WASHINGTON — Veda Living, the management company spin-off of ETROS Management Firm, has taken on a 10-property management agreement in Washington state. ETROS Management Firm, founded in 2016, specializes in turnaround management solutions for underperforming senior living assets. The properties are all branded as Greenlake Senior Living communities, which target middle-market seniors in the Pacific Northwest. With this most recent management deal, Veda Living now operates a portfolio of 15 properties across the nation.
HOUSTON — CareTrust REIT Inc. (NYSE: CTRE) has acquired a 125-bed skilled nursing facility located in the greater Houston metropolitan area. An affiliate of Evergreen Health Group will operate the property, opening a new tenant relationship for CareTrust. The specific name and location of the property were not disclosed. Evergreen Health Group is a Texas-based operator of skilled nursing facilities primarily owned by Selina Chao, an industry veteran. Evergreen has entered into a 15-year, triple-net lease with CareTrust that includes two five-year extension options and annual CPI-based rent escalators. CareTrust’s …
AUSTIN, Texas — CBRE’s National Senior Housing Investment Properties team, based in Austin, has arranged the sale of a portfolio of communities in the Midwest on behalf of Bridge Investment Group. The communities are midrise buildings offering independent living, assisted living and memory care units and services. All were built in 2007 or later. CBRE’s National Senior Housing team members John Sweeny, Aron Will, Scott Bray, and Garrett Sacco represented the seller. The Properties are located in highly desirable areas, close to hospitals and primary transportation routes. Assets in the …
CARLSBAD, Calif. — Solstice Senior Living, a Carlsbad-based joint venture of Integral Senior Living and NorthStar Healthcare Income, has named Nathan Mills as vice president of operations. Mills, a veteran in the senior living industry, has served for the past five years as a regional vice president of operations and will now support the entire Solstice portfolio of 32 communities. Mills has a diverse background in operations, marketing and sales and has served on numerous leadership committees throughout his career. In his previous role, Mills led operational strategy and supported …
NEW ORLEANS — While the COVID-19 pandemic was a tragic and challenging time for seniors housing operators, many are now looking at the ways the industry can improve as a result. Those operators can see, in retrospect, how the way they were forced to respond to the crisis will pay dividends for years. “We’re looking at adjustments that should’ve always been done this way,” said Stephanie Harris, CEO and principal at Arrow Senior Living. “That’s one of the silver linings from COVID.” Harris made her comments during the “Insights From …
HOWELL, N.J. — A partnership between New Jersey-based investment firm AMS Acquisitions and Miami-based holding company Vector Group has broken ground on a 100-unit seniors housing project in Howell, located east of Trenton near the Jersey Shore. The site spans 14 acres, and the four-building project will feature one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a pool, great room with a communal kitchen, fitness center, outdoor grilling areas and a tenant lounge. Construction is expected to last about 18 months.
CHARLOTTE, N.C. — Allen McMurtry, senior vice president of Charlotte-based Grandbridge Real Estate Capital and longtime seniors housing investment sales broker, has retired after 35 years. The Tampa, Florida native was an early entrant into the then-burgeoning seniors housing industry in 1987. Over the course of his career, McMurtry dedicated his work exclusively to the sale of seniors housing communities nationally, facilitating the sale over 200 properties across 35 states. In 1984, McMurtry was a land broker in the Tampa Bay area. After a few years of facilitating such sales, …
LUTZ and ORANGE CITY, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two seniors housing communities in Florida. Totaling 173 units of assisted living and memory care, the properties are located in the Tampa suburb of Lutz and the Orlando suburb of Orange City. The seller is a partnership between an institutional capital provider and a national operator. The company initially acquired the communities as part of a larger portfolio of campus-style assets. The buyer is a Florida-based regional owner-operator continuing to grow across the Southeast. …
GARY, Ind. — Northland Networks has arranged an undisclosed amount of financing for a 100-bed skilled nursing facility in Gary, just across the state border from Chicago. The loan will refinance existing debt on the property. Further information on the borrower, loan and property was not disclosed.
ELMHURST, Ill. — CBRE has arranged an undisclosed amount of financing for the sale of Lexington Square of Elmhurst, a 348-unit independent living and assisted living community in Elmhurst, approximately 17 miles west of Chicago. The property was built in 1990. The borrower, Focus Healthcare Partners LLC, has purchased the asset and rebranded it as The Roosevelt at Salt Creek. Focus plans to execute a significant capital improvement plan and convert the existing entrance-fee CCRC model to rental units. Aron Will, Matt Kuronen and Michael Cregan of CBRE National Senior …