Seniors Housing

ESI Arranges Sale of Assisted Living Facility in Washington for $7M

by Nellie Day February 20, 2018

BELLINGHAM, WASH. — Evans Senior Investments (ESI) has arranged the sale of Rosewood Villa, a 66-unit assisted living community in Bellingham, for $7 million. Rosewood Villa was built in 1978 and is located approximately 87 miles north of Seattle, near the Canadian border. An independent owner-operator sold the property to a California-based private equity firm. The 40,533-square-foot community averaged 93.9 percent occupancy over the prior 12 months. The sale represents $106,000 per unit and a capitalization rate of 8.5 percent.

February 20, 2018

Michigan Midwest Seniors Housing

Pathway to Living Acquires 81-Unit Seniors Housing Community in Kentwood, Michigan

by Kristin Harlow February 20, 2018

KENTWOOD, MICH. — Pathway to Living has acquired the former Elmcroft of Kentwood, an 81-unit seniors housing community in West Michigan. The property is located at 4352 Breton Road Southeast, about nine miles southeast of Grand Rapids. Elmcroft Senior Living was the seller. The purchase price was not disclosed. Pathway to Living will manage the 54,387-square-foot property and rename it Azpira Place of Breton. The company also plans to upgrade interiors, add additional wellness-focused spaces and reconfigure select units. When the work is complete, the property will feature 69 assisted living residences and 12 memory care residences.

February 20, 2018

Lancaster Pollard 2018 Seniors Housing and Care Survey

Features Multifamily Seniors Housing Top Stories

Lancaster Pollard Survey: 87 Percent of Seniors Housing Professionals Rate Industry as Highly Competitive

by Jeff Shaw February 20, 2018

COLUMBUS, OHIO — Increasing competition is becoming a larger and larger issue within seniors housing, as 87 percent of owners, operators developers and investors rate their local environment as either competitive or extremely competitive. That’s according to the 2018 Seniors Housing and Care Survey conducted by Lancaster Pollard. In December 2017, the Columbus-based real estate services firm sent an online survey to approximately 4,000 leaders at seniors housing and care facilities throughout the United States. Over the course of two weeks, 386 respondents completed the online survey. Out of the respondents, 62 percent were for-profit providers and 73 percent identified themselves as CEOs, CFOs or owners. The majority operated facilities with fewer than 250 units and all aspects of the continuum of care were represented. Generally, respondents reflected the belief that skilled nursing is going through trouble, with only 19 percent rating the outlook for the sector as “good” over the next three years. For comparison, 58 percent rated the assisted living outlook as “good,” and 55 percent said the same for continuing care retirement communities (CCRCs). Other major finds of the survey include that 82 percent of respondents cited a shortage of workers as a key concern over the …

February 20, 2018

Florida Loans Multifamily Seniors Housing Southeast

BMO Harris Provides $35.3M Construction Loan for 171-Unit Seniors Housing Asset in Jacksonville

by Camren Skelton February 19, 2018

JACKSONVILLE, FLA. — BMO Harris Healthcare Real Estate Finance has provided a $35.3 million loan for the construction of Grand Living at Tamaya, a 171-unit seniors housing community in Jacksonville. The borrower is a partnership formed in 2014 between real estate developer Ryan Cos. and owner-operator Grand Living. Grand Living at Tamaya will offer independent living, assisted living and memory care units. Community amenities will include a performance theater, wellness center, spa, salon, fitness center, library, putting green, pet grooming center and a piano and instrumental practice room. The community is expected to open in 2019.

February 19, 2018

Loans Multifamily New York Northeast Seniors Housing

Arbor Realty Trust Funds $41.6M Loan for Skilled Nursing Facility in Syracuse, New York

by Amy Works February 16, 2018

SYRACUSE, N.Y. — Arbor Realty Trust has funded a $41.6 million bridge loan for the acquisition of James Square Health and Rehabilitation Center, a skilled nursing facility located in Syracuse. Alexander Kaushansky of Arbor Realty Trust arranged the financing for the borrower, VestraCare. The borrower acquired the 440-bed facility from a Chicago-based seller. The buyer plans to appoint a new property administrator, retrain staff, rebrand the community and invest more than $4 million in capital improvements as part of an overall repositioning strategy. Evan Goldenberg of EBEX Holdings assisted all parties in the financing. Ari Dobkin of Meridian Capital Group also assisted in the financing.

February 16, 2018

Multifamily Oregon Seniors Housing Western

Avamere Assumes Management of Five Assisted Living Communities in Pacific Northwest

by Nellie Day February 15, 2018

WILSONVILLE, ORE. — The Avamere Family of Companies, a Wilsonville-based operator, has taken over management of five Colony NorthStar Healthcare Income-owned assisted living communities in Oregon and Washington. The management partnership includes: Avamere at Albany, Albany, Ore. Avamere at Oak Park, Roseburg, Ore. Avamere at Cascadia Village, Bremerton, Wash. Avamere at Wenatchee, Wenatchee, Wash. Avamere at Port Townsend, Port Townsend, Wash. The Avamere Family operates nearly 50 independent living, assisted living, transitional care and skilled nursing facilities. Colony NorthStar Healthcare Income is a division of Colony NorthStar, a global real estate and investment management firm.

February 15, 2018

Multifamily Seniors Housing Washington Western

The Wolff Co. Plans 146-Unit Independent Living Community Near Seattle

by Nellie Day February 14, 2018

ISSAQUAH, WASH. — The Wolff Company, an Arizona-based private equity firm and senior living developer, has broken ground on a 146-unit independent living community in the Seattle suburb of Issaquah. The three-story Revel Issaquah is scheduled to open in late 2018. Wolff cited the fast growth of the 75-and-older population in Kings County for its selection of the area. Revel Issaquah is the ninth senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.

February 14, 2018

Arizona Multifamily Seniors Housing Western

Civitas, Summerlin, Deser Land Group Break Ground on Age-Restricted Community in Arizona

by Nellie Day February 14, 2018

LAKE HAVASU, ARIZ. — Civitas Senior Living, Summerlin Asset Management LLC and Desert Land Group have broken ground on The Views at Lake Havasu, a 92-unit active adult community in Arizona. The four-story community will be restricted to residents age 55 and older. The property is located in the popular retirement community of Lake Havasu, which is located approximately equidistant from Phoenix, Los Angeles and Las Vegas. Civitas will operate the community once it is open. REES Architecture provided design and engineering services. Consolidated Construction will build the property. A delivery timeline was not disclosed.

February 14, 2018

Connecticut Multifamily Northeast Seniors Housing

Formation Selects Congress Building to Construct 86-Unit Community in Connecticut

by Amy Works February 13, 2018

RIDGEFIELD, CONN. — Formation Development Group has selected Congress Building Corp. as construction manager for Atria Ridgefield, an 86-unit assisted living and memory care community in Ridgefield, located between New York City and Hartford. The 82,000-square-foot community is the sixth partnership between Formation and operator Atria Senior Living. The architect is PRDG of Dallas. Faulkner Design Group, also of Dallas, is the interior designer. The civil engineer is CCA of Brookfield, Conn. Site work commenced in November 2017. A completion timeline was not disclosed. Congress has completed over 8,000 beds and 4.5 million square feet of healthcare and long-term care construction throughout the eastern United States.

February 13, 2018

Multifamily Seniors Housing Washington Western

Aegis Opens 110-Unit, China-Themed Seniors Housing Community Near Seattle

by Nellie Day February 13, 2018

NEWCASTLE, WASH. — Aegis Living has opened Aegis Gardens, a 110-unit assisted living and memory care community “open to all who enjoy celebrating Chinese culture” in the Seattle suburb of Newcastle. Located on 7.5 acres on Lake Boren, the community features a community cultural center and a preschool to encourage intergenerational interactions. Chinese culture is accentuated in the architecture, cuisine, décor and activities. Staff is multilingual, speaking English, Mandarin and Cantonese. Rents start at $3,700 per month. Aegis Living operates 29 communities in Washington, California and Nevada with nine new communities in development.

February 13, 2018

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