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AcquisitionsAssisted LivingCaliforniaIndependent LivingMemory CareNews

LTC Acquires $195M Portfolio in Wisconsin 

by Hayden Spiess

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. has completed the acquisition of a portfolio of senior living communities located in Wisconsin for $195 million. Totaling 520 independent living, assisted living and memory care units, the portfolio includes Hamilton House Senior Living in Cedarburg; Eagle Point Senior Living in Appleton; Kettle Park Senior Living in Stoughton; Reena Senior Living in Fort Atkinson; and Cardinal View Senior Living in Middleton. Together, the communities have an average age of six years.  LTC funded the senior housing operating portfolio (SHOP) acquisition with a line of …

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Affordable HousingCaliforniaDevelopmentNews

R.D. Olson Completes $30M Affordable Housing Development in San Diego

by Hayden Spiess

SAN DIEGO — R.D. Olson, an Irvine, California-based general contractor, has completed the construction of Kettner Crossing, a $30 million affordable housing community situated in San Diego’s Little Italy neighborhood. Bridge Housing Corp. was the developer. Totaling 64 units, the residences are reserved for seniors age 62 and older earning no more than 30 to 60 percent of area median income. The building also features 2,200 square feet of commercial office space available for lease. Amenities at the community include a rooftop overlooking North San Diego Bay, an open-air turf …

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CaliforniaCompany NewsNewsOperations

Gallaher Cos. Launches Gallaher Signature Living

by Hayden Spiess

WINDSOR, Calif. — Gallaher Cos. has announced the launch of Gallaher Signature Living (GSL), a new management company that will oversee operations for Gallaher’s portfolio of luxury senior living communities across California. According to the organization, GSL will allow for continuity, expanded resources and a greater focus on quality, service and enrichment.  Page Ensor will lead GSL as chief executive officer. Ensor brings more than 25 years of experience in senior living leadership to the role. During her tenure with Brookdale Senior Living, Ensor led the oversight of 70 communities across …

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Affordable HousingCaliforniaDevelopmentNews

Partnership Opens 50-Unit Affordable Seniors Housing Development in Los Angeles

by Hayden Spiess

LOS ANGELES — A partnership between John Stanley Inc. and Concerned Citizens Community Involvement known as Southside LA Housing Partners has opened a new affordable seniors housing development in South Los Angeles.  John Stanley Inc. and Concerned Citizens Community Involvement co-developed the community, Serenity Apartments, which totals 50 units reserved for residents age 62 and older with incomes at or below 30 to 60 percent of the area median income. Nine units are reserved for individuals who require mobility accommodations, with five designed for residents with hearing and vision disabilities and …

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Assisted LivingCaliforniaDevelopmentFinanceMemory CareNews

Quality Senior Housing Foundation, Sunrise Senior Living Receive $80.1M Financing for New Community in Southern California

by Hayden Spiess

LONG BEACH, Calif. — Quality Senior Housing Foundation and Sunrise Senior Living have received $80.1 million in financing for the development of a new community in Long Beach. JLL Capital Markets and H.J Sims arranged the tax-exempt bond financing on behalf of the borrowers.  Quality Senior Housing Foundation will own the community, which Sunrise Senior Living will operate. Upon completion, the property — Sunrise of Long Beach — will comprise 102 licensed beds across 86 apartments. Residences will include 62 assisted living units and 24 memory care units. Sunrise Development Inc. …

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AcquisitionsCaliforniaNews

Northmarq Sells Southern California Seniors Housing Portfolio

by Lynn Peisner

LOS ANGELES — Northmarq’s West Village and Los Angeles investment sales teams have completed the sale of a three-property portfolio totaling 579 units in Los Angeles and Orange counties. Included in the sale were The Piedmont, a 198-unit mixed-income luxury seniors community in the North Hollywood neighborhood of Los Angeles and Burbank Senior Artists’ Colony, a 141-unit property in Burbank. The Piedmont sold for $45 million, while Burbank Seniors Artists’ Colony sold for $31.5 million. The price of the third property, Coventry Court in the Orange County community of Tustin, …

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AcquisitionsCaliforniaNews

Artemis Real Estate Partners Acquires 155-Unit Community Near San Francisco

by Hayden Spiess

FOSTER CITY, Calif. — Artemis Real Estate Partners has acquired Atria at Foster Square, a 155-unit senior living community located in Foster City, roughly 20 miles southeast of San Francisco. Artemis purchased the property in partnership with the current operator, Atria Senior Living, which will continue to manage the community under its Atria Signature Collection brand.  Built in 2016, the property was developed as part of a mixed-use master-plan town center. Amenities at the community include a theater, fitness center, activity and game rooms, a library, courtyard, physical therapy space and …

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CaliforniaNewsPeople

Doug Korey Passes Away

by Hayden Spiess

WESTLAKE VILLAGE, Calif. — Industry veteran Doug Korey passed away on Aug. 13. Korey is survived by his wife, Jodi, and daughters Caroline and Jacqueline.  Korey, who retired in April, worked for more than 40 years in the seniors housing sector. Most recently, he served as managing director of business development for LTC Properties.  A member of the American Seniors Housing Association and the American Health Care Association, Korey originated and structured billions of dollars in healthcare real estate transactions throughout his career.  His cause of death was Glioblastoma. 

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Alegre Home Care Joins Elder Care Alliance

by Hayden Spiess

ALAMEDA, Calif. — Alegre Home Care, which provides in-home care assistance to elderly and disabled individuals, is joining Elder Care Alliance (ECA).  Based in Alameda, ECA is a non-profit association of senior living communities and part of the Transforming Age network of affiliates. ECA currently serves more than 10,500 older adults through five residential communities and the Mercy Brown Bag Program, which sorts, packs and distributes groceries.  Alegre’s founder and CEO Charles Symes will remain in place throughout the ownership transition and will serve as a home care consultant within the …

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AcquisitionsAssisted LivingCaliforniaMemory CareNews

Steadfast Senior Living Sells 67-Unit Community in Morgan Hill, California 

by Hayden Spiess

MORGAN HILL, Calif. — Steadfast Senior Living has sold Loma Clara, a 67-unit community located in Morgan Hill, for an undisclosed price. LTC REIT was the buyer.  Completed in 2018, Loma Clara features 42 assisted living units and 25 memory care units. The property was roughly 92 percent occupied at the time of sale. Units total 529 square feet on average. Amenities at the community include a theater, fitness center, activity and game rooms, a library, outdoor courtyard, physical therapy space and bistro. Discovery Management will continue to operate the property.  …

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