NAMPA, IDAHO — The Zett Group, led by Blake Bozett, has arranged the sale of Streamside Assisted Living and Memory Care in Nampa, approximately 20 miles west of Boise. The property features 79 total units. A regional owner-operator based out of Oregon sold the asset to a national owner-operator from California looking to expand its footprint in the state Idaho. The price was not disclosed.
CHICAGO — Prime Healthcare has agreed to acquire nine hospitals and associated physician practices in Illinois, as well as five post-acute and senior living facilities, from St. Louis-based Ascension. The properties are largely located in Chicago and its surrounding suburbs. The transaction is expected to close in the first quarter of 2025, subject to standard regulatory and canonical approvals. The price was not disclosed. The acquisition includes the following Ascension hospitals: Prime Healthcare also acquired multiple post-acute and senior living facilities operated by Ascension Living: Fox Knoll Village in Aurora; Villa Franciscan Place in Joliet; Heritage Village and Heritage Lodge in Kankakee; and Resurrection Place in Park Ridge. Prime Healthcare plans to invest $250 million in facility upgrades, capital improvements, technology investments and system upgrades to the properties. According to Prime Healthcare, the company has all available funding for the renovations. No debt will be put on the hospitals to complete the transaction. Additionally, the buyer has agreed to make offers of employment to substantially all associates. “Our agreement with Ascension reflects our decades-long mission of saving, improving and investing in community hospitals,” says Sunny Bhatia, president and chief medical officer of Prime Healthcare. Prime Healthcare is based in Ontario, …
FOXBOROUGH, MASS. — MassDevelopment has provided $22.2 million in tax-exempt bond financing for an 80-unit affordable seniors housing project in the southern Boston suburb of Foxborough. These units represent the first part of a multi-phase project that will add 200 affordable seniors housing units to the local supply. All of the one-bedroom units will be rented to households earning up to 60 percent of the area median income (AMI), though 20 units will also be available for households earning up to 30 percent of AMI. The developer, an entity doing business as Walnut Street Phase One 4 LLC, is a joint venture that includes Affordable Housing and Services Collaborative Inc., Peabody Properties Inc. and The Onyx Group. Citizens Bank purchased the bond.
WHIPPANY, N.J. — DIGroup Architecture and Jewish Community Housing Corp. (JCHC) have completed a renovation and expansion project at Lester Senior Living in Whippany, approximately 30 miles west of Manhattan. The facility provides independent living and assisted living services. The project added about 20,000 square feet of new amenities. The project team also worked to create more interactive spaces for residents by enhancing the café/reading room and refurbishing the dining room. A new theater was added to the second level, and the atrium was also renovated.
LONGVIEW, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Haven Care, a 108-bed skilled nursing facility in the East Texas city of Longview. The facility totals 24,653 square feet and is situated on three acres. The seller was a Texas-based partnership, and the buyer was an owner-operator with several other facilities in the state. Both parties requested anonymity. Matthew Alley of SLIB handled the transaction.
FORT COLLINS, COLO. — Co-developers MorningStar Senior Living and Haselden Real Estate Development have opened MorningStar at Old Town, a seniors housing property in Fort Collins. The companies partnered with local landowner and developer J.D. Padilla to develop the asset in Old Town Fort Collins. Located at 360 Tenney Court, MorningStar at Old Town features 160 units for independent living, assisted living and memory care in a four-story residential building. The community offers an indoor pool, a fitness center, therapy space, theatre/chapel and wine tasting room, as well as The Sky Terrace with patios and courtyards in an outdoor space. Project partners included Hord Coplan Macht as architect, Haselden as general contractor and Thoma-Holec as interior designer.
TULSA, OKLA. — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Heatheridge Assisted Living, an 87-unit seniors housing property located just outside the downtown Tulsa area. Built in 1990, the property offers one-bedroom units with four different floor plans and amenities such as a laundry room, entertainment room, outdoor courtyard and full-service salons. Jon Krebbs of TMG brokered the deal. The buyer and seller were not disclosed.
HUNTINGTON PARK, CALIF. — Coldwell Banker Commercial West has arranged the sale of Seville Gardens Apartment Community, a seniors housing property located at 2701 Randolph St. in Huntington Park. Seville Gardens LLC sold the asset to Equity Consultants Equity Inc. for $33.7 million. The buyer plans to maintain the property as seniors housing. Built in 1989, Seville Gardens features 225 apartments in a mix of 108 studios, 114 one-bedroom/one-bath and three two-bedroom/one-bath units. Community amenities include secure parking and access, balconies, a recreation room, elevators and on-site laundry. The property is currently under a building covenant that mandates it be used as 55-plus housing with 20 percent of units rented to low-income tenants until 2038. Tom Papoulias of Coldwell Banker Commercial West represented the seller in the transaction.
CHESTERFIELD, MO. — Tutera Senior Living & Health Care and Shelbourne Healthcare Development Group have opened The Lumiere of Chesterfield, a $55 million senior living community in the St. Louis suburb of Chesterfield. The 193,000-square-foot development, situated near Chesterfield Mall, features 96 independent living units, 37 assisted living units and 17 memory care units. The independent living units are now open, while the assisted living will open in late July and the memory care will follow in August. Amenities include libraries, bistros, a wine room, dog park, bocce ball, putting green, gardens and pedestrian pathways. Moseley Architects served as the project architect, while Faulkner Design Group was the interior designer. The project gets its name from the French word for light, “lumiere.” The development features large windows for letting in daylight.
VANCOUVER, WASH. — JLL has directed the sale of Van Mall Retirement, a seniors housing community in Vancouver, just across the Columbia River from Portland, Oregon. Lytle Enterprises sold the asset to a regional Pacific Northwest owner and operator for $28 million. Located at 7808 NE 51st St., Van Mall Retirement features 191 independent living and assisted living units in one- and two-bedroom layouts. The property was constructed in 1989 and expanded in 1994. The pet-friendly community features an on-site theater; salon and barbershop; fitness center; activity and games room; arts and crafts studio; library; and bistro. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Alanna Ellis, Dan Baker and Dean Ferris of JLL Capital Markets represented the seller, procured the buyer and procured acquisition financing from a regional bank on behalf of the buyer in the transaction.