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Seniors Housing

Standard-Communities-Portfolio
AcquisitionsAffordable HousingCaliforniaMultifamilyNew YorkNortheastSeniors HousingTop StoriesWestern

Standard Communities Acquires $1B Affordable Housing Portfolio Across Four States

by Katie Sloan

LOS ANGELES AND NEW YORK CITY — Standard Communities has acquired a portfolio of 60 affordable housing properties totaling approximately 6,000 units for $1 billion. The transaction is the largest affordable housing acquisition this year, according to the firm.  The portfolio includes both traditional multifamily and seniors housing communities and locations across four states, growing the firm’s portfolio in California to 11,000 units and expanding its presence to three new states: Arizona, Colorado and Texas.  Properties include the Oaks at Georgetown multifamily community in Georgetown, Texas; Harmony Court, an affordable seniors living community in Redondo Beach, Calif.; and Maroon Creek Apartments in Aspen, Colo. The undisclosed seller developed many of the properties around 2002. Standard plans to invest over $30 million in capital improvements and deferred maintenance across the portfolio. No residents will be displaced during renovations and the communities will remain within the affordable price point, according to the new ownership.  An increasing number of households have been designated as “cost burdened” over the past year, leading to a push from policymakers to increase the amount of available affordable housing, according to a recent report by Yardi Matrix. In 2024, 69,600 units are expected to come on line with …

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GeorgiaLoansSeniors HousingSoutheast

Newmark Arranges $140M Recapitalization for Corso Atlanta Seniors Housing Community

by John Nelson

ATLANTA — Newmark has arranged the $140 million recapitalization for Corso Atlanta, a 203-unit upscale seniors housing community located at 3200 Howell Mill Road in the city’s West Paces Ferry area. Newmark’s Healthcare & Alternative Real Estate Assets group secured the 10-year Freddie Mac senior loan, which features five years of interest-only payments, and secured a preferred equity investment from Kayne Anderson Real Estate Debt. Sarah Anderson, Chad Lavender, Ryan Maconachy, Mills Poynor and Ben McElroy of Newmark facilitated the recapitalization on behalf of the borrower, Galerie Living. Corso Atlanta features independent living, assisted living and memory care residences, along with high-end amenities including chef-led dining options, a heated swimming pool, fitness center, full-service salon, multiple outdoor spaces, a theater, floral shop and a gift boutique.

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AcquisitionsIllinoisMidwestSeniors HousingTop Stories

JLL Brokers Sale of 20-Property National Seniors Housing Portfolio for $725M

by John Nelson

CHICAGO — Chicago-based JLL has brokered the $725 million sale of a seniors housing portfolio comprising 20 communities located primarily in the Sun Belt, Northeast and Midwest markets. Chicago Pacific Founders sold the portfolio to Ventas Inc. (NYSE: VTR) in an all-cash transaction. Roughly two-thirds of the properties are independent living communities, with the remainder of the assets falling into the categories of assisted living and memory care. The communities are spread across 14 states including Alabama, Arizona, Florida, Illinois, Kansas, Maine, Michigan, Nevada, New York, Ohio, Oklahoma, South Carolina, Tennessee and Texas. Chicago Pacific Founders owned the portfolio properties within an investment vehicle titled CPF Living Fund I. Jay Wagner, Rick Swartz, Jim Dooley and Sean Kirk of JLL’s Seniors Housing Capital Markets team, as well as Ted Flagg of Jones Lang LaSalle Securities (an affiliate of JLL), represented the sellers in the transaction. “As one of the largest seniors housing transactions closed year-to-date, this is a meaningful indicator that appetite for scaled seniors housing portfolios is back,” says Wagner. “The significant supply-demand imbalance, precipitated by tepid recent development levels, is setting up the markets for an incredible run on occupancy and margin growth over the medium term.” Grace …

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

Harrison Street Sells Portfolio of Three Senior Living Properties to Inland Real Estate Group

by Kristin Harlow

CHICAGO — Chicago-based Harrison Street has sold three senior living properties to Inland Real Estate Group for an undisclosed price. The assets include Clarendale of St. Peters in St. Peters, Mo.; Clarendale of Chandler in Chandler, Ariz.; and Clarendale at Indian Lake in Hendersonville, Tenn. Harrison Street developed the properties in a joint venture with Ryan Cos. and Life Care Services. The communities comprise 635 senior living units, and the portfolio was 92 percent leased at the time of sale.

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Kings-Shops-Waikoloa-HI
AcquisitionsHawaiiMultifamilySeniors HousingWestern

Joint Venture Acquires 70,000 SF Upscale Retail Center in Waikoloa, Hawaii

by Amy Works

WAIKOLOA, HAWAII — A joint venture between Pacific Retail Capital Partners, Starwood Property Trust and Taconic Capital Advisors has purchased Kings’ Shops, a retail property in Waikoloa. Terms of the transaction were not released. Tenants at the nearly 70,000-square-foot Kings’ Shops include Tiffany & Co., Tommy Bahama, Tori Richard, Travis Matthews, Lululemon, Kahala, Roy’s Waikoloa Bar & Grill by Chef Roy Yamaguchi, Foster’s Kitchen and A-Bay’s Island Grill. The property also offers venues for live entertainment, including music and fire dancing, weekly farmers markets and monthly night market events.

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Lodge-at-Greeley-CO
AcquisitionsColoradoMultifamilySeniors HousingWestern

Bow River Capital Sells Two-Property Seniors Housing Portfolio in Colorado for $30M

by Amy Works

GREELEY AND GRAND JUNCTION, COLO. — Bow River Capital has completed the disposition of a two-property seniors housing portfolio in Colorado. An undisclosed buyer acquired the 140-unit, fully private-pay seniors housing portfolio for $30 million. Completed in 2020, the two-story The Lodge at Greeley, located at 4430 24th St. in Greeley, offers 92 units in a mix of 20 independent living, 48 assisted living and 24 memory care units within studio and one-bedroom layouts. At the time of sale, the property was fully occupied. The pet-friendly community offers a beauty salon, library, fitness center, private event rooms, an outdoor dining area and restaurant-style dining. Completed in 2019, The Lodge at Grand Junction offers 48-unit, 50-bed assisted living and memory care units in studio and one-bedroom layouts. The pet-friendly community offers a beauty salon, media room, therapy and exercise room, a chapel and restaurant-style dining. The JLL Seniors Housing Capital Markets team represented the seller in the deal.

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Park-Lane-Senior-Apartments
DevelopmentMultifamilyNew YorkNortheastSeniors Housing

Asland Capital, Pembroke Residential Complete 154-Unit Seniors Housing Project in The Bronx

by Taylor Williams

NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has completed Park Lane Senior Apartments in The Bronx. The 154-unit, age-restricted development is located in the borough’s Soundview neighborhood, and about a third (53) of the residences are reserved for households earning 50 percent or less of the area median income. In addition, 30 percent of the units are set aside for seniors who were formerly homeless. Amenities include a tenant lounge and indoor/outdoor recreational spaces.

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FeaturesHeartland Feature ArchiveIllinoisMidwestNortheastNortheast Feature ArchiveOhioPennsylvaniaSeniors Housing

Dual Appraisal Methods Improve Opportunities to Get Fair Taxation for Seniors Housing Properties

by John Nelson

By Phil Brusk and Caleb Vahcic of Siegel Jennings Co. L.P.A. The seniors housing sector can’t seem to catch a break. Owners grappling with staffing shortages and other operational hardships lingering from the pandemic are facing new challenges related to debt and spiraling costs. High interest rates and loan maturations loom over the industry, with $19 billion in loans coming due within the next 24 months, according to Cushman & Wakefield’s “H1 2024 Market Trends and Investor Survey” on senior living and care. Factors driving high costs include wage pressures, inflation and — incredibly — rising property taxes. Despite operational challenges and declining occupancy at many facilities during the COVID-19 pandemic, property tax relief for seniors housing was mixed. Many assessors resisted downward adjustments to taxable values, maintaining that recovery was around the corner. Now, seniors housing operators face property tax assessments that equal or exceed pre-pandemic levels. As in the hospitality sector, most seniors housing owners understand that their operating properties include more value components than real property alone. In evaluating whether a tax assessment is reasonable and fair, however, owners need to realize that how an assessor addresses their real estate, personal property and intangible assets can drastically …

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Thrive-at-Montvale
LoansMultifamilyNew JerseyNortheastSeniors Housing

Mesa West Capital Provides $57M Loan for Refinancing of Seniors Housing Property in Montvale, New Jersey

by Taylor Williams

MONTVALE, N.J. — Mesa West Capital has provided a $57 million loan for the refinancing of Thrive at Montvale, a 203-unit seniors housing community in Northern New Jersey. Thrive at Montvale features 88 independent living, 83 assisted living and 32 memory care units. Amenities include resident lounges, a beauty salon, multiple dining rooms, courtyards, a fitness center, physician’s office, theater and a pickleball court. The loan carried a five-year term and a floating interest rate. The borrower is a joint venture between AEW Capital Management, Atlanta-based owner-operator Thrive Senior Living and New Jersey-based Pike Construction.

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Cedar-Sinai-Park-Portland-OR
AcquisitionsMultifamilyOregonSeniors HousingWestern

Cedar Sinai Park Sells 246-Unit Seniors Housing Campus in Portland

by Amy Works

PORTLAND, ORE. — Nonprofit Cedar Sinai Park has sold its namesake seniors housing campus totaling 246 units in southwest Portland. Situated within four miles of downtown Portland, the Cedar Sinai Park campus comprises Rose Schnitzer Manor, a 154-unit assisted living community; Robison Jewish Health Center, a 44-bed skilled nursing facility; and the Harold Schnitzer Center for Living, a 48-bed skilled nursing facility. Built in 2016, the Harold Schnitzer Center for Living also offers adult daycare services. Rose Schnitzer Manor was constructed in 1998 and 2002, and Robison Jewish Health Center — which is currently vacant — was built in 1956 and renovated in 2017. The property is located within three miles of two short-term, acute-care hospitals. Michael Segal, Dan Mahoney and Daniel Waldhorn of Blueprint represented Cedar Sinai Park in the sale. The seller plans to use sale proceeds to establish a new foundation to continue to serve the Portland Jewish community. An Illinois-based private investor with an Oregon-based operating partner acquired the campus for an undisclosed price. 

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