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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of Two Communities Near Fort Lauderdale

by Jeff Shaw

LAUDERHILL and HOLLYWOOD, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lenox on the Lake in Lauderhill and Majestic in Hollywood. Lenox on the Lake offers 127 units and 133 beds on a 4.9-acre site. Majestic exclusively offers memory care, totaling 65 units and 115 beds on a 3.6-acre site. The seller was primarily a skilled nursing operator, and these were its last assisted living assets. The buyer was a regional owner-operator based in South Florida. Bradley Clousing and Daniel Geraghty of SLIB represented the seller …

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AcquisitionsAssisted LivingMichiganNews

Blueprint Brokers Sale of 79-Unit Azpira Place of Breton in Kentwood, Michigan

by Jeff Shaw

KENTWOOD, Mich. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Azpira Place of Breton, a seniors housing community in the Grand Rapids suburb of Kentwood. The community was built in 2001 and features 67 assisted living and 12 memory care units. The seller acquired the property as part of a larger portfolio expanding its platform across the Midwest. Shortly thereafter, a substantial interior renovation initiative was completed in 2019. Representing management’s only location in the state, the seller made the decision to exit the market. The buyer …

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FeaturesNews

NIC Analysis: Seniors Housing Residents Manage Over a Dozen Chronic Conditions

by Jeff Shaw

WASHINGTON, D.C. — U.S. seniors housing residents average more than a dozen chronic conditions, creating significant challenges for residents and driving healthcare costs, according to an analysis by NORC at the University of Chicago (NORC), funded by the National Investment Center for Seniors Housing & Care (NIC). The analysis indicates a significant opportunity for operators to integrate healthcare with housing to add more value for residents. This high prevalence of chronic conditions costs seniors housing residents $3,000 to $4,000 in out-of-pocket costs per year. It also drives annual healthcare spending …

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Assisted LivingDevelopmentFloridaNews

Experience Senior Living Plans 158-Unit The Gallery at Naples in Florida

by Jeff Shaw

NAPLES, Fla. — Experience Senior Living (ESL) has unveiled plans for The Gallery at Naples, a 169,327-square-foot community in the Gulf Coast city of Naples. Plans call for 125 assisted living apartments and 33 memory care suites in a four-story building. ESL plans to break ground in the fourth quarter of 2022. ESL notes that more than half of the population in the market over age 65. “We are very intentional about the locations we select for Experience Senior Living developments,” say Phill Barklow, president of ESL. “Naples is an …

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AcquisitionsFloridaInvestmentNewsSkilled Nursing

LTC Makes $62M Joint Venture Investment in Three Skilled Nursing Facilities

by Jeff Shaw

WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT, has made a joint venture investment with PruittHealth Inc. for the purchase of three skilled nursing centers in North Florida. LTC will be the majority owner with a $62 million contribution to the joint venture. The assets were constructed between 2018 and 2021, have a combined 299 licensed beds primarily in private rooms, and are operated by PruittHealth. The centers will be operated under a 10-year master lease, with two five-year renewal options, with an affiliate of …

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AcquisitionsIndianaNewsSkilled Nursing

ESI Arranges Sale of Skilled Nursing Community in Indiana

by Jeff Shaw

INDIANA — Evans Senior Investments (ESI) has arranged the sale of a 100-bed skilled nursing facility in Indiana. A regional owner-operator sold the property to a regional operator with a presence in Indiana. The price and further details on the property’s name and location were not disclosed. At the time of marketing, the community posted $10.2 million in total revenue and was 71 percent occupied. The community participated in the Upper Payment Limit program (UPL) with a local hospital. The high revenue generation of the community contributed to an above-average …

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FeaturesNews

Interface Keynote: Economist Expresses Optimism Amid Concerns Over Economy, Labor

by Jeff Shaw

ATLANTA — After a quarter characterized by rising costs of living and mounting inflation, “recession” is the word on everybody’s lips. But Roger Tutterow, professor of economics at Kennesaw State University in Georgia, states that “it is not a foregone conclusion that we’re in a recession today or that we’ll get there in the next several months.” The official definition of a recession is not two consecutive quarters of negative growth in gross domestic product (GDP). “Most of the time it works out that way,” Tutterow said, “but the technical …

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AcquisitionsNewsTexas

JLL Brokers Sale of 75-Unit Quail Park of Granbury in Texas

by Jeff Shaw

GRANBURY, Texas — JLL Capital Markets has arranged the sale of Quail Park of Granbury, a 75-unit independent living, assisted living and memory care community in Granbury, a growing suburb of Dallas-Fort Worth. JLL represented the seller, Living Care Lifestyles, in the sale to Lloyd Jones LLC. Lloyd Jones Senior Living will operate the community going forward, under the name AVIVA Granbury. The sales price was not disclosed. The community comprises two buildings, one offering independent living (41 units) and assisted living (15 units) and one dedicated to memory care …

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Company NewsFinanceNews

Eagle Senior Living Completes Financial Restructuring, Emerges from Bankruptcy

by Jeff Shaw

WILMINGTON, Del. — American Eagle Delaware Holding Co. LLC and its subsidiaries, collectively known as Eagle Senior Living, have completed a comprehensive financial reorganization and exited the Chapter 11 bankruptcy process. The company has implemented its plan of reorganization, approved by the U.S. Bankruptcy Court for the District of Delaware. Eagle Senior Living has significantly reduced its debt service and enhanced its liquidity position, creating a stronger financial foundation, according to the Wilmington-based company. As part of the Chapter 11 process, Eagle Senior Living executed a transaction whereby Atlantis Senior …

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