NEWTON, Mass. — ABP Acquisition LLC has agreed to acquire Newton-based operator AlerisLife Inc. (NASDAQ: ALR) for $1.31 per share, or $43.8 million, and take the company private. The price represents an 85 percent premium to the average stock price over the 30 days prior to the sale announcement, which was 71 cents per share. ABP is majority owned and controlled by Adam Portnoy, one of ALR’s managing directors and the chair of its board of directors. ABP and its affiliates currently own approximately 6.1 percent of ALR’s outstanding shares …
IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has completed roughly $185 million of sales related to previously disclosed disposition activity. In addition, the 24 properties formerly leased to North American have been successfully transitioned to Ensign Group (NASDAQ: ENSG) and the Avamere Family of Companies. The disposition activity was almost entirely comprised of skilled nursing investments, including a sizable portfolio that sold for over $200,000 per bed. In aggregate, the cash yield on this disposition activity was approximately 7 percent for the 12-month period ending Sept. 30, …
PENNSYLVANIA — Evans Senior Investments (ESI) has arranged the exit from the long-term care industry for a Pennsylvania owner-operator. The portfolio consisted of three properties comprising of 395 beds of skilled nursing and 32 units of private-pay seniors housing. The purchase price was $39 million, or $91,000 per functional bed/unit. At the time of marketing, the average census was 64 percent with total portfolio revenue of $27.2 million and net operating income loss of -$1.5 million, or a -5 percent net operating income margin. While under contract, census reached a …
TULSA and OKLAHOMA CITY, Okla. — Blueprint Healthcare Real Estate Advisors has brokered the sale of two memory care communities totaling 54 units in Tulsa and Oklahoma City. Built in 2015 and 2016, the communities were fully stabilized in 2018 and 2019, were resilient through the pandemic and sharply rebounded to near 100 percent occupancies at the time of marketing in mid-2022. The buyer was a Texas-based owner-operator focused on standalone memory care in the region. Blueprint also assisted the buyer with debt placement through an existing bank relationship. The …
SAN ANTONIO — Blaze Capital Partners has purchased Sage Stone Oak, a 150-unit active adult community in San Antonio. Built in 2020 on a 7.5-acre site, Sage Stone Oak features a mix of one- and two-bedroom apartments ranging in size from 829 to 1,172 square feet. The property is located in the Stone Oak neighborhood, 15 miles north of downtown San Antonio. The seller and price were not disclosed. “As we look to the future of housing and continue diversifying our portfolio with property types that take advantage of long-term …
ST. PETERSBURG, Fla. — Blueprint Heatlhcare Real Estate Advisors has arranged the sale of a 57-unit assisted living and memory care community in the Tampa suburb of St. Petersburg. Originally constructed in the 1960s, the community was positioned as one of the leading value-add providers and benefited from approximately $500,000 of recent capital improvements. A publicly traded REIT sold the asset to a local owner-operator looking to grow in metro Tampa. The price was not disclosed.
WESTCHESTER, Fla. — Miami-based commercial real estate developer MAS^AJP and its equity partner OCTA have opened The Contemporary, an independent living community in Westchester, approximately nine miles west of downtown Miami. Charter Senior Living operates the community, which features a mix of one- and two-bedroom options on a six-acre campus. The number of units was not disclosed. The Contemporary is located on the same campus as MedSquare Place, a Class A medical office building also developed by MAS^AJP and OCTA. The property will house some of South Florida’s best-in-class healthcare …
OMAHA, Neb. — Green Courte Partners LLC, a private equity firm currently investing through its Green Courte Real Estate Partners V investment fund, has acquired Bloomfield, a 95-unit active adult community in Omaha. True Connection Communities, the buyer’s wholly owned operating platform, will manage the community. The company’s operating portfolio now features 18 communities totaling approximately 2,700 units. “The community’s occupancy proved resilient through the pandemic, which is a testament to its unique product offering, compelling value proposition and desirable location,” says Matt Pyzyk, managing director of acquisitions. “We have …
CHARLESTON, S.C. — Ziegler has arranged $29.2 million in bond financing to fund a renovation project at Bishop Gadsden Episcopal Retirement Community in Charleston. The nonprofit continuing care retirement community is located on James Island, approximately six miles from downtown and six miles from Folly Beach. Founded in 1850 as a special ministry of the Episcopal Diocese of South Carolina, Bishop Gadsden has continuously expanded its mission to serve seniors for 173 years and remains affiliated with the Episcopal diocese. In 1987, Bishop Gadsden moved to its current location on …
UTAH — Blueprint Healthcare Real Estate Advisors has arranged the sale of two Class A assisted living and memory care communities in Utah. The two communities, built by the same developer in 2011 & 2016, respectively featured similar layouts, each with approximately 90 units. Both were over 97 percent occupied at the time of sale. An institutional investor sold the assets to a private equity firm for an undisclosed price. Avista Senior Living will continue to operate the communities following the sale.