WACO, TEXAS — Marcus & Millichap has brokered the sale of Woodland Springs Nursing Center, a 132-bed skilled nursing facility in Waco. The asset, located at 1010 Dallas St., sold for a price of $6.4 million. Rod Llanos of Marcus & Millichap marketed the property on behalf of the seller, a partnership. Llanos also secured the buyer, a limited liability company.
Seniors Housing
FORT MYERS, FLA. — GMA Architects & Planners has completed Discovery Village, a new seniors living community in Fort Myers. The 121,000-square-foot community includes three wings for independent living, assisted living and Alzheimer residents. The new building features courtyard gardens, a theater, game room, living room with a fireplace and bar, fitness facilities and a pool. The rest of the design team includes Development Consulting LLC, interior designer IAK Florida Design and general contractor DeAngelis Diamond Construction.
NEW YORK CITY — Newcastle Investment Corp. has agreed to acquire a 52-property portfolio of seniors housing properties from affiliates of Holiday Retirement for approximately $1 billion. The 5,885-unit portfolio includes communities located across 24 states and was 91 percent occupied as of the end of the third quarter. The deal is expected to close in December. New York City-based Newcastle plans to invest approximately $300 million of equity to acquire the Holiday Retirement Portfolio and to fund the remainder of the purchase with non-recourse mortgage debt. Holiday will continue to manage the communities to be acquired by Newcastle, which have been split into two identical triple-net master leases. Lake Oswego, Ore.-based Holiday Retirement operates 333 independent living properties around the country.
SAN ANTONIO — Developer Franklin Cos. and architect three: living architecture will break ground in February 2014 on Franklin Park, a new $30 million, 217-unit seniors housing facility in San Antonio’s Alamo Heights neighborhood. The property will total 315,000 square feet and include 115 independent living units, 62 assisted living units and 40 memory care units, as well as a coffee house and art gallery open to the public. Faulkner Design Group is serving as interior designer on the project, and Mesa is working as landscape architect.
AMARILLO, TEXAS — Caddis Partners Inc. has broken ground on Heartis Amarillo, an 89-unit, 63,904-square-foot assisted living and memory care community in Amarillo. The facility will include 54 assisted living suites and a 35-bed memory care center, as well as amenities such as a theater, diner, arts and crafts shop, garage and three interior courtyards. Austin-based architects Katus designed the property, MAPP Construction is serving as general contractor, and Eugene, Ore.-based Good Neighbor Care will manage the property. Amegy Bank financed the facility, which Caddis owns under its Heartis brand and will be completed in fall 2014.
LEAWOOD AND SPRING HILL, KAN. — NorthStar Healthcare Income Inc. has acquired two assisted living and memory care facilities in the metro Kansas City area for $15.6 million. The properties include a 70-unit facility in Leawood and a 48-unit property in Spring Hill. An affiliate of Advantage Health Group operates the facilities.
PLEASANTON, CALIF. –Stoneridge Creek Pleasanton retirement community has debuted in San Francisco’s East Bay. It is located at 3300 Stoneridge Creek Way in Pleasanton. Phase I of the project spans 46 acres and cost more than $100 million to build. It will eventually include up to 635 residences. The community includes a performing arts center, library, movie theater, wine room, pool, fitness center, salon, spa, short-game golf course, tennis courts, outdoor fireplace lounge, gardens and dog park, among other amenities. Construction on Stoneridge originally commenced in summer 2011. It is designed for residents ages 60 and older. The retirement community will soon sit adjacent to Creekview Health Center, which is scheduled for completion next year. The health center will provide skilled nursing, assisted living and dementia care services for residents.
MILFORD, MASS. — An affiliate of Capital Senior Living Corp. has purchased the 87-unit Whitcomb House, an assisted living and memory care community in suburban Boston. The property includes three interconnected buildings totaling 48,565 square feet. The community features 66 assisted living beds and 21 memory care beds and is approximately 97 percent occupied. Situated on 9.3 acres, Whitcomb House is located at 245 West. St. in Milford. Allen McMurtry, executive managing director at Cassidy Turley, represented the seller, a local owner who developed and managed the property.
PLEASANTON, CALIF. –Stoneridge Creek Pleasanton retirement community has debuted in San Francisco’s East Bay. It is located at 3300 Stoneridge Creek Way in Pleasanton. Phase I of the project spans 46 acres and cost more than $100 million to build. It will eventually include up to 635 residences. The community includes a performing arts center, library, movie theater, wine room, pool, fitness center, salon, spa, short-game golf course, tennis courts, outdoor fireplace lounge, gardens and dog park, among other amenities. Construction on Stoneridge originally commenced in summer 2011. It is designed for residents ages 60 and older. The retirement community will soon sit adjacent to Creekview Health Center, which is scheduled for completion next year. The health center will provide skilled nursing, assisted living and dementia care services for residents.
TAMPA, FLA. — PinPoint Commercial LP and Thrive Senior Living have begun construction on The Legacy at Highwoods Preserve, a new assisted living and memory care facility in north Tampa. The 164-bed will feature telemedicine suites, oversized rooms, libraries, gaming areas, shops, beauty salons and multiple courtyards. PinPoint and Thrive's partnership with LG, a global technology corporation, will allow the facility to feature high-tech equipment to care for residents. The new facility is slated to wrap up construction in the fall of 2014.