DENVER — Evans Senior Investments (ESI) has arranged the sale of a 66-unit assisted living community in the Cherry Creek neighborhood of Denver. A large, East Coast-based private equity firm sold the asset to Novellas Living, the buyer’s first acquisition in the state of Colorado. The price was not disclosed. Built in 2002, the community was 67 percent occupied at the time of marketing while losing money. Throughout the transaction process, the community was able to increase occupancy to 79 percent while increasing the private pay payor source. ESI helped …
DALLAS — Compatriot Capital, a diversified real estate company and wholly owned subsidiary of Sammons Enterprises Inc., has acquired an equity interest in Dallas-based senior living developer Silverstone Senior Living. Currently, Compatriot Capital is Silverstone’s largest limited joint venture partner with investments in the company’s Washington, D.C. projects currently in development. Silverstone Senior Living was established in Dallas in 2012 by hospitality and real estate veterans Denny Alberts and John Goff, who had held executive roles at Crescent Real Estate Equities Inc. Currently, Crescent is an investor in Silverstone. Silverstone …
DES MOINES, Iowa — LCS, the nation’s third largest senior living provider, has promoted Chris Bird from executive vice president and chief operating officer to president. He will continue to serve in his existing roles at the company following the promotion. Bird will be responsible for leading the company’s operating activities and working with senior management to drive performance and earnings across all business lines. “This is a well-deserved promotion for one of the industry’s most respected leaders,” said Joel Nelson, LCS’ CEO. “Chris has dedicated his career to senior …
DALLAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Avenues of Park Forest, an 86-unit seniors housing community in Dallas. The community was built in 1998, totaling 65,000 square feet on approximately four acres of land. The seller was a large investment manager that hired a third-party manager for this community. The buyer is a private equity company specializing in seniors housing and medical office buildings. The price was not disclosed. The buyer plans to invest in capital improvements to push census growth. Jason Punzel and …
SAN JUAN CAPISTRANO, Calif. — The Ensign Group Inc. (NASDAQ: ENSG), an owner-operator based in San Juan Capistrano, has acquired nine skilled nursing facilities in Texas, South Carolina and Arizona across three separate transactions. In the first transaction, Ensign purchased six properties in Texas: Brodie Ranch Nursing and Rehabilitation, a 120-bed facility located in Austin; Onion Creek Nursing and Rehabilitation Center, a 125-bed facility in Austin; Riverside Nursing and Rehabilitation Center, a 122-bed facility in Austin; West Oaks Nursing and Rehabilitation Center, a 125-bed facility in Austin; Lakeside Nursing and …
LAS VEGAS — MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar Senior Living at The Canyons, the joint venture’s first development in Nevada. Located in Las Vegas, the four-story, 196,000-square-foot community will feature 95 independent living, 49 assisted living and 24 memory care units. Common areas will include indoor and outdoor dining venues, a pool and spa, fitness center and clubroom terrace with views of the Vegas Strip and mountains to the west. Completion is slated for summer 2024. Confluent Senior Living, a subsidiary of Denver-based …
BALTIMORE — Brightview Senior Living, a Baltimore-based owner-operator, has named Doug Dollenberg as CEO. He replaces Marilynn Duker, who is retiring to a co-chair position after 40 years with the company. Dollenberg joined Brightview five years ago as president. Previously he served on the executive leadership team at Tessco. He began his career as an engineer at Whitman, Requardt, and Associates before joining strategy consulting firm McKinsey & Co., where he worked across many different industries and functional areas. Duker joined The Shelter Group, Brightview’s former name, in 1982 as …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based investor, has sold seven skilled nursing facilities in Ohio for $52 million. In connection with the completion of the sale, the company’s master lease with affiliates of Trio Healthcare was terminated. The portfolio includes approximately 600 skilled nursing beds along with approximately 100 seniors housing beds/units. “In February, we announced a plan to de-risk the portfolio by selling or re-tenanting 32 properties,” says Dave Sedgwick, CareTrust president and CEO. “Given how much the world has changed since we …
GEORGETOWN, Texas — Watermark Communities has named Annika DiNovi as executive director of The Hacienda at Georgetown in the Austin suburb of Georgetown. DiNovi joins Watermark Communities with nearly 15 years of experience in the luxury senior living housing and healthcare industries, most recently serving as regional director of operations at Transforming Age in Washington state. The Hacienda at Georgetown is opening with 231 studios, one- and two- bedroom residences for independent living, assisted living and memory care. DiNovi holds a bachelor’s degree in psychology and an master’s degree in …
GIG HARBOR, Wash. — Ziegler has arranged $74.6 million in financing for Heron’s Key, a continuing care retirement community located across Puget Sound from Tacoma in Gig Harbor. Currently, the community consists of 194 independent living units, 30 skilled nursing beds and 51 assisted living units. Heron’s Key is a subsidiary of Emerald Communities, which is based in Redmond. Emerald Communities will use proceeds of the Cinderella bank placement with other available funds to advance refinance its 2015 bonds, which financed the original construction of the community. The loan was …