PORTLAND, Ore. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged the off-market sale of a 99-unit,114-bed memory care community in a Portland for $25 million. This represents the second sale of the community within a 15-month period for the firm, with the first sale as part of a larger portfolio disposition of non-core assets for a public REIT. The seller was a privately owned, California-based national operator. The buyer is a growing regional owner-operator based in the Portland metro area. The Cushman & Wakefield team involved in …
APPLETON and STEVENS POINT, Wis. — Health Dimensions Group (HDG) has taken over operations of two seniors housing communities in Wisconsin. The repositioning of Brookdale Appleton to Dimensions Living Appleton and Brookdale Stevens Point to Dimensions Living Stevens Point took place on March 1. Dimensions Living Appleton is an assisted living and memory care senior living community surrounded by woods and new walking paths yet still close proximity to shops, parks, theatres, and the Timber Rattlers baseball stadium. Dimensions Living Stevens Point, located in Stevens Point, provides independent and assisted …
VIRGINIA BEACH, Va. — Pembroke Realty Group and Beth Sholom Village have announced plans for a seven-story seniors housing community in Virginia Beach. The new building, which does not yet have a name, will feature 124 independent living apartments, 20 assisted living apartments and 12 memory support units. Kahler Slater Architects and CJMW Architecture designed the property, which is scheduled to open in fall 2023.
SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left …
MYRTLE BEACH, S.C. — Liberty Senior Living has announced a grand opening celebration on April 29 for Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. The complex features more than 600,000 square feet of residential and commercial space. Apartments range from 766 square feet to 1,400 square feet. It is located less than two miles from the Atlantic Ocean. “Properties that focus on fostering a sense of community within their neighborhood are the most successful and valued because they provide residents with wellness, vitality and happiness,” says …
ST. LOUIS, Mo. — Spellman Brady & Co., a St. Louis-based interior design firm specializing in seniors housing, has hired AshLee Snyder as a senior designer. Snyder earned her bachelor’s degree in interior design at the University of Arkansas in Fayetteville. In addition to her formal education, she has earned certifications from the U.S. Green Building Council (LEED AP ID+C) and the Council for Interior Design Qualification (NCIDQ) and is a professional member of the International Interior Design Association (IIDA). Snyder brings over 13 years of professional interior design experience …
FAIRFAX, Va. — The undisclosed owner of The Virginian, a senior living community in the Northern Virginia city of Fairfax, will break ground this Thursday on a $56.5 million renovation project. The 18-month renovation with “completely reimagine” the seven-story, 367,000-square-foot building. Following the project, the community will include four wings featuring 155 independent living apartments, 56 assisted living units and 38 memory care residences. Located on a 32-acre wooded campus just northeast of the city’s downtown are, The Virginian is one of the only senior living communities in Northern Virginia, according …
TARPON SPRINGS, Fla. — Live Oak Bank has provided a $12.3 million refinancing for Watercrest Senior Living. The bridge-to-permanent loan will refinance debt on Market Street East Lake, a seniors housing community in Tarpon Springs, a coastal suburb of Tampa. East Lake is a 64-unit standalone memory care community that opened in March of 2018. The 45,960-square-foot property sits on 3.4 acres of land. Lument advised Watercrest in the transaction.
MUSCLE SHOALS, Ala. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Brookdale Shoals, a 42-unit assisted living and memory care community in Muscle Shoals, located along the Tennessee River in the northwest corner of Alabama. The asset was an operational outlier for Brookdale, the seller. The buyer is a local partnership between an individual investor and operating partner. The price was not disclosed. Brad Clousing, Jeff Binder and Daniel Geraghty of SLIB handled the transaction.
OAK LAWN, Ill. — Anthem Memory Care has named Allison Rackow as executive director of Grace Point Place, an Anthem community in Oak Lawn, a suburb of Chicago. Rackow previously was executive director at nearby Sunrise Senior Living of Palos Park. She has also served as associate executive director for Sunrise at Fountain Square as well as executive director at ResCare Premier. Rackow earned her master’s degree in social work from Southern Illinois University Carbondale and a bachelor’s degree in social work from University of Wisconsin-Whitewater.