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AcquisitionsAssisted LivingNewsTennessee

SLIB Arranges Sale of Two-Property Portfolio in Metro Knoxville

by Jeff Shaw

KNOXVILLE and POWELL, Tenn. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of two seniors housing communities, one in Knoxville and one in nearby Powell. The communities feature a combined 102 assisted living and memory care units. The seller is a private REIT that had partnered with a national operator. These two assets were outliers for the operator, which led to the sale. The buyer is a joint venture between a real estate/asset management firm and an operator that already had a footprint within Tennessee. The price was …

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AcquisitionsActive AdultNews

Walker & Dunlop Negotiate Sale of 25-Property Portfolio for $502M

by Jeff Shaw

BETHESDA, Md. — Walker & Dunlop’s Seniors Housing Investment Sales team, based in Bethesda, has brokered the sale of 25 seniors housing communities in the Midwest and East Coast for $502 million. Calamar sold the assets, which are all active adult communities under the Connect55+ brand. The buyer was REIT giant Welltower (NYSE: WELL). Average monthly rents are $1,300 per month, and the average length of stay is over five years. The Walker & Dunlop team included Josh Jandris, Brett Gardner, Tony Cassie, Mark Myers, Gideon Orion, Jordyn Berger, Alex …

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Company NewsNewsPeople

AlerisLife Appoints Jeff Leer as President, CEO

by Jeff Shaw

NEWTON, Mass. — AlerisLife Inc. (NASDAQ: ALR), a Newton-based operator, has appointed Jeff Leer as president and chief executive officer. Leer was already serving in both roles on an interim basis. He will also continue to serve as chief financial officer of ALR until a replacement is appointed. ALR also announced that the healthcare consulting arm of Alvarez & Marsal (A&M) concluded a comprehensive operational review and made recommendations to the board of directors. The recommendations made by A&M include cost reductions and a corporate reorganization that is designed to …

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AcquisitionsFeaturesNews

High Inflation, Interest Rates Could Lead to Value-Add Acquisition Opportunities, Say Webinar Panelists

by Jeff Shaw

Inflation and interest rates are both going up at levels not seen for decades, if ever, in the United States. As a result, both topics have entered the general consciousness of the American public in a way rarely seen before, according to JP LoMonaco, president of Valuation & Information Group. “I haven’t said the words inflation or higher interest rates in more than 20 years, but they have definitely creeped into the American pop psyche. Chances are that you’re likely to start an elevator conversation with inflation more than weather …

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Affordable HousingDevelopmentFloridaNews

Wendover Housing Partners Opens $27.6M Hawthorne Park Affordable Community in Orlando

by Jeff Shaw

ORLANDO, Fla. — Wendover Housing Partners and the government of Orange County, Florida, have opened Hawthorne Park, an affordable seniors housing community in the Pine Hills neighborhood of Orlando. Hawthorne Park replaces a portion of an underutilized shopping center. The 120-unit community is designed for residents 55 and older meeting income requirements. According to the National Low Income Housing Coalition (NLIHC) 2022 GAP report, the Orlando metro area only has 18 affordable and available homes per 100 extremely low-income renters. A recent study conducted at the request of the Orange …

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DevelopmentNewsTexas

Forefront Living Starts Construction of 239-Unit The Outlook at Windhaven in Plano, Texas

by Jeff Shaw

PLANO, Texas — Forefront Living has broken ground on The Outlook at Windhaven, a seniors housing community in Plano. Architecture firm “three” designed the 18-acre project. Plans call for 30 independent living cottage homes, 153 independent living apartments, and a 56-unit building for assisted living and memory care in a 530,000-square-foot building. A timeline for completion was not released.

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AcquisitionsFloridaMemory CareNews

SLIB Arranges Sale of 54-Unit Memory Care Community in Port Orange, Florida

by Jeff Shaw

PORT ORANGE, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of a 54-unit memory care community in Port Orange, a coastal city in Central Florida. The seller was a private REIT looking to exit an operational outlier from a previous portfolio. The buyer is a growing regional owner-operator expanding its presence in Florida. The price was not disclosed. Bradley Clousing and Daniel Geraghty handled the transaction for SLIB.

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NewsPeople

LCS Foundation Announces Elisa Baptiste as Board President

by Jeff Shaw

DES MOINES, Iowa — The LCS Foundation, a nonprofit charitable organization supporting the senior living industry, has named Elisa Baptiste as its new board president. Baptiste succeeds the LCS Foundation’s founder and former LCS CEO, Ed Kenny, who has served as board president since 2017. Kenny will continue to serve as a member of the board. Baptiste has served on the LCS Foundation board since 2017 and has served as the chair of the Emergency Relief Fund Committee. She is currently the senior vice president and chief operating officer for …

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AcquisitionsFloridaNews

Convivial Life Acquires 295-Unit Jacaranda Trace in Venice, Florida

by Jeff Shaw

VENICE, Fla. — Convivial Life Inc. has acquired Jacaranda Trace, a seniors housing community featuring 240 independent living and 55 assisted living/memory care units in Venice. The seller was Venice Florida Senior Holdings LLC. The price was not disclosed. As part of the acquisition, Convivial also purchased an 85,000-square-foot clubhouse featuring a fitness center; heated outdoor pool and hot tub; on-site doctor’s clinic; multiple dining venues; billiards and activity rooms; woodworking shop; and library. Convivial is already working on expansion plans at the 33-acre community. LifeStar Living arranged the transaction …

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AcquisitionsActive AdultNewsPennsylvania

Livingston Street Capital Buys 231-Unit Active Adult Community in King of Prussia, Pennsylvania

by Jeff Shaw

KING OF PRUSSIA, Penn. — An affiliate of Livingston Street Capital, a boutique private equity firm, has acquired Canvas at Valley Forge, a 231-unit, Class A active adult community in King of Prussia, a suburb of Philadelphia. The luxury asset brings the firm’s multifamily portfolio, which currently comprises primarily active adult communities, to more than 1,800 units located throughout seven states. “This investment opportunity is well aligned with the core of our active adult strategy,” explains Peter Scola, founder, president and co-CEO of Livingston Street Capital, who notes that according …

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