CLARK, N.J. — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing community in Clark, just west of Staten Island. Built in the 1990s, the community exhibited a modern physical plant with all of the rooms at the community private or semi-private occupancy and offering ventilator patient care for up to 10 residents. At the time of marketing, the community was 56 percent occupied, resulting in a significant net operating income loss. Prior to the COVID-19 Pandemic, the community averaged 85 percent occupancy with a large mix …
DESOTO, Texas — JLL Capital Markets has arranged the sale of Methodist Transitional Care Center, a 100-bed, 66-unit transitional care facility in the Dallas suburb of DeSoto. JLL represented the seller, Madison Marquette, in the sale to LFI Real Estate. The absolute net lease has just over 13 years of primary term remaining at sale, and there are also two five-year renewal options. Although the price was not disclosed, the capitalization rate based on first-year rent is 6.8 percent. Methodist Transitional Care Center is leased to a joint venture between …
BARNESVILLE and FORSYTH, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two seniors housing communities totaling 69 units in Georgia. Sunny Grove Assisted Living, located in Barnesville, offers 34 units of assisted living and memory care on a 9.5-acre site. River Place Assisted Living, located in Forsyth, offers 35 units of assisted living and memory care on a 7.3-acre site. The neighboring cities are located approximately 60 miles south of Atlanta. The seller is a local owner-operator looking to exit the seniors housing industry. The buyer …
ROCKVILLE, Md. — The leadership of Collingswood Rehabilitation & Healthcare Center and Marquis Health Consulting Services have cut the ribbon on a $7 million renovation and modernization at the skilled nursing facility in Rockville. Collingswood’s renovation centered on an expansion of the rehab therapy gym and the incorporation of a spacious activities of daily living (ADL) suite. The gym features state-of-the-art equipment and technology to support the delivery of progressive rehab services, while the ADL suite mimics a home environment, enabling patients the opportunity to regain skills before returning home. Collingswood’s …
ALEXANDRIA, Va. — Bonaventure has started construction of a 133-unit luxury senior living project in the Old Town West neighborhood of Alexandria. The development will feature a six-story building with underground parking, studio, one- and two-bedroom living options. Bonaventure expects to complete construction and begin welcoming renters in late 2023. The community is situated centrally in the Old Town West neighborhood and is transit-oriented. It is less than 0.3 miles from the Braddock Road Metro Station, 1.5 miles to Interstate 495, and less than three miles from Reagan National Airport. …
VOLUSIA COUNTY, Fla. — Evans Senior Investments (ESI) has brokered the sale of a 200-bed skilled nursing community in Volusia County, located just northeast of Orlando. Built in 1960s, the community exhibited an older physical plant with all of the rooms at the community semi-private or three-bed wards. At the time of marketing, the community was 41 percent occupied, resulting in a net operating income loss. Prior to the COVID-19 pandemic, the community averaged 73 percent occupancy. ESI represented the seller, a regional owner-operator that sought to exit this community …
LADY LAKE, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Vitality Lady Lake, an 89-unit seniors housing community in Lady Lake, located northwest of Orlando adjacent to The Villages. The community features 69 assisted living and 20 memory care units on a nine-acre site, which features room for expansion. The seller is a Northeast-based real estate private equity fund that purchased this asset as part of a large portfolio in December 2021. This asset was an operational outlier from the rest of the portfolio. The buyer …
BALTIMORE — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 120-unit assisted living and memory care community in the Baltimore metro area. The community was built in 1999 and was underperforming operationally. The buyer is a publicly traded REIT that plans to convert the asset into an addiction recovery facility. The seller and price were not disclosed.
LITTLE ROCK, Ark. — Blake Management Group, together with Cardinal Ventures Inc., has hired Stephen Black as the executive director of The Blake at Chenal Valley in Little Rock. Cardinal Ventures is building the 153,000-square-foot assisted living and memory care community, along with several dozen independent living cottages. Stephen Black earned business administration degrees at the undergraduate and graduate levels from Williams Baptist and Belhaven universities. He carries 12 years of experience in long-term senior care.
SOUTHBRIDGE, Mass. — Arch Communities and WinnCompanies have completed a $25.7 million adaptive reuse project to transform a 106-year-old historic school building in Southbridge into apartments for seniors age 55 and older. The Residences at Wells School features 62 apartments, 56 of which provide affordable housing for those earning up to 60 percent of the area median income (AMI), including eight apartments reserved for residents at or below 30 percent of the AMI. Six apartments have been customized for handicapped and sensory-impaired households. WinnResidential, the property management arm of WinnCompanies, …