LOUISVILLE, COLO. — AEW Capital Management has purchased the Balfour Senior Housing Portfolio for a reported $103.8 million. The portfolio features three Class A properties in Louisville that contain a total of 296 units. The Lodge, The Residences and the Balfour Retirement Community are situated on the east side of Colorado Highway 42 along Hecla Drive. The Lodge and The Residences are independent living communities, while the Balfour Retirement Community offers assisted living and skilled nursing. AEW acquired the property on behalf of AEW Senior Housing Investors II, L.P. Balfour was represented by HFF’s Ryan Maconachy, Chad Lavender and Campbell Roche. The team also arranged the acquisition financing for AEW through Cornerstone Real Estate Advisers. Balfour will continue to manage the community.
Seniors Housing
PORTLAND, ORE. – The 293-unit Russellville Park retirement community in Portland has received $49.3 million in financing. The senior housing community is located at 20 SE 103rd Ave. It contains 186 independent living, 91 assisted living and 16 memory care units. The average occupancy is 95 percent. Russellville Park features two buildings. Russellville East was built in 2004. The facility has undergone two major renovations, which added a new dining room, front lobby and wine bar. Russellville West was built in 2009. Russellville Park is managed and partially owned by Leisure Care Retirement Communities. The 10-year, fixed-rate loan contains a 30-year amortization schedule and a 75 percent loan-to-value ratio. It was arranged by Heidi Brunet of Berkadia’s Seniors Housing and Healthcare group.
HOUSTON — Developer Caddis Partners LLC has broken ground on two new seniors housing projects in the Houston metro area, both of which will be marketed under the company’s Heartis brand. Heartis Cypress and Heartis Clear Lake will each comprise 78 units, including 54 assisted living units and 24 memory care units in either facility. Both properties will feature interior courtyards, chef-prepared meals, housekeeping and laundry services. Caddis Partners will own the facilities, while Eugene, Ore.-based Good Neighbor Care will manage operations. For both projects, Austin-based KATUS is providing architectural services, and the Dallas office of MAPP Construction is serving as general contractor.
FAIRHOPE, ALA. — Country Place Senior Living has opened its first assisted living property in Fairhope at 8127 Gayfer Road Extension. The 24-suite property, known as Country Place Senior Living of Fairhope, is designed so that every resident’s room is within 150 feet of all the features and amenities, including 24/7 staffing and emergency response systems, housekeeping services, laundry services and life-enrichment programs.
MINNEAPOLIS — Dougherty Mortgage LLC has originated a $12.1 million loan under the HUD 223(a)(7) program for the refinancing of Minnehaha Senior Living, a 77-unit seniors housing facility in Minneapolis. Dougherty's Minneapolis office arranged the 40-year, self-amortizing loan for Covenire Care Nokomis LLC. The Minnehaha Senior Living property targets residents 62 years or older. The property provides affordable housing for 20 percent of the residents at 50 percent of the area median income.
ROSEVILLE, MINN. — Dougherty Mortgage LLC has originated a $6.7 million loan under the HUD 223(f) program for the refinancing of Roseville Seniors in metro Minneapolis. The 127-unit rental property for residents 62 and older, as well as disabled residents, is located in Roseville. Dougherty's Minneapolis office arranged the 35-year, self-amortizing loan for Good Neighbor Senior Apartments Limited Partnership LLLP.
CHICAGO — Boston Capital will invest in the rehabilitation of Senior Suites of Norwood Park, an 84-unit development for seniors located in Chicago. The development will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit program. Chicago-based Senior Lifestyle Corp. is the developer. Senior Suites of Norwood Park will include the preservation and adaptive reuse of the Passionist Monastery. The multifamily community will feature a three-story building, which will include 10 studio units, 63 one-bedroom units and 11 two-bedroom units. Amenities include a central community room with scheduled events and activities, lounges on each floor, a fitness room, library/reading room, health/wellness office and a landscaped patio. Senior Suites of Norwood Park will be available to seniors earning 60 percent or less of the area median income.
ROCKLIN, SANTA CLARITA, CALIF. — American Realty Capital (ARC) has acquired two luxury senior living communities in Southern California for $104 million. The purchase includes the 159-unit Casa de Santa Fe in Rocklin and the 134-unit Summerhill Villa in Santa Clarita. Casa de Santa Fe was built in 2001 at 3201 Santa Fe Way, just 20 miles north of Sacramento. It is currently 98.7 percent occupied. The community contains two independent living, one assisted living and one memory care facility, in addition to a community clubhouse. Summerhill Villa was also built in 2001. The assisted living and memory care community is located at 24431 Lyons Ave., just 30 miles northwest of Downtown Los Angeles. It is 98.4 percent occupied. The CBRE National Senior Housing Group represented the seller, MBK Senior Living, in this transaction. ARC represented itself. MBK will continue to manage the communities.
CHICAGO — Aviv REIT Inc. has acquired nine post-acute and long-term care skilled nursing facilities in Kentucky and Iowa in two separate transactions for approximately $49 million. Seven of the properties are located in Kentucky and are triple-net leased to new Aviv operator Providence Group, an operator of skilled nursing facilities in Kentucky and California. The other two facilities are located in Iowa and are triple-net leased to existing Aviv operator Trillium Healthcare. The acquisitions include annual escalators and initial lease terms of 10 years. Chicago-based Aviv REIT has approximately $104 million in acquisitions year-to-date.
INDEPENDENCE, MO. — Overland Property Group has celebrated the opening of Gardens at Jackson Creek, a $10 million seniors living facility in suburban Kansas City. The new apartment community, located at 19401 E. 40th St. Court in Independence, features 46 one-bedroom units and 67 two-bedroom units. Williams Spurgeon Kuhl & Freshnock Architects led the design team for the 115,000-square-foot facility. One-bedroom floor plans range from 576 to 594 square feet with monthly rents starting at $1,025. Two-bedroom units range from 765 to 795 square feet with rents starting at $1,250. Apartments feature raised-panel wood doors, wood-grained vinyl plank flooring, granite countertops, walk-in closets, washers and dryers, custom cabinets and nine-foot ceilings.