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AcquisitionsActive AdultGeorgiaNews

Blaze Capital Partners Acquires 149-Unit Hardy Springs Active Adult Community in Dallas, Georgia

by Jeff Shaw

DALLAS, Ga. — Blaze Capital Partners has acquired Hardy Springs, a 149-unit active adult community in Dallas, approximately 30 miles northwest of Atlanta. Hardy Springs is a cottage-style community with 149 units spread across 53 buildings. Completed in May 2022, the community is built on 31 acres of land and consists of one- and two-bedroom apartments. The property marks the firm’s first acquisition of an active adult community, but with several more planned. Blaze now owns six multifamily properties in Georgia, with a total unit count of more than 860. …

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AcquisitionsArizonaNews

Cushman & Wakefield Negotiates Sale of 188-Unit Bella Vista in Mesa, Arizona

by Jeff Shaw

MESA, Ariz. — Cushman & Wakefield has arranged the sale of Bella Vista, a 188-unit independent living and assisted living community in Mesa. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Sam Dylag and Jack Griffin represented the sellers, a joint venture between Wexford Real Estate Investors and Beztak Cos., in the transaction. Bourne Financial Group, a private equity buyer based in Winter Park, Florida, acquired the asset and will self-manage this community with its in-house operator, Park Avenue Lifestyle. The price was not disclosed. The property was originally …

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NewsOperationsPeople

Oakmont Promotes Four to New Positions

by Jeff Shaw

IRVINE, Calif. — Oakmont Senior Living, an Irvine-based operator with 44 communities located across California and Nevada, has promoted four employees to executive leadership positions within the growing company. Andrew Moret was promoted to vice president of culinary operations from director of culinary services. Bringing more than 20 years of restaurant experience, eight years working in senior living and strong leadership cultivated amongst his team, Moret strives to continue to elevate the senior living dining experience. David Odien was promoted to vice president of facilities management David Odien from director …

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DevelopmentFeaturesNews

Developers Shift to Repositionings Amid Economic Uncertainty, Say InterFace Panelists

by Jeff Shaw

As shovel-ready projects get put on hold, seniors housing developers are looking 24 months ahead hoping that by then the economic outlook will have improved. For now, they worry about a possible recession and rising costs for everything from debt financing to building materials as they turn their immediate focus to repositioning opportunities. “The industry has been hit with macro-economic shocks,” said Adam Heavenrich, managing director at Heavenrich & Co., a Chicago-based investment brokerage firm. “What you hear is that if you’re developing now, you’re crazy.” Heavenrich gave these opening …

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DevelopmentIllinoisNews

Centennial Expands Redevelopment Plans for Hawthorn Mall in Vernon Hills, Illinois to Include Seniors Housing

by Jeff Shaw

VERNON HILLS, Ill. – Dallas-based real estate firm Centennial has revealed plans to expand on its Hawthorn 2.0 redevelopment of Hawthorn Mall, a super-regional shopping center in Vernon Hills, a northern suburb of Chicago. Built in 1973, the mall currently houses over 120 retailers. Centennial first announced the redevelopment of Hawthorn Mall in 2019, which included new retail and dining options, luxury multifamily housing and indoor/outdoor gathering spaces. The expanded plans nearly triple the new development at the property and include 162 units of seniors housing, a 25,000-square-foot grocery store …

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AcquisitionsNewsWashington

Oxford Capital, Fortress Investment Acquire Three Communities in Sequim, Washington for $54M

by Jeff Shaw

SEQUIM, Wash. — A joint venture between Oxford Capital Group LLC and Fortress Investment Group LLC has acquired a three-property, 256-unit seniors housing portfolio located on a single campus in Sequim. The properties were built between 1974 and 2007 and are located northwest of Seattle, just across the Salish Sea from Victoria, British Columbia. Evans Senior Investments (ESI) brokered the $54 million transaction. The buyer acquired the properties from an independent family operator. Oxford’s seniors housing management affiliate, Oxford Living US LLC, will manage the properties. Terms of the transaction …

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Assisted LivingFinanceNewsSouth Carolina

Live Oak, Locust Point Arrange $15.3M Financing for Phoenix Senior Living

by Jeff Shaw

BEAUFORT, S.C. — Live Oak Bank and Locust Point Capital have arranged a $15.2 million loan for Georgia-based Phoenix Senior Living. The financing retired the existing construction debt of a 75-unit assisted living and memory care community in Beaufort, South Carolina. Further details were not disclosed.

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AcquisitionsNewsPennsylvaniaSkilled Nursing

Blueprint Brokers Sale of 180-Bed Skilled Nursing Facility in West Chester, Pennsylvania

by Jeff Shaw

WEST CHESTER, Pa. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 180-bed skilled nursing facility in West Chester, approximately 25 miles west of Philadelphia. Blueprint’s marketing efforts and financial projections highlighted the state’s July 2022 announcement to significantly increase Medicaid reimbursements in 2023, with over $500 million allocated to long-term care facilities. Tryko was the buyer and will rebrand the asset as West Chester Rehabilitation & Healthcare Center. The seller and price were not disclosed.

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AcquisitionsCompany NewsNewsTechnology

Sentrics Buys Connected Living Software Platform

by Jeff Shaw

QUINCY, Mass — Sentrics has acquired Connected Living, a seniors housing resident engagement platform based in Quincy. The platform includes a centralized content management system that helps operators share messages with whom they want, when they want and how it is best received easily and quickly, according to Sentrics. The Connected Living technology will become part of the Sentrics Engage360 suite. Brian McWade, the president of Connected Living will become the chief product officer at Sentrics, responsible for executing the integrated engagement strategy. “Residents who stay socially engaged are more …

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AcquisitionsAffordable HousingCaliforniaNews

Joint Venture Acquires 165-Unit Woodbridge Manor Affordable Community in Irvine, California

by Jeff Shaw

IRVINE, Calif. —Asland Capital Partners, Fairstead, iimpact Capital, Nuveen Real Estate and Innovative Housing Opportunities (IHO) have acquired Woodbridge Manor, a 165-unit affordable housing community for seniors in Irvine. Woodbridge Manor apartments are available to seniors earning up to 60 percent of the area median income (AMI), or a maximum of $59,040 per year. The complex comprises a trio of three-story buildings that were built from 1981 to 2003, all of which underwent a major rehabilitation in 2006. The community was purpose built as affordable housing for residents at least …

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