Seniors Housing

Cushman & Wakefield Brokers $25.7M Sale of Two Affordable Seniors Apartment Properties in Richmond

by John Nelson November 3, 2022

RICHMOND, VA. — Cushman & Wakefield has brokered the sale of Guardian Place, a 236-unit affordable seniors housing portfolio spanning two buildings located at 1620 N. Hamilton St. in Richmond. Fairfield Residential purchased the properties, known as Guardian Place I (121 units) and Guardian Place II (115 units), for $25.7 million. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, United Methodists Family Services, in the transaction. The Guardian Place communities are age-restricted assets that are encumbered with affordability covenants under the Low-Income Housing Tax Credit (LIHTC) program. Amenities include parking, outdoor seating areas, a library, exercise room, community garden and a TV lounge.

November 3, 2022

Affordable Housing Development Multifamily Seniors Housing Texas

Palladium Completes 122-Unit Affordable Seniors Housing Project in Garland, Texas

by Taylor Williams November 2, 2022

GARLAND, TEXAS — Locally based developer Palladium USA has completed a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. A grand opening ceremony will take place on Nov. 10.

November 2, 2022

Development Seniors Housing South Carolina Southeast

Aspens Senior Living Opens 159-Unit Active Adult Community in Greenville

by John Nelson November 1, 2022

GREENVILLE, S.C. — Aspens Senior Living has completed construction of The Aspens Verdae, a 159-unit active adult community in Greenville. The property totals 196,000 square feet and offers one-and two-bedroom options ranging from 607 square feet to 1,243 square feet. Aspens broke ground on the project in December 2020. It is the company’s second community in the Carolinas. The site is close to Legacy Park, The Preserve at Verdae Golf Club and the Prisma Health Swamp Rabbit Trail, a 22-mile walking and biking greenway that connects Greenville to Travelers Rest, S.C. Shiel Sexton served as general contractor for The Aspens Verdae, with Arrive Architecture Group as designer for the project.

November 1, 2022

West-Chester-Rehabilitation-&-Healthcare-Center

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Tryko Acquires 180-Bed Skilled Nursing Facility in West Chester, Pennsylvania

by Taylor Williams November 1, 2022

WEST CHESTER, PA. — New Jersey-based investment firm Tryko Partners has acquired a 180-bed skilled nursing facility in West Chester, approximately 25 miles west of Philadelphia. Tryko will rebrand the asset as West Chester Rehabilitation & Healthcare Center. The seller and sales price were not disclosed. Blueprint Healthcare Real Estate Advisors brokered the sale of the property.

November 1, 2022

California Development Multifamily Seniors Housing Western

South Bay Partners Completes 336-Unit Variel Seniors Housing Project in Los Angeles

by Amy Works October 28, 2022

LOS ANGELES — South Bay Partners has completed construction of The Variel of Woodland Hills, a luxury independent living, assisted living and memory care community in the Woodland Hills neighborhood of Los Angeles. The property features 215 independent living units, 94 assisted living units and 27 memory care units. Momentum Senior Living is the operator. VTBS Architects designed the buildings, while Rodrigo Vargas Design handled the interiors. W.E. O’Neil Construction was the general contractor. The site is located near Warner Tennis Center, grocery stores and Kaiser Permanente Woodland Hills Medical Center, a 264-bed hospital. The project was originally announced in 2018, and construction began just before the COVID-19 pandemic hit in early 2020.

October 28, 2022

Features Heartland Feature Archive Multifamily Seniors Housing

Seniors Housing Developers Shift to Repositionings Amid Economic Uncertainty, Say InterFace Panelists

by Kristin Harlow October 28, 2022

CHICAGO — As shovel-ready projects get put on hold, seniors housing developers are looking 24 months ahead, hoping that by then the economic outlook will have improved. For now, they worry about a possible recession and rising costs for everything from debt financing to building materials as they turn their immediate focus to repositioning opportunities. “The industry has been hit with macro-economic shocks,” said Adam Heavenrich, managing director at Heavenrich & Co., a Chicago-based investment brokerage firm. “What you hear is that if you’re developing now, you’re crazy.” Heavenrich gave these opening remarks as moderator of a panel discussion on development at France Media’s sixth annual InterFace Seniors Housing Midwest conference, held Oct. 20 in Chicago. The day-long event featured six panel discussions on topics relevant to industry stakeholders, along with networking opportunities. The development panel included experts who analyzed the smartest plays for the upcoming year. They recounted a growing list of barriers to new construction. The industry is still clawing its way back from the occupancy declines due to the pandemic. Seniors housing occupancy stood at 82.2 percent at the end of the third quarter of 2022, according to data analytics firm NIC MAP Vision. Inflation, last pegged …

October 28, 2022

Acquisitions Arizona Multifamily Seniors Housing Western

Cushman & Wakefield Negotiates Sale of 188-Unit Bella Vista Seniors Housing Property in Mesa, Arizona

by Amy Works October 27, 2022

MESA, ARIZ. — Cushman & Wakefield has arranged the sale of Bella Vista, a 188-unit independent living and assisted living community in Mesa. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Sam Dylag and Jack Griffin represented the sellers, a joint venture between Wexford Real Estate Investors and Beztak Cos., in the transaction. Bourne Financial Group, a private equity buyer based in Winter Park, Florida, acquired the asset and will self-manage this community with its in-house operator, Park Avenue Lifestyle. The price was not disclosed. The property was originally constructed in 1978 and underwent significant renovations from 2013 to 2017.

October 27, 2022

Iowa Loans Midwest Multifamily Seniors Housing

Cambridge Provides $10.4M HUD-Insured Loan for Refinancing of Assisted Living Campus in Iowa

by Kristin Harlow October 27, 2022

BURLINGTON, IOWA — Cambridge Realty Capital Cos. has provided a $10.4 million HUD Lean loan for the refinancing of Oakview Nursing and Rehabilitation and Ridgeview Assisted Living, a dual-facility campus also known as The Views of Burlington. Situated in Burlington, a city in Southeast Iowa, the campus features 60 skilled nursing beds and 42 assisted living beds. Andrew Erkes of Cambridge originated the 35-year loan, which features a 35-year amortization schedule. The borrower was an Iowa-based limited liability company. Denny Howell of Howell Investment Finance arranged the loan.

October 27, 2022

Acquisitions Multifamily Seniors Housing Washington Western

Oxford Capital, Fortress Investment Acquire Three Seniors Housing Communities in Sequim, Washington

by Amy Works October 26, 2022

SEQUIM, WASH. — A joint venture between Oxford Capital Group LLC and Fortress Investment Group LLC has acquired a three-property, 256-unit seniors housing portfolio in Sequim. The properties are located northwest of Seattle, just across the Salish Sea from Victoria, British Columbia. The buyer acquired the properties from an independent family operator. Oxford’s seniors housing management affiliate, Oxford Living US LLC, will manage the properties. Terms of the transaction were not disclosed. “We are excited to continue to expand our seniors housing silo as we strategically assemble a portfolio of properties throughout the United States and Canada,” says John Rutledge, founder, chairman and CEO of Oxford Capital Group. “Oxford Living has made targeted seniors housing acquisitions and investments in a number of growing markets throughout the southeastern United States and Canada, including Florida and Ontario. We plan further portfolio acquisitions in these and other markets.” “This transaction builds further on our strategy of acquiring seniors housing assets with scale in attractive demographic areas that are well positioned to weather an inflationary environment,” adds Peter Stone, managing director at Fortress. “While most institutional investors focus on high-end development in urban centers, our strategy is to buy overlooked mid-market properties which are …

October 26, 2022

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Joint Venture Acquires 165-Unit Woodbridge Manor Affordable Seniors Housing Community in Irvine, California

by Amy Works October 25, 2022

IRVINE, CALIF. — Asland Capital Partners, Fairstead, iimpact Capital, Nuveen Real Estate and Innovative Housing Opportunities (IHO) have acquired Woodbridge Manor, a 165-unit affordable housing community for seniors in Irvine. Woodbridge Manor apartments are available to seniors earning up to 60 percent of the area median income (AMI), or a maximum of $59,040 per year. The complex comprises a trio of three-story buildings that were built from 1981 to 2003, all of which underwent a major rehabilitation in 2006. The community was purpose built as affordable housing for residents at least 62 years old and those living with disabilities. “Woodbridge Manor is significant to IHO because it was our organization’s first project and also the first low-income housing complex ever created in Irvine,” says Rochelle Mills, president and CEO of IHO. Lument provided financing through the Freddie Mac CME program. Marcus & Millichap’s Affordable Housing Advisors served as the undisclosed seller’s broker in this transaction, while Gerd Alexander of Paul Hastings and Laurie Grasso of Hunton Andrews Kurth served as counsel for the purchasers.

October 25, 2022

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