BURR RIDGE, Ill. — Anthem Memory Care has opened Harvester Place, a 66-unit memory care community in the Chicago suburb of Burr Ridge. Development costs were $13 million. Harvester Place is Oregon-based operator Anthem’s sixth memory care community, with three more under development in Colorado, California and Illinois. Harvester Place is designed in a figure-eight pattern to create a natural flow that lessens confusion among memory-impaired residents.
PITTSBURG, CALIF. — Creekside Apartment Investors LLC has purchased Creekside Village, an 88-unit, market-rate seniors housing community in the Bay Area city of Pittsburg, for $11.4 million. The gated community was built in 2003 and consists of 82 one-bedroom units and six two-bedroom units. The five buildings sit on just over six acres of land. Based in Los Angeles, Creekside Apartment Investors is a project of the managing partners of L5 Real Estate Investments and Equity Consultants Real Estate. Rich Martini, vice president, and Bill Hillis and Curt Scheve, both senior vice presidents, of Colliers International arranged the deal on behalf of the seller, Lark Creek LLC.
DANVERS, MASS. — Marquis Health Services, a division of Tryko Partners, has completed a $2.6 million renovation of The Brentwood Rehabilitation and Healthcare Center, located at 56 Liberty St. in Danvers. Built in 1972, the 159-bed property was renovated to include a dedicated 32-bed sub-acute care unit and a new 2,300-square-foot therapy gym. The sub-acute care unit features a neurologist-led stroke recovery program and the gym offers rehabilitation therapy seven days per week with state-of-the-art equipment, including a smart car to train patients in automobile transfers. Additionally, the patient rooms were renovated to include a traditional suite with a full residential set-up including kitchen, living room, bedroom and bathroom. Marquis Health Services acquired the property in late 2013.
LOS ANGELES — Sunrise Senior Living is set to open Sunrise at Palos Verdes in Los Angeles in March, marking the operator’s 42nd community in California. The community will include 80 units of assisted living and memory care, each of which will have flexible uses depending on the resident’s needs. The community is four stories and 67,000 square feet. Marguerite Crockem, formerly executive director of Sunrise of Fullerton, will be executive director of the new community. Based in McLean, Va., Sunrise is the fourth-largest operator of seniors housing in the U.S., according to June 2015 numbers from the American Seniors Housing Association.
SEATTLE — Holliday Fenoglio Fowler (HFF) has arranged the sale of, and acquisition financing for, Queen Anne Manor, a 93-unit seniors housing community in Seattle’s Upper Queen Anne neighborhood. Capitol Seniors Housing acquired the asset from an undisclosed seller for $36.3 million, free and clear of existing debt. HFF also assisted the buyer in securing a $25 million, seven-year, floating-rate loan through Freddie Mac. Queen Anne Manor has 54 assisted living units and 39 memory care units averaging 294 square feet each. Renovated most recently in 2015, the west building of the property was originally built in 1908 and the east building was completed in 1927. The property was 96 percent leased at the time of sale and is situated on just over one acre. Milestone Retirement Communities LLC, which is based in Vancouver, Wash., will manage the property. Senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Baccich led the HFF team.
CHESTERTON, IND. — Mainstreet, an Indiana-based skilled nursing developer, and skilled nursing operator Symphony Post Acute Network have opened Symphony of Chesterton, a 106-bed skilled nursing facility in Chesterton, approximately 45 miles southeast of Chicago. Construction started in May 2015. Mainstreet developed the property and Symphony operates it. The 77,703-square-foot community cost $18.8 million to develop.
ELGIN, S.C. — Cardinal Ventures, a developer based in Mississippi, has broken ground on The Blake at Woodcreek Farms, a seniors housing community located within the 2,300-acre resort-style community of Woodcreek Farms in the Columbia suburb of Elgin. The Blake at Woodcreek Farms will total 88,000 square feet, with a scheduled opening in early 2017. The community will have assisted living and memory care apartments. Development costs and number of units were not disclosed. Blake Management Group will operate the community once complete. The company currently manages other Blake-branded communities in Alabama, Louisiana, Mississippi and Tennessee.
SAN JOAQUIN, CALIF. — An unnamed assisted living community in San Joaquin has changed hands. The community was built in 1970. It includes 44 units. A real estate investment fund, largely funded from China, purchased the community from a single-asset owner for $5.3 million, or $120,455 per unit. The community was 69 percent occupied at the time of sale. The new owners plan to make $1.5 million of improvements. Jim Hazzard and Nick Stahler arranged the transaction as the lead agents for JCH.
TOLEDO, OHIO AND TORONTO — A joint venture between Welltower Inc. (NYSE: HCN) and Canada Pension Plan Investment Board (CPPIB) has acquired a 97.5 percent interest in a seniors housing portfolio located in Florida for $555 million.The seller was Kayne Anderson, which bought the portfolio in late 2013 for an estimated $400 million from GE Healthcare Finance. Of the 97.5 percent interest that the joint venture acquired, CPPIB owns 45 percent while Welltower owns 55 percent. Discovery Senior Living owns the remaining 2.5 percent and operates the six properties that make up the portfolio. “As a long-term investor, CPPIB provides a large, global alternative capital source to the public markets that enables us to continue driving the evolution of healthcare infrastructure with our unparalleled network of leading health system and seniors housing operating partners,” says Thomas DeRosa, CEO of Welltower. The portfolio, known as Aston Gardens, is comprised of six private-pay seniors housing properties that have a total of 1,930 units. The communities, all located in Florida, include: Aston Gardens at Pelican Marsh in Naples Aston Gardens at Parkland Commons in Parkland Aston Gardens at Sun City Center in Sun City Center Aston Gardens at the Courtyards in Sun City Center Aston Gardens …
SAN BERNADINO, CALIF. — JCH Consulting Group has arranged the sale of an assisted living community in San Bernardino. The community was built in 2002. It includes 86 units, of which 24 are for memory care. A national owner/operator purchased the community from the single-asset owner for $13.6 million, or $158,140 per unit. The community was 86 percent occupied at the time of sale.