RALEIGH, N.C. — Green Courte Partners (GCP), through one of its investment funds, has acquired The Aspens at Bedford Falls, a 182-unit seniors housing community in Raleigh. Construction of the community was completed in August 2019. GCP acquired the property along with its wholly owned subsidiary True Connection Communities, which will take over operations. The price and seller were not disclosed. GCP plans to convert the community from an active adult focus to a full-service independent living community. Post-conversion, the community will total 181 units, increasing buyer’s total portfolio to …
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Alliant Capital Invests in Blue Mountain Terrace Affordable Development Near Sacramento
by Jeff Shaw
WINTERS, Calif. — Alliant Capital has completed an investment in Blue Mountain Terrace, a 63-unit affordable seniors housing development in Winters, a rural city approximately 25 miles west of Sacramento. Domus is developing the community, which will serve those age 62 and older earning between 25 and 60 percent of the area median income. The size of Alliant’s investment was not disclosed. “California’s demand for affordable housing is high statewide,” says Dudley Benoit, executive vice president at Alliant Capital. “In particular, the need for quality housing for low-income seniors is …
SAN DIEGO — JLL has hired Deborah Street as a senior vice president with the company’s Valuation Advisory division. Street will have a special focus on seniors housing, nursing care and multifamily. She will be based in San Diego. As part of the hire, Street will start a new Strategic Advisory national practice focused on developing and implementing real estate strategies. Services include improving the operating performance of existing assets, on-demand underwriting, strategic planning, transaction structure/return analysis, transaction management, and due diligence services for potential investment and development opportunities.
TUCSON, Ariz. — Watermark Retirement Communities has opened The Hacienda at the Canyon, an independent living, assisted living and memory care community in Tucson. The property is located on 10.5 acres at the historic landmark site of St. Anne’s Convent at Sabino Canyon. The community features an on-site integrative healthcare clinic run by TMCOne, two on-site home health care agencies, integrated personal wearable technologies and fitness systems. The development is the first to open under Watermark’s new upscale Élan Collection brand. Future locations are slated for Brooklyn Heights, Napa Valley …
HAMMOND, La. — Phoenix Senior Living has unveiled plans for The Phoenix at Hammond, a 91-unit assisted living and memory care community in the New Orleans suburb of Hammond. First Guaranty Bank is the lending partner for the project. Groundbreaking is scheduled to take place before the end of January. Phoenix Senior Living, founded in 2014, operates 26 communities throughout the Southeast. The Phoenix at Hammond will be the company’s second community in Louisiana.
SAN ANTONIO — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of The Healthcare Center at Patriot Heights, a seniors housing campus in San Antonio. The property features 59 skilled nursing beds and 158 independent living units. The seller and price were not disclosed. This acquisition brings Ensign’s portfolio to 214 skilled nursing operations, 23 of which also include assisted living, across 13 states. Ensign owns the real estate at 90 of those properties.
DALLAS — Anand Patel and Narayan Patel have launched Journey Capital, a newly formed real estate development and acquisitions company based in Dallas. The company plans to start a pipeline of seniors housing properties, starting in Texas. The two principals originally started in the hospitality industry. “We take great pride in guest service, and we wanted to bring that passion into a new space,” says Anand. “Seniors housing is a natural fit, but we think the industry needs to evolve to meet its potential. Our goal is to build senior …
CLEMMONS, N.C. — Evans Senior Investments (ESI) has arranged the sale of Crest of Clemmons, an assisted living community in the Winston-Salem suburb of Clemmons for $5 million, or $111,000 per unit. The seller was previously the owner-operator, which leased the facility 15 months ago. The buyer is the current regional operator exercising its purchase option. The 45-unit community features 70 operational and licensed beds. It was built in 1984 and renovated in 2005. Occupancy has averaged 85 percent (per bed, not unit) since 2016.
ANNAPOLIS, Md. — Private-pay seniors housing occupancy increased 10 basis points in the fourth quarter of 2019 to 88 percent, according to new data from the National Investment Center for Seniors Housing & Care (NIC). The increase is the second consecutive quarterly increase of 10 basis points following an eight-year low of 87.8 percent in second-quarter 2019. Based in Annapolis, NIC is a nonprofit data firm serving the seniors housing industry. Its data is gathered from more than 15,000 seniors housing properties in 140 U.S. markets. In a breakout of …
WYOMING, Mich. — American House Senior Living Communities has acquired First & Main Metro Health Village in Wyoming, a suburb of Grand Rapids. American House has taken over operations at the property, and renamed it American House Wyoming. “We have continued to focus on growing our presence in the Midwest, Florida and New England — and we now own and manage over 65 senior communities,” says Dale Watchowski, president and CEO of American House Senior Living Communities and REDICO, an affiliated company. American House Wyoming, built in 2015, offers 102 …