DETROIT — Evans Senior Investments (ESI) has arranged the sale of two assisted living and memory care communities in the northern suburbs of Detroit. A regional owner-operator sold the assets to an operator looking to expand into Michigan for $38.3 million, or $314,000 per unit. With each community being built between 2019 and 2020, the properties were smaller in size, with fewer than 65 units at each community. This allowed for above-average performance during the COVID-19 pandemic. At the time of marketing the portfolio was 88 percent occupied and boasted …
DENVER — Endeavor Senior Living has officially launched, with plans to invest $500 million into North American seniors housing assets with a focus on value-add opportunities. The principals of Endeavor encompass over 50 years of experience in seniors housing, behavioral health, real estate development and investments, capital markets, hospitality, branding, marketing and sales. “Building upon our deep perspective into investments, capital markets and operations, Endeavor is poised to capitalize on opportunities to better serve seniors today and for decades to come,” says Kyle Beard, co-founder and managing partner. “Rooted in …
DALLAS — MedCore Partners, a Dallas-based healthcare and senior living commercial real estate company, has hired 12 new employees. Amber Ashford brings experience in accounting, management, and business operations. Since joining, she has launched the company’s investor portal and is continuously working on partner initiatives to support MedCore with its extensive growth. Matt Batcher is an experienced senior accountant who began his career in public accounting as an auditor at BDO, where he gained exposure to a broad range of clients and technical accounting issues. This role expanded his knowledge …
ATLANTA — Property managers rely on various tools and methods to boost occupancy at their seniors housing facilities. One common avenue is for operators to have reliable online lead generators that connect their sales teams to potential residents and their families. Digital platforms in the seniors housing space like A Place for Mom and Grow Your Occupancy are churning out such leads for sales teams, and operators are saying that it’s a double-edged sword because they are coming in at a rapid clip. “We love the leads but we have …
IRVINE, Calif. — Inflation and current economic conditions are creating problems for senior baby boomers, and new data from American Advisors Group (AAG) shows that those financial issues could become a problem for their Generation X children. To learn exactly how Gen X adult children are feeling about their parents’ financial state, AAG, an Irvine-based home equity solutions provider for seniors, conducted the Adult Children Survey. The survey was conducted on May 12 of this year, with over 1,500 participants ages 40 to 55 who have senior parents. “Americans want …
EAGLE, Idaho and SAN DIEGO — The Pennant Group Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice, home care and senior living companies, has acquired the assets of Ardent Hospice and Palliative Care. The San Diego-based company provides hospice and home health services in the Central Valley, Palm Springs, and San Diego. “This off-market acquisition opens the door to new service areas in Palm Springs and the Central Valley, and further strengthens our presence in San Diego,” says Brent Guerisoli, CEO of Pennant. …
ARIZONA — VIUM Capital has provided a $13.7 million HUD refinancing for a nonprofit continuing care retirement community (CCRC) in Arizona. The transaction replaces a bridge loan, which VIUM also provided in January 2021. The property features 12 independent living, 93 assisted living and 94 skilled nursing beds. Further details were not disclosed.
RIO RANCHO, N.M. — California-based Tailwind Investment Group has acquired Vista Grande, an active adult community located at 4101 Meadowlark Lane in Rio Rancho. Aspen, Colo.-based Cooper Street Capital sold the asset for an undisclosed price. Built in 1972 on 10.9 acres, the 107,216-square-foot Vista Grande features 168 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 456 square feet to 807 square feet. At the time of sale, the community was fully leased. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s …
NEW BALTIMORE and GRAND RAPIDS, Mich. — Commonwealth Senior Living has entered the Michigan market with the acquisition of three newly renovated senior living communities. The properties include Prestige Commons in New Baltimore, and Addington Place at Grand Rapids and Addington Place at East Paris in Grand Rapids. The communities will be rebranded as Commonwealth Senior Living at New Baltimore, Commonwealth Senior Living at Grand Rapids and Commonwealth Senior Living at East Paris, respectively. Commonwealth Senior Living at New Baltimore is wrapping up a $6.5 million complete renovation of the …
HIGHLAND, Calif. — Capital Funding Group (CFG) has provided an $18 million loan for the refinancing of a 99-bed assisted living and memory care facility, Brightwater Senior Living of Highland, in the San Bernardino suburb of Highland. The borrower is Brightwater Senior Living, which developed the facility in 2014 and is the current owner-operator. Further details were not disclosed.