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SLIB Negotiates Sale of 100-Unit Midwestern Memory Care Portfolio

by Jeff Shaw

LANSING, Mich., and BEAVERCREEK, Ohio — Senior Living Investment Brokerage (SLIB) has arranged the sale of two memory care communities totaling 100 units and 132 beds in the Midwest. Located in Lansing and Beavercreek, both communities were built in 2018 and each total approximately 34,500 square feet on 4.9 acres of land. The seller is a national owner and developer that is exiting the industry. The buyer was a REIT that will lease the communities to Ridgeline Management Co. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito …

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Life Care Services Adds 10 Midwestern Communities to Operational Portfolio

by Jeff Shaw

DES MOINES, Iowa — Life Care Services has been selected to manage 10 senior living communities owned by an affiliate of Lone Star Funds. The combined communities include a total of 1,079 apartments that include 300 independent living, 455 assisted living and 324 memory care units. The properties include: The Avalon of Auburn Hills, Auburn Hills, Mich. The Avalon of Bloomfield Township, Bloomfield Township, Mich. The Avalon of Commerce Township, Commerce Township, Mich. The Avalon of Lewis Center, Lewis Center, Ohio The Avalon of New Albany, New Albany, Ohio Havenwood …

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DevelopmentMichiganNews

KIRCO Opens 148-Unit Monark Grove Clarkston in Metro Detroit

by Jeff Shaw

CLARKSTON, Mich. — KIRCO has completed its first senior living community in Michigan, Monark Grove Clarkston. The 189,000-square-foot community is located on 17 acres in Clarkston, approximately 35 miles northwest of downtown Detroit. Beztak operates the property, which features 77 independent living units, 49 assisted living units and 22 memory care units. KIRCO MANIX was the builder on the project.

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AcquisitionsMichiganNews

Blueprint Brokers Sale of 114-Unit Pilgrim Manor in Grand Rapids, Michigan

by Jeff Shaw

GRAND RAPIDS, Mich. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Pilgrim Manor, a seniors housing community in Grand Rapids. The property features 59 assisted living and memory care units and 55 licensed skilled nursing beds. The community is a preferred provider for Spectrum Health System, the largest health system in Michigan. United Church Homes originally acquired the asset in 2016 from another nonprofit owner. Following takeover, ownership completed extensive capital improvements, interior renovations and a comprehensive building expansion. However, as the company’s only Michigan location, performance …

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AcquisitionsAssisted LivingMichiganNews

Blueprint Brokers Sale of 79-Unit Azpira Place of Breton in Kentwood, Michigan

by Jeff Shaw

KENTWOOD, Mich. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Azpira Place of Breton, a seniors housing community in the Grand Rapids suburb of Kentwood. The community was built in 2001 and features 67 assisted living and 12 memory care units. The seller acquired the property as part of a larger portfolio expanding its platform across the Midwest. Shortly thereafter, a substantial interior renovation initiative was completed in 2019. Representing management’s only location in the state, the seller made the decision to exit the market. The buyer …

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DevelopmentMichiganNews

Resthaven Breaks Ground on The Farmstead in Holland, Michigan

by Jeff Shaw

HOLLAND, Mich. — Resthaven, a faith-based nonprofit owner-operator, has broken ground on The Farmstead by Resthaven in Holland, located by Lake Michigan west of Grand Rapids. The community will offer an undisclosed number of independent living and assisted living units on a 40-acre site near Van Raalte Park. The property accommodates a variety of residence styles, from single-family homes to duplexes to apartment buildings. Though all the standalone homes are reserved, there are still a small number of apartments available. The Farmstead has been in design and planning since early …

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AcquisitionsMichiganNews

Capital Real Estate Group Negotiates $32.5M Sale of Two-Property Portfolio in Central Michigan

by Jeff Shaw

MICHIGAN — Capital Real Estate Group (CREG), through its U.S. Healthcare Investment Sales practice, has arranged the sale of a two-property seniors housing portfolio in Central Michigan. The properties total 139 units across 126,000 square feet. The two communities are located adjacent to one another and are spread over 13.5 acres. The portfolio’s unt mix comprises 88 assisted living units, 33 independent living units and 18 memory care units. The portfolio is over 80 percent leased and has maintained that occupancy on average for the past two years. A publicly …

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AcquisitionsAssisted LivingMichiganNews

ESI Arranges Sale of Two Senior Living Communities in Michigan for $38.3M

by Jeff Shaw

DETROIT — Evans Senior Investments (ESI) has arranged the sale of two assisted living and memory care communities in the northern suburbs of Detroit. A regional owner-operator sold the assets to an operator looking to expand into Michigan for $38.3 million, or $314,000 per unit. With each community being built between 2019 and 2020, the properties were smaller in size, with fewer than 65 units at each community. This allowed for above-average performance during the COVID-19 pandemic. At the time of marketing the portfolio was 88 percent occupied and boasted …

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AcquisitionsAssisted LivingMichiganNews

Commonwealth Acquires Three-Property Portfolio in Michigan

by Jeff Shaw

NEW BALTIMORE and GRAND RAPIDS, Mich. — Commonwealth Senior Living has entered the Michigan market with the acquisition of three newly renovated senior living communities. The properties include Prestige Commons in New Baltimore, and Addington Place at Grand Rapids and Addington Place at East Paris in Grand Rapids. The communities will be rebranded as Commonwealth Senior Living at New Baltimore, Commonwealth Senior Living at Grand Rapids and Commonwealth Senior Living at East Paris, respectively. Commonwealth Senior Living at New Baltimore is wrapping up a $6.5 million complete renovation of the …

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