SPRINGFIELD, MO. — BWE has arranged a $240 million recapitalization of a seniors housing portfolio located across three markets in the Midwest. BWE served as exclusive capital markets advisor to O’Reilly Development Co. LLC, a Springfield, Mo.-based developer and investor, in capitalizing the transaction. The portfolio comprises purpose-built independent living, assisted living and memory care communities developed by O’Reilly between 2019 and 2022. The communities are fully stabilized, operating at occupancy levels ranging from 96 to 99 percent. Arrow Senior Living, a St. Charles, Mo.-based regional operator, manages the portfolio. Arrow is co-invested alongside O’Reilly in the venture.
HENDERSON, NEV. — Mesa West Capital has provided a $94.2 million construction loan to a joint venture between affiliates of Bain Capital Real Estate and Investcor for a planned seniors housing community in Henderson. The three-year, nonrecourse, floating-rate loan is secured by MorningStar Green Valley, a to-be-built full-continuum senior living community located at 2155 Village Walk Drive. Slated for delivery in October 2028, MorningStar Green Valley will feature 234 independent living, assisted living and memory care residences. Denver-based MorningStar Senior Living will manage the community upon completion. The construction team includes Martin-Harris Construction, DRC Surveying Nevada and Architectural Nexus.
ANN ARBOR, MICH. — Marcus & Millichap has negotiated the $26 million sale of Brookhaven Manor, a 134-bed independent living facility in Ann Arbor. Jim Knapp and Justin Knapp of Marcus & Millichap represented the seller and procured the institutional buyer. Constructed in 1988 on 6.7 acres near the University of Michigan and Michigan Health, Brookhaven Manor was renovated in 2015. The property features one- and two-bedroom units, 85 percent of which have been upgraded.
ASHTABULA, OHIO — Jonathan Rose Cos. and Community Opportunity Fund (COF) have unveiled plans for a $32.8 million rehabilitation of Ashtabula Towers, a 202-unit affordable seniors housing community in Ashtabula. The property was developed in the 1970s. the renovation will address building systems, resident amenities and in-unit improvements. The project will preserve access to affordable housing for households earning up to 60 percent of the area median income, while existing Section 8 affordability commitments will be extended for an additional 20 years. KeyBank Community Development Lending and Investment is serving as both investor and permanent lender, with additional financing provided through tax-exempt bonds issued by the Ashtabula City Port Authority and tax credits allocated by the Ohio Finance Agency. COF secured a $3.9 million Community Project Funding grant, which will fund upgrades to the building’s heating and cooling systems.
CASTLE ROCK, COLO. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Brookside Inn, a skilled nursing facility located in Castle Rock, about 30 miles southeast of downtown Denver. A California-based skilled nursing operator acquired the asset from a Colorado-based entity, which has owned and operated the community since 1997, for an undisclosed price. The 43,184-square-foot property offers 126 beds. Vince Viverito, Jason Punzel, Jake Anderson and Taylor Graham of SLIB represented the seller in the transaction.
FOUNTAIN VALLEY, CALIF. — SlateView Capital has completed the acquisition of Parkview Estates, a 151-unit assisted living and memory care community located in Fountain View, approximately 40 miles southeast of Los Angeles. Amenities at the property, which was completed in 2021, include restaurant-style dining, activity spaces, a fitness and therapy area, a salon and a theater. The seller and sales price were not disclosed. This marks the second acquisition for SlateView since the firm’s inception. Azhar Jameeli, formerly of IRA Capital, and Kendall Young established SlateView in late August.
SAN DIEGO — A joint venture between a private equity group and a local operator has acquired Canyon Villas, a 122-unit seniors housing community located in the Clairemont neighborhood of San Diego. The San Diego Christian Foundation sold the property for an undisclosed price. Constructed in 1991, the community features independent living, assisted living and memory care residences. Amenities at the property include a courtyard, library, gazebo, activity room and transportation services. Hap Knowles, Nick Stahler and Michael Mooney of Marcus & Millichap brokered the sale on behalf of the seller. Though the sales price was not disclosed, a board member of the San Diego Christian Foundation said in a statement that the deal closed at a price that was “nearly 50 percent more than other brokers thought possible.”
APEX, RALEIGH AND WILMINGTON, N.C. — BWE Investment Sales has brokered the $349.9 million sale of the Cambridge Village Portfolio, a three-property independent living portfolio in Apex, Raleigh and Wilmington. The portfolio comprises Cambridge Village of Apex, a 219-unit community in Apex; The Cambridge at Brier Creek, a 195-unit community in Raleigh; and Cambridge Village of Wilmington, a 222-unit community in Wilmington. In addition, the acquisition includes entitled land parcels adjacent to the Apex and Brier Creek communities. Miami Beach, Fla.-based Starwood Capital Group purchased Cambridge Village of Apex and The Cambridge at Brier Creek senior living communities for a combined $209 million, according to the Triangle Business Journal. The firm also acquired Cambridge Village of Wilmington for $140.9 million. Oliver Development built the three communities, which were constructed between 2010 and 2022 and are operated by Cambridge Village Senior Living. Each campus features resort-style amenities including fitness centers with instructor-led programming, heated indoor pools, a full-service salon and spa, restaurant-style dining, movie theaters, libraries and landscaped outdoor gathering areas.
PAOLI, PA. — A joint venture between Senior Living Transformation Co. and Sabal Investment Holdings has purchased Daylesford Crossing, a 78-unit seniors housing complex located in the western Philadelphia suburb of Paoli. Opened in 2015, Daylesford Crossing offers assisted living and memory care services and amenities such as a media room, wellness room, library and a salon, as well as an onsite healthcare facility. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia represented the seller, Boston-based investment firm AEW Capital Management, in the transaction.
GREAT FALLS, VA. AND QUEENSTOWN, MD. — Cushman & Wakefield has brokered the $89 million sale of two assisted living and memory care facilities in Virginia and Maryland. The portfolio includes The Residence at Colvin Run, a 62-unit community built in 2022 and located at 1131 Walker Road in Great Falls, and Queenstown Landing, a 68-unit community built in 2021 and located at 120 Shoreway Drive in Queenstown. The facilities were 94 percent occupied at the time of sale. Joshua Jandris, Brett Gardner, Robert Bracci and Evan Jakobsze of Cushman & Wakefield represented the sellers — Buvermo Investments, SHA Capital, Verity Commercial and INDIE — in the transaction. The buyer, Westlake Village, Calif.-based LTC Properties, retained IntegraCare to operate the properties.
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