Seniors Housing

Hudson Capital Sells Active Adult Community in Myrtle Beach for $53.2M

by John Nelson November 30, 2022

MYRTLE BEACH, S.C. — Hudson Capital Properties (HCP) has sold Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. An undisclosed buyer acquired the property for $53.2 million. Tai Cohen of Cushman & Wakefield represented HCP in the transaction. Units are available in one-, two- and three-bedroom options. Cape Fear Commercial co-developed the project alongside HCP. The partnership broke ground on the community in 2019. Like many of the Southeastern markets where HCP invests, the greater Myrtle Beach area benefits from continued population growth that has strong potential to continue over the long term, according to HCP.

November 30, 2022

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Blueprint Brokers Sale of 90-Bed Skilled Nursing Facility in Lowell, Massachusetts

by Taylor Williams November 30, 2022

LOWELL, MASS. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 90-bed skilled nursing facility in Lowell, a northern suburb of Boston. Located near Lowell General Hospital, the facility has historically maintained stable census levels with a steady stream of referrals and admissions, according to Blueprint. The regional buyer plans to implement a capital improvement program. The seller, price and name of the community were not disclosed.

November 30, 2022

Georgia Loans Seniors Housing Southeast

MMCC Arranges $8.3M Refinancing for Brookside Commerce Assisted Living Facility in Northeast Georgia

by John Nelson November 28, 2022

COMMERCE, GA. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.3 million loan for the refinancing of Brookside Commerce, an assisted living facility located in Commerce, roughly 70 miles northeast of Atlanta. The 62-bed facility features 12 independent living units and is located approximately 3.5 miles away from Northridge Medical Center, a community hospital. Robert Bhat of MMCC secured the refinancing, which includes a 35-year fully amortizing loan and a 5.1 percent interest rate, on behalf of the undisclosed borrower.

November 28, 2022

Acquisitions Midwest Multifamily Seniors Housing Wisconsin

Greywolf Brokers $4M Sale of Seniors Housing Apartment Building in Middleton, Wisconsin

by Kristin Harlow November 28, 2022

MIDDLETON, WIS. — Greywolf Brokerage, a division of Greywolf Partners Inc., has brokered the $4 million sale of Pheasant Branch Senior Apartments in Middleton, a suburb of Madison. The 45,166-square-foot building contains 47 units. The property was fully occupied at the time of sale and sold slightly above the listing price. Dawn Davis of Greywolf represented the seller. Buyer and seller information was not provided.

November 28, 2022

Acquisitions Build-to-Rent Georgia Multifamily Seniors Housing Single-Family Rental Southeast

Berkadia Arranges $47.8M Sale of Build-to-Rent Active Adult Community in Dallas, Georgia

by John Nelson November 23, 2022

DALLAS, GA. — Berkadia Institutional Solutions has arranged the sale of Hardy Springs, a 149-unit build-to-rent, active adult community located in the northwest Atlanta suburb of Dallas. Charleston-based Blaze Partners purchased the single-family neighborhood, which is age-restricted for households age 55 and up, for $47.8 million. Russ Hardy of Berkadia’s Atlanta office and Brooks Minford and Simona Wilson of Berkadia’s Seniors Housing & Healthcare team represented the seller, Georgia-based Highlands Residential, in the transaction. John Bray, also from Berkadia’s Atlanta office, originated an undisclosed amount of Fannie Mae acquisition financing on behalf of Blaze. Hardy Springs features one- and two-bedroom floor plans with walk-in closets, private garages and private patios or balconies. Community amenities include a clubhouse, fitness center and barbecue area. The property is situated near Wellstar Paulding Hospital, AMC Hiram 14 and Lost Mountain Park.

November 23, 2022

Acquisitions Colorado Multifamily Seniors Housing Western

CA Ventures Sells 267-Unit Seniors Housing Portfolio in Metro Denver to Harrison Street

by Amy Works November 23, 2022

WESTMINSTER AND ENGLEWOOD, COLO. — CA Ventures has sold its Anthology of Westminster and Anthology of Englewood senior living assets to Harrison Street. “Anthology’s Westminster and Englewood assets have leased incredibly well — particularly having opened their doors at the onset of the COVID-19 pandemic in February 2020,” says Justin Dickinson, president of Anthology Senior Living. “The strong financial performance of each asset despite a volatile global macroeconomic environment and never-before-seen headwinds across the industry is a testament to both our investment strategy and the talent of our team.” The Westminster community totals 137 units nine miles northwest of downtown Denver near a prominent retail corridor and residential neighborhoods. The upscale senior living community includes 107 assisted living units and 30 memory care units. The Englewood community totals 130 units seven miles south of downtown Denver and features unobstructed views of the Rocky Mountains and Cherry Hills Country Club. The property comprises 106 assisted living units and 24 memory care units across seven stories.

November 23, 2022

Development Multifamily New York Northeast Seniors Housing

EW Howell Completes 80-Unit Assisted Living Project in Kings Park, New York

by Taylor Williams November 23, 2022

KINGS PARK, N.Y. — General contractor EW Howell Construction Group has completed St. Johnland Assisted Living, an 80-unit seniors housing project in Kings Park, located on Long Island’s North Shore. Designed by KDA Architects, the two-story, 68,000-square-foot facility totals 100 beds and is situated adjacent to the existing 100-acre St. Johnland Nursing Center complex. St. Johnland is a locally based provider with specialties in dementia, head injury rehabilitation, subacute care and adult day care.

November 23, 2022

Development Michigan Midwest Multifamily Seniors Housing

KIRCO Opens 148-Unit Senior Living Community in Metro Detroit

by Kristin Harlow November 22, 2022

CLARKSTON, MICH. — KIRCO has completed its first senior living community in Michigan, Monark Grove Clarkston. The 189,000-square-foot community is located on 17 acres in Clarkston, approximately 35 miles northwest of downtown Detroit. Beztak operates the property, which features 77 independent living units, 49 assisted living units and 22 memory care units. KIRCO was the developer and KIRCO MANIX was the builder on the project.

November 22, 2022

Affordable Housing Development Multifamily Seniors Housing Utah Western

TWG Plans $13M Residences at Fireclay Affordable Seniors Housing Project in Murray, Utah

by Amy Works November 18, 2022

MURRAY, UTAH — TWG has unveiled plans for Residences at Fireclay, a $13 million affordable seniors housing community in Murray. Construction is slated to begin this year, with the first units available in 2025. Located at 152 W. 4250 South, the four-story building will feature 40 one-bedroom apartments for seniors age 62 and older. The units are also reserved for those earning up to 50 percent of the area median income, with a preference for military veterans. Additionally, the project includes four units reserved for disabled seniors and five units available for seniors who have experienced homelessness. Community amenities will include a fitness room, community-raised garden, community room with kitchen and a computer room. TWG has partnered with First Step House, a Salt Lake City-based nonprofit that addresses addiction, mental health, homelessness and criminal justice, to provide services and referrals for residences. The project was made possible with Low Income Housing Tax Credits from the Utah Housing Corp. Additional key partners include Olene Walker Housing Loan Fund, Raymond James and Horizon Bank.

November 18, 2022

Affordable Housing Development Loans Multifamily Seniors Housing Texas

Hunt Capital Provides $13.6M in LIHTC Equity for Affordable Seniors Housing Project in Temple

by Taylor Williams November 17, 2022

TEMPLE, TEXAS — Hunt Capital Partners has provided $13.6 million in Low-Income Housing Tax Credit (LIHTC) equity for Mariposa Scott & White, a 140-unit affordable seniors housing project in the Central Texas city of Temple. The development will consist of four three-story buildings on a 4.5-acre site. The majority (108) of the units will be rented to households earning up to 30, 50 or 60 percent of the area median income, and the remaining 32 units will be rented at market rates. Amenities will include a pool, fitness center, business center, clubhouse, theater room and outdoor picnic areas. Cadence Bank is also providing a $16.8 million construction loan for the project, which is scheduled for a January 2024 completion. The borrower is a partnership between Sycamore Strategies and Stuart Shaw Family Development.

November 17, 2022

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