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AcquisitionsAssisted LivingFloridaNews

DeMarco Real Estate Group Brokers $12.1M Sale of Two Assisted Living Facilities in Florida

by Jeff Shaw

MARGATE and DAVIE, Fla. — The DeMarco Real Estate Group of RE/MAX 5 Star Realty has arranged the $12.1 million sale of two assisted living facilities totaling 131 beds in Margate and Davie, both suburbs of Miami. PrivCap Cos. in Boca Raton sold the assets to a private investment group from New York. The facilities specialize in memory care and operate under the name of Caring Village. The portfolio sold for 81 percent higher than the last sale in 2020 for $7 million, which the DeMarco Real Estate Group also …

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AcquisitionsCCRCIllinoisNews

Ziegler Negotiates Sale of 192-Unit Pinecrest Community in Mount Morris, Illinois

by Jeff Shaw

MOUNT MORRIS, Ill. — Ziegler has negotiated the sale of Pinecrest Community, a 192-unit senior living community located on 40 acres in Mount Morris, a tiny town of fewer than 3,000 people approximately 100 miles west of Chicago. Pinecrest Community is a Christian nonprofit continuing care retirement community affiliated with the Church of the Brethren. The community was initially established in 1893 to care for the elderly and orphans. The campus features active-adult cottage homes, independent living apartments, intermediate and skilled care living, and a specialized memory care center. The …

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AcquisitionsAlabamaAssisted LivingNews

Blueprint Arranges Sale of Three Communities in Alabama

by Jeff Shaw

ALABAMA — Blueprint Healthcare Real Estate Advisors has arranged the sale of three seniors housing communities in Alabama. Sold by a publicly traded REIT, the portfolio consists assisted living and memory care communities totaling 202 units across the state’s three largest metros. The assets were originally constructed in 1999 and 2000. Texas-based Proveer Senior Living acquired the properties and plans to undertake significant capital projects across the assets. This acquisition strategically enhances the buyer’s growing footprint throughout the state of Alabama. The price was not disclosed.

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NewsPeople

LRS Architects Hires Leticia Lopez Cushnie, Matthew Salazar

by Jeff Shaw

PORTLAND, Ore. — LRS Architects has hired two Building Information Modeling (BIM) managers, Leticia Lopez Cushnie and Matthew Salazar. Both specialists will work out of the firm’s Portland office. Cushnie has worked on projects such as mixed-use/office buildings, hospitals, educational labs and cultural centers. She received her bachelor’s degree in architecture from the University of Houston. Salazar’s passion lies in high-rise architecture, urban design, public transit and technology. He received his master’s degree in architecture from the Illinois Institute of Technology and his bachelor’s degree in architecture from the Georgia …

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CCRCDevelopmentFinanceIllinoisNews

Ziegler Arranges $99.9M Bond Financing for Plymouth Place Expansion Project in La Grange Park, Illinois

by Jeff Shaw

LA GRANGE PARK, Ill. — Ziegler has arranged $99.9 million in bond financing for Plymouth Place. The continuing care retirement community is located in La Grange Park, a village approximately 13 miles west of downtown Chicago. Plymouth Place features 182 independent living units, 52 assisted living units, 26 memory care units and 82 skilled nursing beds. Plymouth Place was incorporated in 1939 and is located on approximately 18.6 acres. The Illinois Finance Authority issued the bonds, which will be used for an expansion at the community. Known as The Arboretum …

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FeaturesNews

Survey: Need for Long-Term Care is Common, But Search is Frustrating

by Jeff Shaw

ANNAPOLIS, Md. — Twenty-four percent of U.S. adults age 50 and above say they or a loved one needed long-term care in the past year, according to a national survey commissioned by Nexus Insights, an Annapolis-based think tank focused on older adults. NORC at the University of Chicago conducted the research. The poll was conducted in November and included 1,014 interviews with a nationally representative sample of adults age 50 and older. Despite that high need, most older adults said the process of selecting long-term care caused anxiety (53 percent) …

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AcquisitionsNewsSkilled NursingTexas

Blueprint Negotiates $8.7M Sale of Vacant Mainstreet Property in Texas

by Jeff Shaw

TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant, 70-unit asset in Texas. Mainstreet originally developed the healthcare property, but did not fully complete construction prior to being foreclosed upon. The property was developed to be a turnkey, purpose-built transitional care facility, and featured very similar design features to the other two properties that Mainstreet built in Amarillo and Temple. A Texas-based investor acquired the property for $8.7 million, or $124,285 per unit, and plans to lease it to an East Coast-based skilled nursing operator. …

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IndianaNewsOperations

Blueprint Arranges Operator Transition for 28-Property Portfolio in Indiana

by Jeff Shaw

INDIANA — Blueprint Healthcare Real Estate Advisors has arranged an operator switch for a portfolio of 19 skilled nursing facilities and nine assisted living communities in Indiana. The owner is a joint venture group and the new operator is a Midwest-focused company. The outgoing operator has expressed its intention to not renew its lease.

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AcquisitionsIndianaNewsSkilled Nursing

ESI Brokers $4.2M Sale of Manderley Health Care Center in Osgood, Indiana

by Jeff Shaw

OSGOOD, Ind. — Evans Senior Investments (ESI) has arranged the sale of Manderley Health Care Center, a 71-bed skilled nursing community located in Osgood, a tiny town located between Indianapolis and Cincinnati. An independent owner-operator sold the property to an East Coast-based owner-operator for $4.2 million, or $58,451 per bed. Built in 1981, Manderley Health Care Center was 58 percent occupied and not cash flowing at the time of marketing. While under contract, occupancy at the community dipped below 45 percent. However, the owners of the community were able to …

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NewsPeople

BBG Hires Seniors Housing Veteran Will Childs as Executive Vice President

by Jeff Shaw

ATLANTA — BBG, an independent commercial real estate services firm, has hired seniors housing industry leader Will Childs as executive vice president in BBG’s alternative practice groups. He will be based in the Atlanta office of the firm, which is headquartered in Dallas. Childs will play a role in expanding BBG’s seniors housing platform, one of the fastest growing and dynamic U.S. commercial real estate sectors. During his career spanning more than 15 years, Childs has worked with some of the seniors housing industry’s highest-profile lenders, operators, investors and developers …

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