CHICAGO — Birchwood Healthcare Partners has concluded initial fundraising for the 5V+ Seniors Healthcare Fund. Established in 2014 in Chicago, Birchwood is a fully-integrated and diversified investment firm targeting the intersection of operations and real estate for the rapidly growing seniors healthcare demographic. The 5V+ Seniors Healthcare Fund provides exposure to four key verticals of seniors healthcare: seniors housing, healthcare services, transitional & long-term care and active adult.
ALEXANDRIA, Va. — Argentum, an Alexandria-based trade association serving the seniors housing industry, has elected Sevy Petras, CEO and co-founder of Priority Life Care, to its board of directors. As an Argentum board member, Petras will help support and enhance the organization’s advocacy efforts on behalf of the industry on a number of key initiatives, including working to increase access and affordability of assisted living.
HUNTSVILLE, Ala. — Pennrose, the Huntsville Housing Authority (HHA), BLOC Global Development Group (BLOC) and other project partners have opened Stoneridge Villas Phase II, which adds 65 affordable seniors housing units to the Stoneridge Villas development at 1700 Balch Road. With the completion of the second and final phase, Stoneridge Villas now features 145 units and supportive services on a 21.7-acre site. Stoneridge Villas Phase II includes a mix of one and two-bedroom units for seniors in cottage-style buildings. All 65 units will be fully adaptable, with five apartments wheelchair-accessible …
LAWRENCEVILLE, Ga. — Highlands Residential and Perennial Properties have formed a joint venture to build Park Place Apartments, a 148-unit active adult community in Lawrenceville, approximately 30 miles northeast of Atlanta. Construction of the project is already underway, and first move-ins are scheduled for 2024. The senior population of Gwinnett County is expected to grow by 33.6 percent over the next 10 years and Atlanta metro wide by 47 percent, according to the developers. Atlanta-based Highlands Residential is the developer and at completion Perennial Properties will be the property manager. …
PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing portfolio totaling more than 1,000 beds in Pennsylvania. A public REIT and its operating partner sold the two campus locations, which alsofeature independent living, personal care and memory care beds. Although specific names and locations were not disclosed, the properties are concentrated in northeast and central Pennsylvania. The portfolio was marketd as a value-add opportunity for an incoming buyer to capitalize on strong pre-pandemic financial performance along with substantial Medicaid reimbursement rate enhancements recently passed …
CARROLLTON, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 62-unit assisted living and memory care community in Carrollton, a suburb of Dallas. The community totals approximately 40,000 square feet on a 3.6-acres plot. The seller is a private equity group with a regional seniors housing portfolio. The Dallas-based buyer is a private investment group with a national seniors housing portfolio partnering with a local operator. The price was not disclosed. Matthew Alley and Jeff Binder of SLIB handled the transaction. “SLIB was able to help …
SAN RAFAEL, Calif. — Ziegler has arranged $61.3 million in bond financing for Aldersly Garden Retirement Community, a continuing care retirement community in San Rafael, a northern suburb of San Francisco. The community was originally founded and incorporated in 1921 by Danish organizations as a retirement home serving the Danish-American communities in California and Nevada. The property is situated on an approximately 3.5-acre campus. Life Care Services LLC has provided management and marketing services since 2004. The borrower will use the proceeds of the bonds, together with an equity contribution, …
NEW ROCHELLE, N.Y. — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing community in New Rochelle, a suburb of New York City on Long Island Sound. The facility was originally constructed in 1965 and is licensed for 60 beds. The seller was an independent owner-operator that operated the facility for 30 years, but sought to exit the long-term care industry. A New York-based owner acquired the property for an undisclosed price. Approval of the new operator is pending. “Evans Senior Investments was successfully able to navigate …
CHARLOTTESVILLE, Va. — Commonwealth Senior Living, a Charlottesville-based operator, has named Reuben Canty, Mark Kane and Rick Barley as regional vice presidents with the company. These new regional leaders bolster Commonwealth’s operational and management teams as it continues to grow its portfolio and seeks to provide the best possible support to its communities within the eastern United States. Additionally, the company promoted Kim Hurt to vice president of operations. Canty joined Commonwealth Senior Living in 2015 as a resident care director. He was promoted to executive director where he served …
SCHAUMBURG, Ill. — Friendship Village of Schaumburg, an independent continuing care retirement community (CCRC) in the Chicago suburb of Schaumburg, has filed for Chapter 11 protection through the U.S. Bankruptcy Court for the Northern District of Illinois and is seeking a sale. The community cites continued hardships from the COVID-19 pandemic. Debt on the community is largely through bond financing. The community will continue to operate as normal during the bankruptcy process. The sale process will be subject to the bankruptcy court’s oversight. Due to the large size of the …