PHILADELPHIA — Pennrose, a Philadelphia-based developer, has promoted Amon Martin to regional vice president of the Southeast, following the recent announcement of the retirement of Mark Straub. Martin joined Pennrose in 2016 as senior developer. He has led the Atlanta office for Pennrose and contributed to the execution and growth of Pennrose’s development pipeline within the Southeastern U.S., including all aspects of the real estate development process from initial conception through construction, lease-up and stabilized occupancy or sale. Martin brings over 20 years of experience in market-rate and affordable apartments, …
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With two approved vaccines to combat COVID-19, the end of the pandemic is visible on the horizon. However, some seniors housing experts say it may be the third quarter of 2021 before the sector starts to see the turnaround take hold. “We have a much clearer picture of what the post-COVID world will look like,” said Adam Heavenrich, managing director of Heavenrich & Company. “The COVID world of 2020 will hopefully look drastically different from the post-COVID world of 2021.” The comments came during a panel titled “Investment Update: Should …
CHICAGO and RICHARDSON, Texas — Chicago-based private equity firm Thoma Bravo has acquired RealPage (NASDAQ: RP), the Richardson, Texas-based provider of property management software, in a deal valued at $10.2 billion. The price tag includes the assumption of the debt of RealPage, which was founded in 1998 and serves owners worldwide, including seniors housing. Under the terms of the agreement, RealPage stockholders will receive $88.75 in cash per share of RealPage common stock upon closing of the transaction. The purchase price represents a premium of 30.8 percent over RealPage’s closing stock …
IRVINE, Calif. — Kisco Senior Living has acquired Atria Park of Woodbridge, a 139-unit seniors housing community in Irvine, approximately 40 miles southeast of downtown Los Angeles. Healthpeak sold the 103,000-square-foot property for an undisclosed price. The seller recently completed a $9 million renovation at the community that converted some assisted living units into a memory care neighborhood. In addition to taking over management duties from Atria Senior Living, Kisco plans to rename the community Woodbridge Terrace of Irvine as part of the results of a resident poll. The executive …
ANGELS CAMP, Calif. — A partnership between Auerbach Funds and Prado Senior Living, an affiliate of Mello Group LLC, has acquired Foothill Village, an independent living, assisted living and memory care community in Angels Camp, approximately 80 miles southeast of Sacramento. The new owners plan to renovate the 70-unit community, including the addition of new dining outlets, outdoor amenities and a lounge that overlooks the Sierra Nevada Mountains. “We were able to acquire the asset off market during the height of COVID-19 pandemic,” says Peter Auerbach, founder and managing partner …
PITTSBURGH, Pa. — The Urban Redevelopment Authority (URA) of Pittsburgh has selected Tryko Partners as developer of choice to redevelop the former Fairywood School site in the city’s west end. Tryko’s winning proposal will transform the vacant property into 46 affordable townhomes for seniors aged 62 and up as part of a neighborhood revitalization initiative. The project design features one-bedroom units with covered porches, surrounded by a series of walkable, park-like green spaces. The complex will be transit-friendly and incorporate energy-efficient and sustainable site design, including rain gardens throughout the …
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 …
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.