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AcquisitionsActive AdultNewsPennsylvania

Livingston Street Capital Buys 231-Unit Active Adult Community in King of Prussia, Pennsylvania

by Jeff Shaw

KING OF PRUSSIA, Penn. — An affiliate of Livingston Street Capital, a boutique private equity firm, has acquired Canvas at Valley Forge, a 231-unit, Class A active adult community in King of Prussia, a suburb of Philadelphia. The luxury asset brings the firm’s multifamily portfolio, which currently comprises primarily active adult communities, to more than 1,800 units located throughout seven states. “This investment opportunity is well aligned with the core of our active adult strategy,” explains Peter Scola, founder, president and co-CEO of Livingston Street Capital, who notes that according …

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DevelopmentNewsPennsylvaniaSkilled Nursing

Rosette Converts Single-Family Home into Eight-Unit Community in Gladwyne, Pennsylvania

by Jeff Shaw

GLADWYNE, Pa. — Rosette, a conversion of a single-family home into a seniors housing community, has opened its doors in Gladwyne, a Philadelphia suburb within the Main Line region that follows the former Pennsylvania Railroad track. Inspired by a pod-like senior living concept found on the West Coast, Rosette has been updated and restored for eight immobile or otherwise disabled seniors so they can live and receive assistance together as a group. Rosette’s licensed personal care model is based on real-life family living. With full-time caregivers in the home 24/7, …

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Affordable HousingDevelopmentNewsPennsylvania

Grace Inspired Ministries Opens 50-Unit Sellersville Senior Residences Affordable Community in Pennsylvania

by Jeff Shaw

SELLERSVILLE, Pa. — Grace Inspired Ministries (GIM), along with development partner Leon N. Weiner & Associates Inc. (LNWA), has completed Sellersville Senior Residences, an affordable housing community in Sellersville, approximately 30 miles north of Philadelphia. The community’s 50 apartments are reserved for residents over age 55 meeting income requirements, with eight also reserved for those with behavioral health needs. The residences were built to the energy efficiency standards utilizing the Department of Energy Zero Energy Ready program. “Sellersville Senior Residences will bring much needed affordable and supportive housing to an …

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AcquisitionsAffordable HousingNewsPennsylvania

CPP Buys 13-Story Methodist Towers Affordable Community in Erie, Pennsylvania

by Jeff Shaw

ERIE, Pa. — Community Preservation Partners (CPP), a mission-driven affordable housing developer, has acquired Methodist Towers, a high-rise affordable seniors housing community in Erie. The 13-floor complex comprises 138 units, 57 of which receive subsidy under a Section 8 Housing Assistance Payments (HAP) contract. CPP plans to implement a tenant in-place rehabilitation with minimal displacement for residents. CPP received an issuance of tax-exempt bonds and Low-Income Housing Tax Credits (LIHTCs) from the Pennsylvania Housing Finance Agency (PHFA), with construction and permanent loans from Citibank as well as equity raised from …

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AcquisitionsNewsOperationsPennsylvaniaSkilled Nursing

Blueprint Negotiates Re-Tenanting of Seven-Community Portfolio in Pennsylvania

by Jeff Shaw

PENNSYLVANIA — As part of a larger restructuring between a public REIT and its regional operator, Blueprint has arranged the re-tenanting of six skilled nursing facilities and an assisted living community in Pennsylvania. A regional operator was selected to manage the communities under a new master lease with the REIT owner. This is the first partnership between the two companies. Further details were not disclosed.

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AcquisitionsNewsOperationsPennsylvania

Providence Place Senior Living to Operate Country Meadows in Lancaster, Pennsylvania

by Jeff Shaw

LANCASTER, Pa. — Providence Place Senior Living has taken over leadership duties at the former Country Meadows of Lancaster in Lancaster. Providence Place is a sister company of Country Meadows, also owned by the George M. Leader Family. Like Country Meadows, the community serves seniors through independent living, assisted living and memory care at six additional campuses in Central and Eastern Pennsylvania.

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AcquisitionsCompany NewsNewsPennsylvania

Three Pennsylvania Nonprofit Owners to Affiliate to Form Ilumin

by Jeff Shaw

NEW HOLLAND, Pa. — Three of Pennsylvania’s leading nonprofit, faith-based senior living organizations — Allegheny Lutheran Social Ministries of Altoona (ALSM), Liberty Lutheran Services of Ambler and Garden Spot Communities of New Holland — have announced plans to affiliate under the new parent company name Ilumin. The affiliation is subject to the receipt of certain regulatory approvals and consents, which the three organizations hope to receive by spring of 2022. The goal of Ilumin is to introduce innovative new services and programs to residents, offer employees more career opportunities, and …

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AcquisitionsCCRCNewsPennsylvania

Tryko Partners Acquires 415-Bed CCRC Campus in Langhorne, Pennsylvania

by Jeff Shaw

LANGHORNE, Pa. — Tryko Partners has expanded its Greater Philadelphia real estate presence with the acquisition of the Attleboro Community, a continuing care retirement community in Langhorne. The 415-bed campus has been rebranded as Oxford Enhanced Senior Living. “Bucks County is a phenomenal market with a large senior population and strong hospital networks,” says Tryko’s Uri Kahanow, director of acquisitions. “The seller, Wilmac Corp., has done a fine job with this well-respected CCRC.” The campus’ skilled nursing facility, Oxford Rehabilitation & Healthcare Center, provides post-hospital care, short-term rehab and long-term …

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AcquisitionsNewsPennsylvaniaSkilled Nursing

Colliers Brokers Sale of Two Lehigh Valley Communities for $24M

by Jeff Shaw

MACUNGIE and ALLENTOWN, Pa. — Colliers has arranged the sale of two seniors housing communities in the Lehigh Valley region of Eastern Pennsylvania for $24 million. The first community was Victoria’s Place, located in Macungie. The 59,500-square-foot community features 80 licensed one-bedroom and studio units, with capacity to add 30 more. The second community was Mountain View in Allentown. The 54,693-square-foot property features 115 beds and was built in 1987. A new operator will be announced for the communities. The buyer and seller were not disclosed. Bob Gaines of the …

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