standalone memory care occupancy rates have fluctuated between 80 …