ORMOND BEACH, Fla. — Capital Square 1031 has acquired The Falls, a 599-homesite manufactured housing community for seniors in Ormond Beach, just north of Daytona on Florida’s Atlantic Coast. “This is Capital Square’s fifth and largest manufactured housing community acquisition to date, closing out a record-breaking year despite the COVID pandemic,” says Louis Rogers, founder and chief executive officer. “Capital Square is bullish on manufactured housing communities in Florida, which are among the most desirable assets in the nation due to high occupancy, increasing rental rates, low operating costs and …
News
MCKINNEY, Texas — Draper and Kramer has acquired Adriatica Senior Living, a 121-unit rental community for active seniors in McKinney, a suburb located 30 miles north of Dallas. Built in 2017, Adriatica Senior Living offers units ranging from 806 to 1,370 square feet. The seller and price were not disclosed. The community is part of Adriatica Village, a mixed-use development modeled after a Croatian fishing village with Mediterranean-style buildings, cobblestone streets and a mix of boutiques, restaurants and entertainment. Draper and Kramer also owns and manages a neighboring multifamily property …
PHOENIX — Colliers International has arranged the sale of Prescott Lakes, an age-restricted apartment community in Phoenix. CA Prescott Lakes Owner LLC acquired the asset from BAZV Prescott Lakes LLC for an undisclosed price. Restricted to residents age 55 or older, the 99,972-square-foot Prescott Lakes features 128 condominium-style one- and two-bedroom apartments. Built in 2003 on four acres, the community includes a dog park, fitness center, game room, media center, pool, spa, outdoor entertainment veranda and fully furnished guest suites. Cindy Cooke, Brad Cooke, Matt Roach, Chris Roach and Tim …
WAUCHULA, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Hardee Manor Healthcare and Rehabilitation Center is a 79-bed skilled nursing facility, located southeast of Tampa in Wauchula. As the operator’s only facility in the state, the REIT landlord elected to exit through a strategic sale to a pre-identified buyer looking to expand its regional footprint in Central Florida.
Monticello Provides $20M Financing for 251-Bed Skilled Nursing Portfolio in Kansas, Ohio
by Jeff Shaw
KANSAS and OHIO — Monticello has provided $20 million in first lien debt financing for the acquisition of two skilled nursing facilities and the contribution of one unencumbered skilled nursing facility located in Kansas and Ohio. The borrower is an owner-operator with a current portfolio of 1,188 licensed. Prior to this deal, Monticello financed the acquisition of a number of facilities in 2020 for the borrower.
DENVER — NBH Bank has promoted Jody Hodges to managing director of the bank’s healthcare team. Hodges has been with NBH for more than a year and has led the team through the COVID-19 pandemic. Denver-based NBH also hired Brian Brigham as senior portfolio manager. He will lead the team’s portfolio managers.
VIRGINIA — Newmark has arranged the $149.6 million sale of a nine-property portfolio of skilled nursing facilities. The properties combined total 1,014 beds across the state of Virginia. The specific names and locations were not disclosed. Annaly Capital Management sold the properties to Next Healthcare Capital for an undisclosed price. The new owner will continue to work with the existing operator. Newmark Seniors Housing Group’s Ross Sanders, David Fasano, Ryan Maconachy, Chad Lavender and John Giebel represented the seller.
Survey: Operators Must Talk About the Right Issues to Lure New Residents During Pandemic
by Jeff Shaw
PHILADELPHIA — While seniors may still have a high interest in moving into seniors housing communities, it’s crucial that sales teams hit on certain difficult topics in a world shaped by the COVID-19 pandemic Philadelphia-based marketing firm LevLane Inc. and MarketVision Research Inc. conducted a research study of 250 adults over age 65. The study found that 64 percent of those surveyed who had been considering a move to a senior living community pre-COVID were still interested in moving into a community within the next five years, and of those …
LeCesse Development Starts Construction of 118-Unit Active Adult Community in West Warwick, Rhode Island
by Jeff Shaw
WEST WARWICK, R.I. — LeCesse Development Corp. has broken ground on a 118-unit active adult community in West Warwick, a suburb of Providence. Named Matteson Ridge, the units will comprise a series of single-family-style homes for rent to residents over the age of 55. Phase I homes will be available for lease in early 2021, with more homes available late spring 2021. Phase I of Matteson Ridge is already underway and will total 33 units, including 15 single-level duplexes and one triplex. The second phase of the project will include …
PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Emerson House Portland, a memory care community in Portland. The property features 29 units totaling 55 bed. It was built in 1999 and renovated in 2013, now totaling 15,000 square feet on one third of an acre. A regional owner-operator existing the industry sold the asset to an Oregon-based operator for an undisclosed price. The new owner has agreed to operate the property as a COVID recovery facility for the State of Oregon. Jason Punzel, Brad Goodsell …