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DevelopmentIndependent LivingNewsTexas

JPI Partners Breaks Ground on 185-Unit Independent Living Community in Anna, Texas

by Jeff Shaw

ANNA, Texas — JPI has partnered with the City of Anna to break ground on Parmore Anna Senior Living, a luxury independent living community in Anna, approximately 50 miles north of Dallas. The property will be the first of its kind in Anna and JPI’s second installment in its new line of senior developments. The Anna Housing Finance Corp. is also a partner on the project. The 150,000-square-foot community will span over nine acres and include 185 apartments. The project is scheduled for completion in 2023.

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AcquisitionsNewsOhioSkilled Nursing

Blueprint Brokers $81M Sale of Skilled Nursing Portfolio in Columbus, Ohio

by Jeff Shaw

COLUMBUS, Ohio — Blueprint Healthcare Real Estate Advisors has brokered the sale of five skilled nursing facilities and the sub-lease of two more, all located in Columbus. Locally owned and operated since 1984, the seven communities consisted of roughly 750 dually certified skilled nursing beds and 200 seniors housing units. While historically operating near stabilized levels with consistent $70+ million in annual revenue, performance drastically declined during the COVID-19 pandemic. Citing a desire to exit the skilled nursing industry, the regional owner-operator elected to sell five of the assets and …

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DevelopmentMassachusettsMemory CareNews

EPOCH, National Development Opens 48-Unit Memory Care Community in Lexington, Massachusetts

by Jeff Shaw

LEXINGTON, Mass. — EPOCH Senior Living and National Development have opened Bridges by EPOCH at Lexington, a memory care community in the Boston suburb of Lexington. The community is located next to the Belmont Country Club and features three residential households, each consisting of 16 memory care suites. This opening marks the 11th Bridges standalone memory care community in New England for EPOCH Senior Living. EPOCH Senior Living also operates four luxury Waterstone Senior Living communities in Massachusetts, Connecticut and New York.

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MarylandNewsOperationsPeople

Erickson Hires Chandra Kumar as Executive Director of Charlestown Community in Catonsville, Maryland

by Jeff Shaw

CATONSVILLE, Md. — Erickson Senior Living has named Chandra Kumar, a longtime Erickson leader, as executive director of Charlestown in Catonsville, a first-ring suburb of Baltimore. Kumar comes to Charlestown from Greenspring, another Erickson Senior Living community in Springfield, Va. She joined Erickson Senior Living in 2014 as the associate executive director of Riderwood in Silver Spring, Md. and was promoted to executive director at Greenspring in 2016. Kumar is a licensed nursing home administrator. She holds a bachelor’s degree in accounting and gerontology from the University of Maryland and …

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Active AdultFeaturesNews

InterFace Panel: Lease-Up Represents Most Challenging Phase of Active Adult Development

by Jeff Shaw

DALLAS — Completing the lease-up and stabilization of new communities in a timely and cost-efficient manner is the most difficult aspect of developing active adult properties in the current environment. Such is the assertion of developers that are immersing themselves more deeply in this fast-growing sector of commercial real estate, which lies somewhere in between traditional multifamily and independent living on the spectrum of residential uses and services provided. The challenges of fast and effective lease-up programs are attributable to several factors that are unique to the emerging asset class, …

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FinanceNewsSouth Carolina

Northmarq Arranges $39M Refinancing for Merrill Gardens at Carolina Park in Mt. Pleasant, South Carolina

by Jeff Shaw

MT. PLEASANT, S.C. — Northmarq has arranged $39 million in permanent financing for Merrill Gardens at Carolina Park, a 158-unit independent living, assisted living and memory care community in Mt. Pleasant. The community resides on 14.9 acres in Carolina Park, a master-planned community 16 miles northeast of Charleston. Built in three phases from 2018 to 2021, the main building was completed in 2018 with 130 units; 28 cottages were delivered in 2019; and in 2021, a swimming pool and fitness center addition were completed. The loan was structured prior to …

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AcquisitionsNewsWisconsin

SLIB Brokers Sale of Eight-Property Portfolio in Metro Milwaukee

by Jeff Shaw

MILWAUKEE — Senior Living Investment Brokerage (SLIB) has arranged the sale of eight seniors housing communities in the Milwaukee metro area. The eight communities feature a total of 449 units/beds, with occupancy averaging 84 percent. The seller was a private owner that acquired these communities as value-add deals and turned them around. The buyer was an experienced assisted living company with an existing portfolio in the Southeast looking to expand in the Midwest. The price was not disclosed. Jason Punzel, Ryan Saul and Bradley Clousing of SLIB handled the transaction.

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AcquisitionsMemory CareNewsWashington

Blueprint Negotiates $10.6M Sale of 50-Unit Memory Care Community in Bremerton, Washington

by Jeff Shaw

BREMERTON, Wash. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 50-unit, 64-bed memory care community in Bremerton, across the Puget Sound from Seattle. The asset, previously a skilled nursing facility, was completely renovated in 2016 and opened as a memory care community in 2017. The community maintained a 66 percent occupancy during the last couple of years, producing an average operating margin of 15 percent. The property was a geographic outlier for the undisclosed seller. The buyer is a memory care-focused owner-operator with an established presence …

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New YorkNewsOperationsPeople

Life Care Services Names Ashley Wade as Executive Director of Broadview at Purchase College

by Jeff Shaw

RYE BROOK, N.Y. — Life Care Services (LCS) has promoted Ashley Wade to executive director of Broadview – Senior Living at Purchase College. The LCS-operated, university-based retirement community is currently under construction at the Purchase College, SUNY campus in Rye Brook, located along the Connecticut border northeast of New York City. Wade will oversee and manage all operations at Broadview, including leadership for the community, direct and indirect supervision of staff, management of Broadview facilities, collaboration with Purchase College, and ensuring residents’ safety, security and satisfaction. Wade has served as …

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AcquisitionsAssisted LivingNewsWisconsin

NAI Greywolf Arranges Sale of 123-Bed Seniors Housing Campus in Green Bay

by Jeff Shaw

GREEN BAY, Wis. — NAI Greywolf has negotiated the sale of two seniors housing communities in Green Bay. Dawn Davis represented the seller. The portfolio included Bishop’s Court Community, a 69-bed assisted living facility with memory care, and Allouez Sunrise Village, which is a 49-unit residential care apartment complex. The combined 125,711-square-foot portfolio is located on the same campus. The buyer and price were not disclosed.

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