NEWTON, Mass. — Five Star Senior Living Inc. (NASDAQ: FVE) has unveiled a new strategic plan to reposition its senior living management business to focus on larger independent living, assisted living and memory care communities, as well as standalone active adult and independent living communities. As part of the implementation of this new plan, Five Star is amending its management arrangements with Diversified Healthcare Trust (NASDAQ: DHC) to allow for the transition of 108 smaller senior living communities with approximately 7,500 living units, which Five Star currently manages for DHC, …
NASHVILLE, Tenn. — Bridgewood Property Co., a Houston-based developer of senior living properties, has acquired land in Nashville for the development of a mid-rise, luxury retirement community. With guidance and input from zoning counsel; Tune, Entrekin & White PC; the Metropolitan Planning Department; and local neighborhood groups, the property received zoning approval in February 2021 to build 205 senior living units within a 12-story facility. The new Bridgewood community in the city’s Green Hills neighborhood will offer independent living, assisted living and memory care residences and will be located close …
BIRMINGHAM, Ala. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 55-unit independent living and assisted living community in Birmingham The Alabama-based developer purchased the existing assisted living community in 2016 and completed a full renovation, as well as the addition of new units. Further, ownership built a new, three-story independent living community on-site to complement the existing assisted living community. Inspired Healthcare Capital bought the property for an undisclosed price. The new owner plans to retain the existing operator.
WALTHAM, Mass. — EPOCH Senior Living has promoted Kristine Tilton from an executive director position to vice president of operations for Waterstone Senior Living. Tilton will now be responsible for the operational oversight of all current and future communities. Waltham-based EPOCH Senior Living has operated New England senior living communities since 1997.
CHESAPEAKE, Va. — Standard Communities, the affordable housing division of Standard Cos., has acquired Chesapeake Crossing, a 597-unit mixed-income community for seniors in Chesapeake, located near the coast and the North Carolina border. The total capitalization of the transaction is approximately $68 million, including renovations and other costs. Standard is rebranding the property as Starling Village and plans to make $7.5 million in renovations. “With this acquisition, Standard has acquired over 3,000 units in the Mid-Atlantic region, including approximately 1,500 in Virginia,” says Scott Alter, principal and co-founder of Standard …
ANNAPOLIS, Md. — Private-pay seniors housing occupancy in the United States reached a record low of 78.8 percent in the first quarter of 2021, falling 180 basis points from the last quarter of 2020 and 870 basis points from a year ago. This is the sixth consecutive quarter occupancy has declined, and the fourth since the COVID-19 pandemic began. That’s according to new data from the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets. Private-pay …
DENVER, BERTHOUD and BOULDER, Colo. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Colorado: Boulder Canyon Health and Rehabilitation, a 140-bed skilled nursing facility located in Boulder. Berthoud Care and Rehabilitation, a 76-bed skilled nursing facility located in Berthoud. South Valley Post-Acute Rehabilitation, a 106-bed skilled nursing facility located in Denver. These acquisitions are subject to a long-term, triple-net lease. The seller and price were not disclosed. This transaction brings Ensign’s portfolio to 235 healthcare operations, 22 of which also include …
ST. CHARLES, Ill. — Ziegler, in partnership with M&T Realty Capital Corp., acted as financial advisor in a $15.1 million Fannie Mae refinancing on behalf of Essex Communities. The loan will be used to refinance existing debt on Carriage Oaks, an independent living community in St. Charles, approximately 35 miles west of Chicago. Essex originally developed the community in 1999 under a nonprofit entrance-fee model. They recently purchased the building in 2019 and converted it to a market-rate rental model. The community consists of 80 independent living units. Essex owns …
SCOTTSDALE, Ariz. — Cadence Living has hired Tommy Wood as vice president of operations for the Northwest and Texas regions. Wood will have principal responsibility over operations of Cadence Living communities in Washington, Oregon, Northern California and Texas. He has 32 years of healthcare experience. Before Joining Cadence, Wood was vice president of operations for Maryland-based Meridian Senior Living for their Western division, where he also had responsibility for Northern California and Texas regions. He has also served in various leadership capacities for Horizon Bay Senior Living and Atria Senior …
O’FALLON, Ill. — Holland Construction Services has completed work on the new Keystone Place at Richland Creek Senior Living Development in O’Fallon, a suburb of St. Louis. The four-story, $39 million development features 64 independent living units, 66 assisted living units and 19 memory care units, plus one guest suite. It is located on a five-acre plot. The 170,000 square-foot development was constructed adjacent to Parkway Lakeside Apartments, which Holland completed several years ago.