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Affordable HousingDevelopmentNewsNorth Carolina

Greystone, Weaver-Kirkland Break Ground on 70-Unit Affordable Housing Community in Hudson, North Carolina

by Jeff Shaw

HUDSON, N.C. — Greystone Affordable Development and Weaver-Kirkland Development have broken ground on Kirkwood Grove Apartments, a 70-unit affordable seniors housing community in Hudson, approximately 65 miles northwest of Charlotte. Kirkwood Grove is the first of several affordable housing developments that are planned in North Carolina by this joint venture over the next couple of years. Kirkwood Grove will be Greystone’s first new-construction affordable housing development where it will serve as a long-term owner. The second property for the partnership will be The Havens at Oxford in Oxford, N.C., which …

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AcquisitionsIndianaNewsSkilled Nursing

SLIB Brokers $4.3M Sale of The Villas of Guerin Woods in Georgetown, Indiana

by Jeff Shaw

GEORGETOWN, Ind. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Villas of Guerin Woods in Georgetown, a suburb of Louisville, Kentucky. The property offers primarily skilled nursing with some assisted living and memory care options across eight individual “small houses” with 10 units in each. A nonprofit organization seeking to exit its only seniors housing asset sold the community to a private regional company with 14 other communities in Indiana. The price was $4.3 million. Ryan Saul and Nick Cacciabando of SLIB handled the transaction. “This …

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AcquisitionsNewsTennessee

American House Acquires 13 Senior Living Communities in Tennessee

by Jeff Shaw

SOUTHFIELD, Mich. — Southfield-based American House Senior Living Communities has acquired 13 seniors housing communities in Tennessee totaling 875 units. Seniors housing giant Ventas sold the portfolio for an undisclosed price. The properties were formerly Elmcroft Senior Living campuses and will be rebranded as American House Senior Living Communities. With this new portfolio, Southfield-based American House will now manage a total of 70 independent living, assisted living and/or memory care facilities. The portfolio includes the following properties: American House Bartlett features 66 assisted living apartments and is located at 3345 …

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AcquisitionsNewsOhioSkilled Nursing

ESI Arranges $70M Sale of Eight-Property Skilled Nursing Portfolio in Ohio

by Jeff Shaw

CHICAGO — Evans Senior Investments (ESI), a Chicago-based broker, has arranged the sale of eight skilled nursing facilities in Ohio. An Ohio-based owner-operator sold the assets to a regional owner-operator looking to grow in the state. The price was $70 million, or $90,000 per functional bed/unit. The portfolio totals 623 licensed skilled nursing beds (614 functional beds), 22 independent living units and 176 licensed assisted living beds (140 functional beds). “While under contract the portfolio received a large Medicaid rate increase of almost $30 per patient day,” says Henry Fuller, …

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AcquisitionsIdahoMemory CareNews

SLIB Negotiates Sale of 36-Unit Emerson House Memory Care in Garden City, Idaho

by Jeff Shaw

GARDEN CITY, Idaho — Senior Living Investment Brokerage (SLIB) has arranged the sale of Emerson House, a 36-unit, 45-bed memory care community in Garden City, a suburb of Boise. The facility was built in 2002, with an expansion and renovations in 2017. The property totals approximately 21,460 square feet and is situated on 1.4 acres of land. Emerson House had strong occupancy and EBITDAR prior to COVID, according to SLIB. However, due to several outbreaks and lockdowns, occupancy dropped significantly and has just started to rebound. An undisclosed seller sold …

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Company NewsNews

Link Development CEO Ron Ziebart to Become Ownership Partner at Insight Senior Living

by Jeff Shaw

WEST LINN, Ore. — After Insight Senior Living and Link Development partnered to create the newly formed brand Ativo Senior Living, the two companies decided to further deepen their relationship by having Link Development’s CEO, Ron Ziebart, join Insight Senior Living as an ownership partner. Before beginning Link Senior Development in 2012, Ziebart developed numerous seniors housing projects and brings experience as a developer, owner and operator within the full spectrum of seniors housing property types. Ziebart has more than 40 years of experience in various development capacities including more …

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FinanceNewsOperationsTexas

Edgemere Dallas, Lifespace Communities Enter Forbearance Agreement

by Jeff Shaw

DALLAS — Continuing care retirement community Edgemere Dallas and its owner-operator Lifespace Communities have entered into a forbearance agreement with UMB Bank as lender and Intercity Investment Properties as lessee. The forbearance is intended to provide the time necessary to proceed with ongoing discussions towards a consensual agreement among the parties designed to strengthen the community’s financial position for the long term and achieve a more sustainable future, according to Lifespace. During the forbearance period, the parties agree to work cooperatively to reach a consensual resolution of the bonds and …

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Affordable HousingDevelopmentFloridaNews

Public-Private Partnership Completes $23M Affordable Housing Community in Orlando

by Jeff Shaw

ORLANDO — A partnership between Orange County, American Residential Communities and New South Residential has completed Phase I of Madison Landing, an affordable seniors housing community in Orlando. The seven-story building features 110 units in 105,011 square feet on 5.4 acres. Development costs were estimated at $23 million. Winter Park Construction (WPC) is the general contractor for the project, Evans Engineering is the civil engineer, and Blue Skies Studios and DM Architect provided architectural services. Construction began in September 2020. Phase I units are reserved largely (90 percent) for households …

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AcquisitionsLouisianaMississippiNewsSouth Carolina

ESI Arranges Sale of 10-Property Senior Living Portfolio in the Southeast for $145M

by Jeff Shaw

CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage, has arranged the sale of 10 seniors housing communities in Louisiana, Mississippi and South Carolina for $145 million. Schonberg Care, a regional owner-operator, sold the assets to White Oak Healthcare, which will install Discovery Senior Living as the operator. The REIT buyer also assumed a recently refinanced Fannie Mae loan on the portfolio. The communities consist of 590 seniors housing units and 666 functional beds (117 independent living units, 293 assisted living units, and 180 memory care units). The communities were …

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AcquisitionsIdahoIndependent LivingNews

SLIB Negotiates Sale of 82-Unit Cottonwood Cove in Chubbuck, Idaho

by Jeff Shaw

CHUBBUCK, Idaho — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cottonwood Cove, an 82-unit independent living community in Chubbuck, located in the southeast portion of the state. The facility was built in 1987 and totals 117,828 square feet on approximately five acres. The price was not disclosed. Cottonwood Cove has consistently performed even through the pandemic, with an occupancy near 100 percent on an ongoing basis, according to SLIB. The seller was a local owner, with this being its sole senior living asset. The buyer is a …

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