SOUTHBURY, Conn. — Monarch Communities has acquired The Hearth at Southbury in the western New Haven County municipality of Southbury. The community offers 96 independent living/assisted living apartments and 34 memory care apartments in the heart of downtown Southbury. Once the acquisition is finalized, Monarch plans to make capital improvements to upgrade and refresh resident apartments, as well as common areas throughout the community. The community will also be renamed Motif by Monarch.
BUDA, AUSTIN and KYLE, Texas — JCI Senior Housing, a developer based in Austin, has added three communities in Texas to its portfolio. The communities are Buda Oaks Assisted Living and Memory Care in Buda, SoCo Village Assisted Living and Memory Care in Austin, and The Philomena Assisted Living and Memory Care in Kyle. JCI will operate the communities.
RYE, N.H. — Benchmark Senior Living has completed a community enhancement initiative and rebranding of its memory care community in Rye. Evolve at Rye is now Benchmark at Rye. Benchmark purchased and began operating the community in November 2020. In addition to offering long-term residency, Benchmark at Rye is also a short-term respite care provider for those needing a break from caregiving, require extra care temporarily or a seek a trial of community living. Benchmark is looking to add traditional assisted living on the same campus.
GLENDALE, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Westgate Village, a 129-unit independent living community in Glendale. Located approximately nine miles northwest of downtown Phoenix, the property was built in 2017. It totals 112,000 square feet on approximately eight acres of land. A regional developer sold the community to a REIT for an undisclosed price. The new owner plans to keep the existing operator in place. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “This was a great opportunity for the …
INMAN, S.C. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Magnolia Manor, a 176-bed skilled nursing facility in Inman, located northwest of Spartanburg. The property represents over 40 percent of the total beds in the market and has twice the capacity of the next largest competitor, according to Blueprint. The large, East Coast-based operator bought the property and will continue to manage it. The seller and price were not disclosed.
PHILADELPHIA — Pennrose, a developer based in Philadelphia, has hired Tom Anderson to its executive development team as senior vice president of development. Anderson will lead Pennrose’s strategic expansion into the Midwest and Mountain regions. In addition to providing leadership for an expanding development team, he will also provide executive representation of Pennrose among industry organizations and associations, financial partners, design and construction partners, housing authorities, and state agencies. Prior to Pennrose, Anderson spent six years as managing director of Cohen-Esrey Development Group, an affordable housing developer. In this role, …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a Toledo-based REIT and the largest owner of seniors housing in the United States, has expanded its relationship with Oakmont Management Group. Through the acquisition of new management contracts, the partnership is expected to roughly double the size of Welltower and Oakmont’s existing portfolio by the end of the third quarter in affluent markets across California. Welltower has also signed a long-term exclusive development agreement with Oakmont. Through this agreement, both organizations will invest significant capital and resources to build, own and operate …
BLUFFTON and HILTON HEAD, S.C.; TUCSON, Ariz.; and JACKSON, Tenn. — Walker & Dunlop Inc. has structured $37.4 million in financing for four assisted living and memory care facilities. The finance transactions included $5.5 million for Bloom at Bluffton in Bluffton; $5.8 million for Bloom at Hilton Head in Hilton Head; $16.1 million for Cascades of Tucson in Tucson; and $10 million for Regency of Jackson in Jackson. Kevin Giusti and Brian Neal led the origination team. The Bloom portfolio, comprising two assisted living and memory care communities with 117 …
WEST HAVEN, Utah — TWG has started construction of Residences at West Haven, a new affordable seniors housing project in West Haven, approximately 35 miles north of Salt Lake City. The 38,000-square-foot, three-story property will consist of 40 one-bedroom units affordably priced for seniors aged 62 and older. Priority will be given to residents who are military veterans, and a number of units will also be reserved for local seniors with disabilities or who are suffering from homelessness. All units are reserved for seniors who earn between 30 percent and …
AUSTIN and CEDAR PARK, Texas — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of Sedona Trace Health and Wellness Center, a 119-bed skilled nursing facility located in Austin, and Cedar Pointe Health and Wellness Center, a 122-bed skilled nursing facility located in Cedar Park. CareTrust REIT Inc. (NASDAQ: CTRE) acquired the real estate in the transaction and each operation will be added to an existing long-term, triple-net master lease, which is currently in place between Ensign affiliates and CareTrust. Terms of the transactions were not disclosed. This …