DALLAS — While seniors housing will continue to be impacted over the near term as a result of the COVID-19 pandemic, investors believe the sector has turned the corner from 2020’s significant challenges, according to the CBRE U.S. Seniors Housing & Care Investor Survey. Investors responding to the survey indicate that tempered investment growth is likely in the short term, with a full recovery to take longer. In the long term, respondents are encouraged by an aging population and a greater understanding of the threats posed by the pandemic. Seniors …
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RACINE, Wis. — Senior Living Investment Brokerage has arranged the sale of The Woods of Caledonia, a 50-unit community-based residential facility (CBRF) in Racine, approximately 25 miles south of Milwaukee. The property totals 54,000 square feet n 4.48 acres. It was originally built in early 1960s and converted to a CBRF in 2008. Occupancy was 75 percent at the time of the sale. The seller was a regional owner-operator that strategically divested this facility due to poor financial performance and the fact that it had transitioned to a Medicaid waiver …
Sunshine Retirement Names Kimberly Boughton Executive Director of Community in Aurora, Colorado
by Jeff Shaw
AURORA, Colo. — Sunshine Retirement Living has named Kimberly Boughton as executive director of Belleview Heights Assisted Living and Memory Care in Aurora. With more than 12 years of experience in the senior living and care industry, Broughton will be responsible for all day-to-day management, including leading the community’s health, safety, and infection prevention programs. Before starting her career in senior care, Broughton worked as an insurance broker. In 2008, she served as a marketing director for a home care company, where she was then promoted to director of operations. …
VIRGINIA BEACH, Va. — Standard Communities, the affordable housing division of Standard Cos., has acquired The Commons at Princess Anne, an affordable seniors housing community in Virginia Beach. This acquisition and renovation represents an investment of approximately $22 million and includes capital improvements at the 186-unit property. With this transaction, Standard has created or preserved over 2,000 units of affordable housing in the Mid-Atlantic region. “Older adults, many of whom are on fixed incomes, often find themselves priced out of the neighborhoods that they have been a part of for …
VIRGINIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sentara Healthcare’s portfolio of skilled nursing and seniors housing. The portfolio totals 876 beds in Southern Virginia. Following a previous sale in 2019, Sentara decided to leave the seniors housing space to focus on acute care. The buyer was Omega Healthcare Investors, which will continue to lease to the existing operator, Saber Healthcare Group. The price was not disclosed.
PHOENIX — Cushman & Wakefield Senior Housing Capital Markets has arranged a $13 million refinancing for The Palazzo, a 327-unit seniors housing community in Phoenix. The borrower is a joint venture of an affiliate of Westport Capital Partners LLC and Integro Healthcare Consulting. The borrower originally acquired the 14-acre campus in 2017. The property recently underwent a $10 million renovation, and the refinancing will replace the original acquisition financing while current ownership finishes executing its business plan. The community comprises two three-story buildings totaling 335,000 square feet, featuring 100 independent …
TAMPA, Fla. — Validus Senior Living Communities will be the new operator of five H-Bay Ministries-owned communities in Florida. The communities will operate under Tampa-based Validus’ Inspired Living brand, but will carry their existing banner of Superior Residence. The new communities are located in the Brandon, Clermont, Ocala, Lecanto and Niceville markets totaling 340 units, and focus on middle-market seniors.
In spring of 2019, the National Investment Center for Seniors Housing & Care (NIC) released a research study showing that fewer than half (46 percent) of America’s middle-income seniors will be able to afford the $60,000 average annual costs of seniors housing and out-of-pocket medical expenses in 2029. The silver lining of the study was that seniors housing developers and operators could opt to build for this underserved market. About 18 months since the study was released, the dynamic hasn’t changed much, according to Michael Edwin, vice president with consulting …
Moss Construction to Build $120M Expansion at John Knox Village in Pompano Beach, Florida
by Jeff Shaw
POMPANO BEACH, Fla. — Moss Construction has been awarded a $120 million contract for an expansion at John Knox Village in Pompano Beach. The project will be divided into two phases and the first phase has started. The 37,117-square-foot project will consist of a first-level pavilion featuring a performing arts center, pre- and post-event gallery space, two restaurants with indoor and lakeside dining, a bar in between the two restaurants, a lakefront promenade and gathering spaces. The second phase is scheduled to start in the first quarter of 2022. The …