Seniors Housing

Greystar Student Living Awarded Management of Arena District Apartments Near the University of Oregon

by Nellie Day May 4, 2016

EUGENE, ORE. — Student Housing-Eugene LLC, an affiliate of Columbia Investments LLC, has awarded Greystar Student Living management of Arena District Apartments, a 244-bed student housing community located two blocks away from the University of Oregon campus in Eugene. The LEED Gold certified property was formerly known as University House Arena District. The community offers two- and four-bedroom units with contemporary furniture packages, flat-screen televisions, Apple TV, EnergyStar front-loading washers and dryers, and free cable and high-speed Internet access. Environmentally friendly features of the property include energy efficient lighting, low-VOC paint, solar-generated hot water and operable windows for natural ventilation. Community amenities include a clubhouse and an Internet café with Mac computers, seating areas, a multimedia lounge with gaming stations and billiards tables, a large outdoor courtyard with drought tolerant landscaping and grilling stations, bicycle storage, covered parking, recycling centers and reserved parking spaces for fuel-efficient vehicles. Greystar will add a new fitness center, spa and study lounges this year.

May 4, 2016

Multifamily Seniors Housing Texas

Caddis Opens Heartis Seniors Housing Property in Fort Worth

by Haisten Willis May 4, 2016

FORT WORTH, TEXAS — Caddis, a national healthcare real estate firm headquartered in Dallas, has opened a 96-unit assisted living and memory care community known as Heartis Eagle Mountain at 3141 Dalhart Drive in Fort Worth. The 61,125-square-foot community includes 54 assisted living units (61 beds) and a dedicated 35-bed memory care unit. The residence features a secure courtyard and walking paths. Located on a 4.3-acre site, the community is about one mile from Eagle Mountain Lake with access to U.S. Highway 287 and I-35W. Heartis Eagle Mountain is owned by a Caddis affiliate and managed by Eugene, Ore.-based Good Neighbor Care. Good Neighbor Care has more than two decades of seniors housing management experience in Texas and several other states. Heartis Eagle Mountain offers amenities including game and activity rooms, a beauty/barber shop, dining room, common areas, daily social and recreational activities, licensed nursing services, landscaped grounds and a 24-hour emergency call system. Austin-based Katus LLC was the architect for the project.

May 4, 2016

Idaho Multifamily Seniors Housing Western

CareTrust REIT Purchases Skilled Nursing Facility in Boise for $8.9M

by Nellie Day May 3, 2016

BOISE — CareTrust REIT (NASDAQ: CTRE), an investor based in San Clemente about midway between Los Angeles and San Diego, has acquired Shaw Mountain at Cascadia, a 98-bed skilled nursing facility in Boise, for $8.9 million. This deal was a sale-leaseback transaction with the seller and operator, Cascadia Healthcare LLC. The acquisition was funded by an 8.5 million-share equity offering that occurred in March.

May 3, 2016

Iowa Midwest Multifamily Seniors Housing

Marcus & Millichap Arranges Sale of Two Skilled Nursing Facilities in Iowa for $7.2M

by Christina Cannon May 3, 2016

WASHINGTON AND MUSCATINE, IOWA — Marcus & Millichap has arranged the sale of All-American Care of Washington and All-American Care of Muscatine, both skilled nursing facilities in Iowa, for $7.3 million. The facilities are located approximately 40 miles apart from each other in the southeast corner of the state, near the Illinois border. Mark Myers, Ryan Fleming and Joshua Jandris of Marcus & Millichap represented the seller, a husband and wife partnership exiting the nursing home business. The buyer was a private owner/operator out of the Northeast. All-American Care of Washington, a 90-bed facility on 5.2 acres, sold for $3.1 million. All-American Care of Muscatine, a 100-bed facility on 3.9 acres, sold for $4.1 million. Both facilities were built in the 1970s and renovated in the 1990s and 2000s. The combined sales price equates to approximately $38,000 per bed.

May 3, 2016

California Multifamily Seniors Housing Western

Blueprint Arranges $8M Sale of 118-Bed Skilled Nursing Facility in San Marcos

by Nellie Day May 2, 2016

SAN MARCOS, CALIF. — Blueprint Healthcare Real Estate Advisors, a brokerage based in Chicago, has arranged the $18 million sale of Village Square, a 118-bed skilled nursing facility in San Marcos, approximately 35 miles north of San Diego. A publicly traded REIT seeking to divest non-core assets sold the property to a Los Angeles-based investor. The new owner plans to implement a turnaround strategy at the facility. The sales price equates to approximately $68,000 per bed. Christopher Hyldahl and Ben Firestone of Blueprint executed the transaction.

May 2, 2016

Multifamily New Mexico Seniors Housing Western

Community Development, YES Housing Form JV to Acquire, Recapitalize Affordable Communities in New Mexico

by Nellie Day May 2, 2016

ALBUQUERQUE — The Community Development Trust, an affordable housing REIT, and YES Housing Inc., an affordable housing operator, have formed a joint venture to recapitalize three YES-operated properties in New Mexico. CDT will invest $4.5 million to preserve 262 units of affordable Section 8 seniors housing in Albuquerque, Las Cruces and Roswell. The money will fund improvements and preserve affordability at the properties, which are reserved for seniors earning below 60 percent of the area median income. The first property to receive improvements will be the 60-unit Wildewood Apartments in Roswell. CDT and YES acquired the property earlier this month using Freddie Mac financing through Hunt Mortgage Group. The JV plans to make $300,000 in capital improvements to the asset, which was built in 1978 and renovated in 2000. The other two properties were not disclosed, as the acquisitions are still pending.

May 2, 2016

Illinois Loans Midwest Multifamily Seniors Housing

Capital Funding Group Provides $19.8M HUD Loan for Seniors Housing Community in Arlington Heights, Illinois

by Christina Cannon May 2, 2016

ARLINGTON HEIGHTS, ILL. — Capital Funding Group has provided a $19.8 million Section 232 HUD construction loan for Transitional Care of Arlington Heights. Transitional Care of Arlington Heights is a planned 120-bed skilled nursing facility in the northwest Chicago suburb of Arlington Heights. The loan, which will finance the construction of the community, has a 40-year term. Craig Casagrande of Baltimore-based Capital Funding Group originated the loan.

May 2, 2016

Kansas Midwest Multifamily Seniors Housing

Presbyterian Manors of Mid-America Completes $35M Seniors Housing Expansion in Wichita

by Christina Cannon April 29, 2016

WICHITA, KAN. — Presbyterian Manors of Mid-America, a nonprofit operator of 18 communities in Missouri and Kansas, has completed a $35 million expansion at Wichita Presbyterian Manor, a continuing care retirement community in Wichita. The expansion consisted of two phases, both of which started in 2014. In the first phase, the owner added 24 memory care suites, 30 skilled nursing suites and 20 private “post-acute to home” rehabilitation rooms, as well as a new kitchen, bistro, library, beauty salon and barbershop. The second phase of development added The Westerly Residences, which included 90 independent living apartments and an array of new amenities.

April 29, 2016

Florida Multifamily Seniors Housing Southeast

Allegro Senior Living Breaks Ground on $45M Luxury Seniors Community in Central Florida

by John Nelson April 29, 2016

CASSELBERRY, FLA. — Allegro Senior Living has broken ground on an unnamed luxury seniors housing community in the northern Orlando suburb of Casselberry. Development costs are estimated at $45 million. Located on a 17.3-acre site, the new community will include 158 units of independent living, assisted living and memory care in 175,000 square feet of space. Allegro expects the first residents to move in sometime in summer 2017. Besselo Design Group provided architectural design services, and Welbro Building Corp. will provide construction services. Allegro is a developer and operator based in St. Louis with 10 communities in Florida and Kentucky.

April 29, 2016

Colorado Multifamily Seniors Housing Western

Northstar Commercial Partners Breaks Ground on 74-Unit Assisted Living Community in Denver

by Nellie Day April 28, 2016

DENVER — Northstar Commercial Partners, a Denver-based developer, has broken ground on a 74-unit assisted living and memory care community in Denver. Being built on a recently acquired 1.6-acre vacant parcel, the community will be part of Denver’s Stapleton neighborhood on the former site of Stapleton International Airport. The Stapleton neighborhood already has 19,000 residents, 50 parks and 38 miles of trails. When completed, the 63,283-square-foot seniors housing community will offer 58 assisted living units and 16 memory care units. Northstar expects to finish construction in spring 2017. Balfour Senior Living will operate the community.

April 28, 2016

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