Seniors Housing

IPA Brokers $18.3M Sale of 131-Unit Assisted Living Community in New Jersey

by Amy Works June 19, 2017

OCEAN GROVE, N.J. — Institutional Property Advisors (IPA) has arranged the sale of Francis Asbury Manor, a 131-unit assisted living facility in Ocean Grove, a coastal community adjacent to Asbury Park. Sage Healthcare Partners acquired the community from United Methodist Communities for $18.3 million, or $139,000 per unit. Built in 1949 on a 1.9-acre lot, Francis Asbury Manor comprises 103 assisted living units and 28 memory care units. The facility is within walking distance to downtown Ocean Grove and the boardwalk. Mark Myers, Joshua Jandris and Charles Hilding of IPA represented the seller in the deal.

June 19, 2017

Loans Massachusetts Multifamily Northeast Seniors Housing

Monticello Provides $69.3M Acquisition Loan for 616-Bed Skilled Nursing Portfolio in Massachusetts

by Amy Works June 16, 2017

NEW YORK CITY — New York-based Monticello Asset Management, through one of its investment vehicles, has provided $69.3 million in acquisition financing for a four-property skilled nursing portfolio in Massachusetts. The borrower was 50 Christy Place LLC. The specific facilities acquired were not disclosed. The portfolio totals 616 beds, including 100 for assisted living, with an average year built is 1994. The properties have an average total land area of 3.8 acres and an average size of 70,000 square feet. The new owners plan to improve operating efficiencies and leverage a large network of corporate services and operating experience. The financing was structured as a bridge-to-HUD transaction.

June 16, 2017

Alabama Multifamily Seniors Housing Southeast

Kirco Breaks Ground on 132-Unit Assisted Living Facility in Birmingham

by Camren Skelton June 15, 2017

BIRMINGHAM, ALA. — Kirco and its construction management affiliate Kirco Manix, in partnership with Phoenix Senior Living and EDT Inc., has broken ground on The Bluffs at Greystone, a 132-unit senior housing community in Birmingham. The community will provide both independent and assisted living and will be designed to include memory care units in the future. Slated to open in July 2018, the property will feature an indoor pool, wellness center, dining, beauty salon, yoga studio and demonstration kitchen. The project marks Kirco’s entrance into the senior living sector in the state of Alabama.

June 15, 2017

Multifamily Seniors Housing Southeast Tennessee

Chinese Investor Offers $3B to Acquire Tennessee-Based Brookdale, Reuters Reports

by John Nelson June 14, 2017

BRENTWOOD, TENN. — Zhonghong Zhuoye Group Co. Ltd., a Chinese real estate investor, has reportedly offered approximately $3 billion for the acquisition of Brookdale Senior Living, according to a report by news agency Reuters, which cited people familiar with the matter. If the Brookdale deal were completed as reported, it would be by far the largest Chinese investment in U.S. seniors housing to date. Headquartered in Brentwood, Brookdale is by far the largest owner and operator of seniors housing in the United States. Its operational portfolio includes 1,052 properties and 103,00 units, according to the company’s first-quarter report, which is nearly triple the size of the next largest competitor. The company has struggled since its $2.8 billion acquisition of fellow seniors housing giant Emeritus in 2014. After initially experiencing a lift in the months following the merger, Brookdale’s stock price fell from $38.16 per share on March 2, 2015, to $11.80 per share on Feb. 8, 2016. Rumors of a sale of the company have swirled for months. Following the Reuters report on Tuesday, Brookdale’s stock price saw a brief lift of 6 percent to as high as $15.18 per share, but quickly fell back down to a close of …

June 14, 2017

California Multifamily Seniors Housing Western

ABHOW to Open $100M CCRC Expansion in Bay Area

by Nellie Day June 14, 2017

LOS ALTOS, CALIF. — ABHOW will cut the ribbon next week on a $100 million expansion at The Terraces at Los Altos, a continuing care retirement community in Los Altos, which is located between San Jose and San Francisco. The project, which was executed in multiple phases, most recently added 81 new apartments, a fitness center and spa, dining venues, library and movie theater. The first phase, completed in 2014, added 30 skilled nursing suites and 16 memory support suites. The second phase added 30 assisted living residences. ABHOW both owns and operates the community. Next month the company will merge with fellow West Coast nonprofit operator be.group and rebrand as HumanGood.

June 14, 2017

Multifamily New York Northeast Seniors Housing

Maplewood, OHI to Break Ground on 23-Story Tower in Manhattan

by Amy Works June 14, 2017

NEW YORK CITY — Maplewood Senior Living and Omega Healthcare Investors Inc. (NYSE: OHI) will break ground today, June 14, on Inspir | Manhattan, a 215-unit seniors housing community on the Upper East Side neighborhood of Manhattan. The 23-story, 212,000-square-foot building will offer assisted living, memory care and “enhanced care” units. Westport, Conn.-based Maplewood Senior Living currently operates 13 other communities in Connecticut, Massachusetts and Ohio.

June 14, 2017

Colorado Multifamily Seniors Housing Western

Pathfinder Buys 104-Unit Independent Living Community Near Denver for $16M

by Nellie Day June 13, 2017

AURORA, COLO. — Pathfinder Partners, a San Diego-based investment firm, has acquired a 104-unit independent living community within the Shalom Park Senior Living Campus in the Denver suburb of Aurora. Pathfinder, along with Denver-based Hillcrest Development Group, paid $16 million for the property and plan to implement $3 million of improvements. The community, which Pathfinder will rebrand as V-Esprit, is situated on approximately 15 acres and includes 104 units consisting of 60 apartments and 44 patio homes averaging 1,050 square feet. The seller was Shalom Park, a Colorado nonprofit that still owns the balance of the Shalom Park Senior Living Campus. V-Esprit residents will continue to have access to the combined campus amenities. The $3 million renovation project is slated to include converting four of the one-bedroom apartment units (leaving 100 units in total) into a clubhouse and card room, and renovating and modernizing the theater room, library, communal dining area and leasing office. Pathfinder also plans to make improvements to the apartment interiors. This is Pathfinder’s first seniors housing acquisition.

June 13, 2017

California Multifamily Seniors Housing Western

Morningside Opens $1.6M Outdoor Amenity Expansion in Fullerton

by Nellie Day June 12, 2017

FULLERTON, CALIF. — Morningside, a seniors housing community in the Orange County city of Fullerton, has completed a $1.6 million expansion of its outdoor amenities. Morningside added a pitch-and-putt golf course and a pickleball court on 4 acres of vacant land. The project included a $100,000 habitat restoration project through the California Department of Fish and Game and the Army Corps of Engineers. This is the most recent of several expansion and renovation projects at the community. The dining and kitchen areas were recently renovated, and the wellness center was expanded to include a spa and fitness area. The community room also underwent a $2 million redevelopment.

June 12, 2017

Indiana Midwest Multifamily Seniors Housing

$40M Clarendale Seniors Housing Community Opens in Schererville, Indiana

by Kristin Harlow June 12, 2017

SCHERERVILLE, IND. — Clarendale of Schererville has opened in Schererville, about 38 miles south of Chicago. The 177-unit seniors housing community is located at 7770 Burr St. The $40 million development is the third Clarendale property from developer-builder Ryan Cos. Situated on nine acres, the three-story community is comprised of 85 independent living residences, 38 assisted living residences and 54 memory care residences. The residences range from 300 square feet to 1,300 square feet. Amenities include a movie theater, crafts room, bistro, pub and billiards room, library, multipurpose room and fitness center. Des Moines, Iowa-based Life Care Services will manage the community.

June 12, 2017

Multifamily Oregon Seniors Housing Western

SLIB Brokers Sale of 27-Unit Memory Care Community in Portland

by Nellie Day June 9, 2017

PORTLAND, Ore. — Senior Living Investment Brokerage has arranged the sale of Tabor Crest Memory Care, a 27-unit memory care community in Portland. The price was not disclosed. Tabor Crest was built in 2004 and expanded in 2008. Totaling 11,335 square feet on a 21,700-square-foot infill plot, the beds could potentially be expanded from 30 to 38. The buyer was an affiliate of Granite Investment Group. The new owner has leased the property to Avalon Health Care Group. This is the buyer’s first acquisition in Oregon with the plans to continue to acquire in the state. The seller was not disclosed. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage handled the transaction.

June 9, 2017

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