BRIDGEWATER, N.J. — Life Care Services (LCS) has completed an $8 million renovation project at Laurel Circle, a seniors housing community in Bridgewater, located between New York City and Philadelphia. The project added a new bistro-style, grab-and-go dining venue; enhanced the wellness and fitness center, salon, main lobby and common areas; and redesigned spaces in The Arbor health center. Laurel Circle features 202 units on 28 acres. Hord Coplan Macht served as the architect and interior designer for the renovation.
HOUSTON — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Shores at Clear Lake, a 100-unit seniors housing community in Houston. Grace Management will take over the operations of the property, which is located on seven acres near Clear Lake and the NASA Johnson Space Center. The community offers assisted living and memory care services. The price and seller were not disclosed.
TERRELL, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Windsor Rehabilitation & Health Care Center, a 108-bed skilled nursing facility in Terrell, approximately 30 miles east of Dallas. The 41,140-square-foot property was built on 5.2 acres in 1994. The property was the sole Texas community for the seller, an unnamed regional company. The buyer was a national seniors housing owner-operator with a large portfolio in the state. The price was also not disclosed.
SOUTHFIELD, MICH. — Greystone has provided a $27.8 million HUD-insured loan for the refinancing of Solaire Apartments in Southfield. The 383-unit seniors housing property was built in 1970. The asset features two buildings with a variety of floor plans. Amenities include a clubhouse, pool, picnic area, beauty salon, library and fitness center. Dan Sacks of Greystone originated the loan on behalf of the borrower, Loop Investments. The HUD Section 223(a)(7) loan replaces an existing FHA loan and features a lower interest rate, a 35-year term and a 40-year amortization schedule.
LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of The Homestead at Lakewood, a seniors housing property located at 2121 Wadsworth Blvd. in Lakewood. An undisclosed buyer acquired the property for $8.3 million. Greg Parker and Greg Price of Marcus & Millichap’s Denver office represented the seller, a private investor, in the deal. Phillip Gause of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer. Constructed in 1999 under the Low-Income Housing Tax Credit program, The Homestead at Lakewood features 58 units in a mix of studio, one- and two-bedroom units and offers both assisted living and independent living options. Community amenities include housekeeping services, daily activities, a small library, outdoor space, a beauty salon and restaurant-style dining.
DALLAS AND DENVER — Healthpeak Properties Inc. (NYSE: PEAK) has sold a 10-property portfolio of Discovery Senior Living properties in Florida, Texas and Georgia to Lone Star Funds, a Dallas-based private equity firm. Healthpeak sold the 1,428-unit portfolio for $334 million. Although the Denver-based REIT disclosed the sale during its first-quarter earnings report, the buyer and any further details weren’t released at that time. Healthpeak is selling the bulk of its seniors housing portfolio in a move to exit the industry in favor of life sciences and medical office real estate. Discovery Senior Living retained management and daily operational responsibilities for the Discovery Village communities following the transaction.
LOS ANGELES — Kayne Anderson Real Estate and Watermark Retirement Communities have opened The Watermark at Westwood Village, a high-rise seniors housing community in Los Angeles. The community is the latest addition to Watermark Retirement Communities’ Elan Collection, a group of high-end senior living communities. The property offers independent living, assisted living and memory care. The Watermark at Westwood Village was previously a University of California, Los Angeles (UCLA) dormitory dating back to the 1960s, before going through a four-year renovation. The property has 188 residences with studio, one- and two- bedroom apartments. The fully renovated property includes two 14-story towers totaling 189,000 square feet. The asset features four dining venues. Taboon serves Mediterranean-inspired food, while The W Lounge serves traditional food along with cocktails, beer and wine. The Gallery Café offers coffee and small food options. Also, Watermark at Westwood Village offers dedicated room service or catering for events at the property’s private dining rooms. The community also features a salon and spa; library and lounge; event space; fitness and wellness center; and a courtyard with a fireplace and private dog run. Residents will have access to 24-hour assistance from onsite associates who provide room service, transportation, pet care …
DALLAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lakeland Hills Senior Living, a 170-unit community in Dallas. The asset was originally constructed as an independent living community. An assisted living wing was added along with cosmetic renovations in 2013. However, the assisted living units were subsequently de-licensed, and the entire building was again operated as independent living. The seller, Valstone, purchased the asset in November 2020. Valstone then elected to sell it to an out-of-industry buyer that plans to convert the property to affordable housing for seniors. The sales price was not disclosed. Bradley Clousing and Matt Alley handled the transaction for SLIB.
ORLANDO, FLA. — JLL Capital Markets has brokered the $64 million sale of a five-property seniors housing portfolio in South Florida. Mike Garbers and Cody Tremper of JLL represented the undisclosed seller in the portfolio sale. Allison Holland of JLL also arranged acquisition financing for the buyer, an affiliate of Fortress Investment Group LLC. Florida-based Sonata Senior Living, which has operated the communities for more than three years, is being retained to manage the properties going forward. The seniors housing portfolio includes five Sonata properties totaling 444 units. The locations of the properties include Delray Beach, Boynton Beach, Boca Raton, Coconut Creek and Vero Beach. The previous owner spent over $13 million in capital investments over the past four years, including exterior building improvements, furnishing upgrades, new flooring, roof repair, conversions from assisted living to memory care and new generators to comply with Florida regulations.
CHICAGO — Bellwether Enterprise Real Estate Capital LLC has provided a $28.5 million FHA 221(d)(4) construction and permanent loan, along with 4 percent low-income housing tax credits for the renovation and preservation of Heiwa Terrace in Chicago. The affordable seniors housing community includes 200 units and is located at 920 W. Lawrence Ave. The borrower, the Japanese American Service Committee, originally developed the property in 1978 using the HUD 202 program to create housing for low-income seniors. The renovation will replace all mechanical systems, fully modernize the building and significantly upgrade the units. The first floor will be redesigned to improve circulation and natural lighting. The borrower is also renewing a long-term Section 8 contract for residents. Victor Agusta of Bellwether Enterprise’s Raleigh office originated the loan.