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 …
IRVINE, Calif. — Sabra Health Care REIT (NASDAQ: SBRA) has completed the $23.6 million acquisition of a 113-unit seniors housing property in Jasper, Indiana. The deal is a sale-leaseback transaction with the seller and operator, Legacy Living. The asset opened in 2019 and features 18 independent living cottages, 70 assisted living units and 25 memory care units. The lease has an initial term of 15 years with two five-year extension options. In a simultaneous, but unrelated, transaction, Sabra also transitioned three of its skilled nursing facilities to a new operator. …
GOSHEN, Ind. — Evergreen Real Estate Group has secured financing and started preliminary site work for Green Oaks of Goshen, a four-story, 120-unit assisted living community for low-income seniors in Goshen. Evergreen Construction Company, a division of Evergreen Real Estate Group, is serving as general contractor on the development and plans to officially break ground on Oct. 28. Completion is scheduled for early 2023. The $30 million project will replace a vacant three-acre lot on the city’s north side, near an existing Salvation Army building and retail along Main Street. …
NOBLESVILLE, Ind. — Capitol Seniors Housing has broken ground on The Outlook at Hamilton Town Center, an active adult community in Noblesville, a suburb of Indianapolis. The 145,000-square-foot, four-story community is reserved for those age 55 and older and will offer 164 units. The property is adjacent to Hamilton Town Center, an outdoor shopping, dining and entertainment destination. The community will also be within walking distance of a recently announced, 274-acre, master-planned development known as Hyde Park, which will include a mix of retail, restaurants, office space and 162 acres …
DES MOINES, Iowa, and SOUTH BEND, Ind. — AHEPA Affordable Housing Management Co. (AMC) has received two HUD Section 202 Supportive Housing for the Elderly program grant awards totaling $16.7 million to support the development of two new affordable seniors housing communities. The award for the 100-unit Des Moines project is $8.9 million. The award for the 80-unit South Bend project is $7.8 million. “The need for affordable housing, especially for very low-income seniors, is great,” says Steve Beck, AMC’s president and CEO. “Each of our existing affordable elderly housing …