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Seniors Housing

3200-E-Glenrosa-Ave-Phoenix-AZ
AcquisitionsArizonaMultifamilySeniors HousingWestern

Joint Venture Acquires MorningStar at Arcadia Seniors Housing Community in Phoenix

by Amy Works

PHOENIX — A joint venture between Sabal Investment Holdings, 12 North Capital LLC and affiliates of MorningStar Senior Living has purchased MorningStar at Arcadia, a seniors housing property in Phoenix. Located at 3200 E. Glenrosa Ave., MorningStar at Arcadia features 78 assisted living suites across studio, one-bedroom and two-bedroom floorplans and 30 memory care suites. Community amenities include a fitness center, resident game room, outdoor seating area with fire pit, and resident dining room. The buyers plan to implement an improvement program including a cosmetic refresh to common areas, including the main entrance lobby, dining room, theater and other amenity spaces along the reconfiguration of smaller assisted living units to meet local demand for larger and more functional living spaces. Additionally, the buyers plan exterior painting and landscaping improvements. Aron Will and Michael Cregan of CBRE National Senior Housing arranged financing for the acquisition. The seller, price and other transaction details were not released.

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LoansMarylandSeniors HousingSoutheast

Berkadia Secures $47.4M Refinancing for Seniors Housing Community in Suburban DC

by John Nelson

KENSINGTON, MD. — Berkadia has arranged a $47.4 million loan for the refinancing of Modena Reserve at Kensington, a 135-unit seniors housing community located in Kensington, a northern suburb of Washington, D.C. A debt fund provided the capital to the borrowers: Solera Senior Living, McCaffrey and an unnamed institutional investor. Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare arranged the three-year, nonrecourse loan, which features interest-only payments for the full term. The loan will be used to refinance a maturing construction loan. Modena Reserve at Kensington originally opened in late 2021, reaching a stabilized occupancy within 24 months.

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Atria-Newport-Beach-CA
CaliforniaLoansMultifamilySeniors HousingWestern

JLL Arranges $52M Refinancing for Atria Newport Beach Seniors Housing Community in California

by Amy Works

NEWPORT BEACH, CALIF. — JLL has arranged $52 million in refinancing for Atria Newport Beach, a seniors housing community located at 393 Hospital Road in Newport Beach. The borrower is a partnership between a national REIT and Atria Senior Living. Aaron Rosenzwieg and Dan Baker of JLL Capital Markets arranged the financing. MidCap Financial provided the floating-rate, first-mortgage loan. Built in two phases with the north building fully renovated in 2023 and the south building purpose-built and opened in 2021, the three-story buildings offer a total of 168 studio, one- and two-bedroom independent living, assisted living and memory care units. Community amenities include 24-hour support staff, all-day dining, valet and concierge services, fitness classes, car services, housekeeping, a salon and spa, yoga studio, theatre, library, game room and underground parking garage.

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AcquisitionsMidwestMultifamilySeniors HousingWisconsin

ESI Brokers Sale of 186-Bed Samaritan Health Center in West Bend, Wisconsin

by Kristin Harlow

WEST BEND, WIS. — Evans Senior Investments (ESI) has brokered the sale of Samaritan Health Center, a county-owned facility in West Bend, about 30 miles north of Milwaukee. The community was originally built in 1969 and renovated in 2009. The property offers three licensed programs: a skilled nursing facility, an assisted community-based residential facility (CBRF) and a supportive living, apartment-style residential care apartment complex (RCAC). Altogether, the center provides 186 beds, including 131 skilled nursing beds, 24 RCAC beds and 31 CBRF beds. According to ESI, Samaritan Health Center was 33 percent occupied at the time of marketing and struggling with negative cash flows. The property also needed substantial renovations. An independent owner-operator purchased the asset for an undisclosed price.

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AcquisitionsMultifamilySeniors HousingSouth CarolinaSoutheastUncategorized

Berkadia Negotiates Sale of 159-Unit Active Adult Community in Greenville

by John Nelson

GREENVILLE, S.C. — Berkadia has arranged the sale of The Aspens Verdae, a newly built, 159-unit active adult community in Greenville. Texas-based active adult developer Aspens Senior Living sold the community to Charleston-based Blaze Capital Partners and Partners Group, acting on behalf of its clients. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders led the Berkadia team in the transaction. The sales price was not disclosed. Located in Greenville’s master-planned, 1,100-acre Verdae neighborhood, the Aspens Verdae provides direct access to retail, restaurants, healthcare and outdoor activities. The property was built in 2022 and features one- and two-bedroom apartments.

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

NewCourtland Completes 178-Unit Mixed-Income Adaptive Reuse Project in Philadelphia

by Taylor Williams

PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income adaptive reuse project in Philadelphia’s East Falls neighborhood. The project converted the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013, into a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015 and subsequently brought in architecture firm Looney Ricks Kiss to facilitate the transition of the site into a mixed-income property.

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AcquisitionsAffordable HousingMidwestMinnesotaMultifamilySeniors Housing

Standard Communities Acquires 152-Unit Affordable Seniors Housing Community in Duluth, Minnesota

by Kristin Harlow

DULUTH, MINN. — Standard Communities led a public-private partnership in acquiring Lenox Place Apartments in Duluth, an eastern Minnesota city along Lake Superior. The transaction is capitalized at $37.1 million. Built in 1980 and located at 701 W. Superior St., the affordable housing property features 152 units. There are 143 one-bedroom units and nine two-bedroom residences for seniors and individuals with disabilities. Standard will extend the affordability of Lenox Place Apartments for 30 years, with resident income restricted to 60 percent of the area median income. Funding for the acquisition included Low-Income Housing Tax Credits secured through the Minnesota Housing Finance Agency, and the Housing Redevelopment Authority of Duluth issued tax-exempt bonds. Huntington Bank provided the tax credit equity. Standard will significantly renovate the 14-story property at a cost of approximately $12 million. Residents will not be relocated during the renovations.

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AcquisitionsMultifamilySeniors HousingTexas

SLIB Arranges Sale of 120-Bed Skilled Nursing Facility in La Marque, Texas

by Taylor Williams

LA MARQUE, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 120-bed skilled nursing facility in La Marque, located southeast of Houston. The facility spans approximately 45,628 square feet on 4.3 acres. The seller was a Texas-based family partnership, and the buyer was an owner-operator with several facilities in Texas. Both parties requested anonymity. Matthew Alley of SLIB handled the transaction.

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Chesapeake-Bay-Seabrook
AcquisitionsMultifamilySeniors HousingTexas

Green Courte Partners Acquires 348-Unit Active Adult Community in Seabrook, Texas

by Taylor Williams

SEABROOK, TEXAS — Green Courte Partners, a private equity real estate investment firm, has acquired Chesapeake Bay, a 348-unit active adult community in Seabrook, located just south of Houston. The property offers a mix of apartments and cottages. Amenities include a pool, fitness center, business center, craft room, game lounge, putting green, hair and nail salon, theater and a dog park. The firm’s wholly owned operating platform, True Connection Communities, will manage the property. The seller and sales price were not disclosed.

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AcquisitionsMidwestMultifamilyOhioSeniors Housing

ESI Arranges Sale of Three-Property Seniors Housing Portfolio in Western Ohio

by Kristin Harlow

OHIO — Evans Senior Investments (ESI) has arranged the sale of a three-property seniors housing portfolio in western Ohio for an undisclosed price. The seller was Mariner Management Group Inc., an independent owner and operator seeking to exit the industry. The buyer was an owner-operator in the state. The portfolio, which was built in stages between 1990 and 2013, consists of 317 licensed skilled nursing beds and 209 seniors housing units.

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