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Seniors Housing

AcquisitionsMidwestMissouriMultifamilySeniors Housing

American House, Winterpast Capital Acquire 192-Unit Seniors Housing Community in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — American House Senior Living Communities and Winterpast Capital Partners have acquired St. Anthony’s Senior Living, a 192-unit community in Kansas City. Helios Healthcare Advisors brokered the sale. Situated on a 4-acre campus in the Brookside neighborhood, the property consists of independent living units, assisted living units and memory care residences. Originally home to the Highland Tower medical office building, the property underwent a $40 million redevelopment beginning in 2019. The original structure was stripped to its steel and concrete frame and transformed into a nine-story independent living community, while a newly constructed assisted living and memory care building was completed adjacent to the tower in 2020. Following an initial opening during the pandemic and a challenging post-COVD lease-up, the seller retained a regional operator to manage the community in March 2024 with a mandate to improve operations, optimize expenses and accelerate occupancy growth.

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AcquisitionsAffordable HousingCaliforniaMultifamilySeniors HousingWestern

Marcus & Millichap Arranges $12.5M Sale of Affordable Seniors Housing Community in Southern California

by Taylor Williams

LA MESA, CALIF. — Marcus & Millichap has arranged the $12.5 million sale of Guava Gardens, an affordable seniors housing community in La Mesa, located in San Diego County. Los Angeles-based Positive Investments was the buyer.  Built in 1986, the property totals 81 units, with 40 studio apartments and 41 one-bedroom apartments. Residences are reserved for seniors age 62 and older. Amenities at the community include a pool, spa, recreation room, outdoor gathering areas, laundry facilities and dedicated parking.  Christopher Zorbas, Graeme Henderson and Austin Huffman of Marcus & Millichap represented the undisclosed seller in the transaction. 

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AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Clarion Partners Purchases 70-Unit Seniors Housing Property in Rohnert Park, California

by Amy Works

ROHNERT PARK, CALIF. — Clarion Partners has purchased Clearwater at Sonoma Hills, a seniors housing community in Northern California in Rohnert Park. Built in 2020, Clearwater of Sonoma Hills offers 70 assisted living residences and 24 memory care residences with capacity for 100 residents. The 49,000-square-foot community features restaurant-style dining, a theater, art studio, fitness center, putting green and landscaped indoor and outdoor gathering spaces. John Sweeny, Aron Will and Austin Summy of CBRE advised on the sale. Clearwater Living will continue as the property’s operating partner.

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MultifamilySeniors HousingTexas

Newmark Arranges Recapitalization of 1,546-Unit Seniors Housing Portfolio in Dallas, Houston

by Taylor Williams

DALLAS AND HOUSTON — Newmark has arranged the recapitalization of a portfolio of five seniors housing properties totaling 1,546 units that are located throughout the Dallas and Houston areas. The properties include: The Tradition-Clearfork in Fort Worth, The Tradition-Lovers Lane and The Tradition-Prestonwood in Dallas, and The Tradition-Woodway and The Tradition-Buffalo Speedway in Houston. The properties offer independent living, assisted living and memory care services and had a combined occupancy rate of about 96 percent at the time of the recapitalization. Chad Lavender, Ryan Maconachy, Sarah Anderson, Mills Poynor and Ben McElroy of Newmark worked on behalf of the owner, Tradition Senior Living, to secure a joint venture equity investment from Kayne Anderson Real Estate. Newmark also arranged new financing for the portfolio.

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DevelopmentIndianaMidwestMultifamilySeniors Housing

Varcity to Open 239-Unit Retirement Community at Purdue University in West Lafayette

by Kristin Harlow

WEST LAFAYETTE, IND. — Varcity has unveiled plans to open Varcity at Purdue, a 239-unit, university-based retirement community within Purdue University’s Discovery Park District. Developed in partnership with Purdue University and the Purdue for Life Foundation, the property will bring a new generation of residents to campus. Varcity calls the concept “Retirement Renaissance” and says it creates “a lifestyle built around lifelong learning, meaningful relationships, wellness and continued purpose.” The 13.5-acre project will include villas, townhomes, stacked flats and concierge residences. The community will be co-developed with Atlanta-based Carter and professionally managed by Western States Lodging. Reach Architects and Gensler designed the property. The developer also says Varcity at Purdue represents a new model for higher education partnerships. “By activating underutilized university land, campuses gain a sustainable revenue source while creating opportunities for students through internships, mentorship, healthcare experiences, hospitality and daily intergenerational engagement.” Residents of Varcity could attend lectures from faculty, cheer on the Boilermakers, mentor students, take continuing education classes, enjoy concerts and performances or volunteer their time.   Varcity at Purdue marks the first in a growing national portfolio. A second community at Texas A&M University is currently in development, with groundbreaking anticipated in early 2027.

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

Pennrose, WORC Complete 55-Unit Affordable Seniors Housing Redevelopment in Philadelphia

by Taylor Williams

PHILADELPHIA — A partnership between owner-operator Pennrose and the Wynnefield Overbrook Revitalization Corp. (WORC) has completed Good Shepherd, a 55-unit affordable seniors housing complex in Philadelphia’s Overbrook area that is a redevelopment of the former Good Shepherd Presbyterian Church, which was destroyed by fire in 2016. Good Shepherd’s one-bedroom units have an average size of 605 square feet and are reserved for renters age 62 and above who earn between 20 and 60 percent of the area median income. Amenities include a fitness center, multi-purpose room and flex space, and residents also have access to social, health and other educational support programs and services.

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Clearwater-Riverpark-Oxnard-CA
AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Harrison Street Asset Management Sells 136-Unit Seniors Housing Community in Oxnard, California

by Amy Works

OXNARD, CALIF. — Harrison Street Asset Management has sold Clearwater at Riverpark, a 136-unit independent senior living community in Oxnard. The buyer was an undisclosed S&P 500 company focused on seniors housing. Terms of the transaction were not released. Aaron Rosenzweig and Dan Baker of JLL Capital Markets Sales and Advisory team represented the seller in the deal. Built in 2018 on 3.8 acres, residences in the 153,297-square-foot community feature full kitchens, in-unit washers/dryers and private patios. Community amenities include multiple dining venues, a pool, fitness center, theater, salon and spa, putting green and dog park.

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1475-Baechtel-Rd-Willits-CA
AcquisitionsCaliforniaMultifamilySeniors HousingWestern

TCC Properties Sells 101-Unit Seniors Housing Property in Willits, California

by Amy Works

WILLITS, CALIF. — TCC Properties has sold Redwood Meadows, a 101-unit seniors housing property in the Northern California city of Willits, to Echelon Communities for $10.8 million, or $106,931 per unit. Isaak Heitzeberg of Marcus & Millichap represented the seller in the transaction and procured the buyer in conjunction with Marcus & Millichap’s Andres Guerra. Built in 1989 on 7.1 acres, Redwood Meadows features four studio units, 58 one-bedroom residences and 39 two-bedroom apartments. Community amenities include a clubhouse, redwood garden, two laundry rooms, rentable storage units and a dog park. Located at 1475 Baechtel Road, the site also includes land with initial city approval for up to 15 additional units.

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Memory-Care-San-Diego-CA
AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Marcus & Millichap Brokers Sale of Seven-Building Memory Care Campus in San Diego County

by Amy Works

SAN DIEGO COUNTY, CALIF. — Marcus & Millichap has brokered the sale of a seven-building memory care campus in San Diego County. Developed in 2002, the property contains more than 55 units licensed for over 85 residents. The community was operating with negative net operating income (NOI) at the time of sale.  Nick Stahler, Justin Knapp, Michael Mooney and Hap Knowles of Marcus & Millichap’s Knapp-Stahler Group arranged the transaction. An undisclosed, all-cash buyer acquired the community from a publicly traded REIT for roughly $170,000 per unit.

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Viva-LA-Warner-Center-CA
Affordable HousingCaliforniaDevelopmentMultifamilySeniors HousingWestern

Wellpointe to Develop $2B Affordable Seniors Housing Campus in Los Angeles

by Amy Works

LOS ANGELES — Wellpointe has announced plans for the development of a new affordable seniors housing campus within the Warner Center master-planned district in Los Angeles. Wellpointe estimates a total investment of $2 billion in the project, which will be developed in four phases. A property-holding affiliate of Wellpointe acquired the 4.7-acre development site late last year from Parkview Financial.  Upon completion, Viva L.A. Warner Center will comprise four high-rise towers ranging from 34 to 42 stories. The 2.2 million-square-foot development will total 3,192 units and include 61,450 square feet of non-residential space.  “Viva represents our conviction that affordable housing, paired with assisted living services as needed, can be delivered at the scale and density that California’s aging population in core urban centers actually needs,” says George Kutnerian, co-founder and CEO of Wellpointe. “Despite the overwhelming need for a new model, senior living continues to be built out rather than up — even in dense urban areas — and quality is treated as incompatible with affordability. Viva rejects that premise and builds upon Wellpointe’s mission of democratizing access to quality housing and care for older adults — now through transit-oriented, high-density, community-serving urban social infrastructure.” Gensler is designing the project. The firm …

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