CLINTON, Conn. — Blueprint Healthcare Real Estate Advisors has brokered the sale of The Shoreline of Clinton, a 48-unit memory care community in Clinton, located on Long Island Sound east of New Haven. The community was renovated in 2015, but due to high levels of competition was still marketed as a value-add opportunity. A New York-based owner-operator acquired the property. The seller and price were not disclosed.
News
AHCA Survey: Over Half of Skilled Nursing Facilities Operating at a Loss Due to Pandemic
by Jeff Shaw
WASHINGTON, D.C. — Over half of skilled nursing facilities are currently operating at a loss, with 72 percent saying they won’t survive another year at the current pace. That’s according to a recent survey by the Washington, D.C.-based American Health Care Association (AHCA) and National Center for Assisted Living (NCAL). The survey polled 463 facilities between Aug. 8 and Aug. 10. Of the respondents, nearly 90 percent said they are on either a razor-thin profit margin or operating at a loss, with 55 percent saying they are currently operating at …
JACKSON, Mich. — Senior Living Investment Brokerage (SLIB) has arranged the sale of RidgeCrest Health Campus, an assisted living and skilled nursing community in Jackson, approximately 75 miles west of downtown Detroit. Built in 2010, the community features 50 skilled nursing beds and 40 assisted living units. Totaling 54,696 square feet, the property was more than 90 percent occupied at the time of sale despite the ongoing COVID-19 pandemic. The seller was a regional owner-operator with communities across Indiana, Ohio, Michigan and Kentucky. The buyer was a Michigan-based company looking …
Grace Management Takes Over Operations of Sumter Senior Living in The Villages, Florida
by Jeff Shaw
THE VILLAGES, Fla. — Grace Management is now the new operator of Sumter Senior Living, a seniors housing community within the master-planned The Villages age-restricted community, located approximately 50 miles northwest of Orlando. Sumter features 298 units of independent living, assisted living and memory care. Residents have access to the amenities offered by the larger The Villages community. The property’s owner is Kayne Anderson Real Estate.
Link Senior Development, Insight Senior Living Launch Ativo Brand with Three Communities Planned
by Jeff Shaw
PORTLAND, Ore. — Link Senior Development and Insight Senior Living have launched the Ativo Senior Living brand, with three upcoming communities currently announced in the Southwest. The first property, Ativo Senior Living of Yuma, Arizona, is currently under construction with a planned opening in early 2021. The Portland-based company also has communities planned in Prescott Valley, Arizona; Buckeye, Arizona; Albuquerque, New Mexico; and other projects in various design phases throughout the Southwest. “This relationship between Insight Senior Living and Link Senior Development was forged based on our mutual enthusiasm for …
VIERA and PONTE VEDRA, Fla. — RangeWater Real Estate is preparing to open its first two active adult communities under its new Olea brand. The properties are Olea at Viera near Orlando and Olea at Nocatee in Ponte Vedra, a suburb of Jacksonville. The new Olea brand is designed for empty nesters looking to lead an active and social lifestyle with the convenience and freedom of apartment living. The two projects are located 140 miles apart on Florida’s east coast and mark the start of RangeWater’s age-targeted housing expansion across …
ATHENS, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 112-bed skilled nursing facility in Athens, approximately 80 miles southeast of Dallas. Built in 1987, the property is located near the University of Texas Health East Texas campus. A REIT sold the asset to a Fort Worth-based owner-operator for an undisclosed price.
Housing Trust Group Breaks Ground on $22M Valencia Grove Affordable Community in Florida
by Jeff Shaw
EUSTIS, Fla. — Housing Trust Group (HTG) has broken ground on Valencia Grove II, a 110-unit affordable seniors housing community in Eustis, approximately 30 miles northwest of Orlando. The project is the second phase of the Valencia Grove project, which has already delivered 144 affordable apartments. Units are reserved for residents over 62 years old who earn 22 percent, 35 percent and 60 percent of local area median income (AMI). Rents range from $286 to $937 per month. Development costs for Phase II were estimated at $22 million. The project …
WISCONSIN — Monticello has provided $14 million in first lien debt financing for the acquisition of one skilled nursing and assisted living facility and the refinancing of two skilled nursing facilities totaling 305 beds in Wisconsin. The borrower is an experienced owner and operator with a current portfolio of 4,969 licensed beds/units. Further information on the names and locations of the community was not disclosed.
FRESNO, Calif. — Oakmont Senior Living has hired Heidi Setty as executive director and Miya Prosser as health services director of Oakmont of Fresno in Fresno. Setty has been an administrator for more than two decades. She had oversight for 15 communities as a financial consultant as well. Prosser started her nursing career while in high school as she comes from a family of nurses. She was a CNA and then became a Licensed Vocational Nurse (LVN). She has a wide range of experience from working in skilled nursing to …