Seniors Housing

Greystone Provides $27.8M HUD-Insured Loan for Refinancing of Seniors Housing Property in Southfield, Michigan

by Kristin Harlow May 18, 2021

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.

May 18, 2021

Acquisitions Colorado Multifamily Seniors Housing Western

Marcus & Millichap Brokers $8.3M Sale of Seniors Housing Community in Lakewood, Colorado

by Amy Works May 17, 2021

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.

May 17, 2021

Acquisitions Multifamily Seniors Housing Texas

Healthpeak Sells 10-Property Senior Living Discovery Portfolio to Lone Star Funds for $334M

by Taylor Williams May 17, 2021

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.

May 17, 2021

California Development Multifamily Seniors Housing Top Stories Western

Kayne Anderson, Watermark Open 189,000 SF Adaptive Reuse Senior Living Community in Los Angeles

by Julia Sanders May 14, 2021

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 …

May 14, 2021

Acquisitions Affordable Housing Multifamily Seniors Housing Texas

SLIB Negotiates Sale of 170-Unit Lakeland Hills Senior Living Community in Dallas

by Taylor Williams May 13, 2021

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.

May 13, 2021

Acquisitions Florida Multifamily Seniors Housing Southeast

JLL Brokers $64M Sale of Seniors Housing Portfolio in South Florida

by Julia Sanders May 13, 2021

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.

May 13, 2021

Affordable Housing Illinois Loans Midwest Multifamily Seniors Housing

Bellwether Enterprise Provides $28.5M in Financing for Renovation of Affordable Seniors Housing Asset in Chicago

by Kristin Harlow May 13, 2021

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.

May 13, 2021

Development Multifamily Seniors Housing Texas

Joint Venture to Develop 220-Unit Grand Living Seniors Housing Community in Austin

by Taylor Williams May 11, 2021

AUSTIN, TEXAS — A joint venture between Minneapolis-based Ryan Cos., Grand Living and Castletop Capital will develop Grand Living at The Grove, a 260,000-square-foot seniors housing community in the Oakmont Heights neighborhood of Austin. The community will feature 186 independent and assisted living units, as well as a 34-unit memory care wing. Ryan Cos. is the co-developer and design-build firm; Castletop Capital is the master plan developer, and Grand Living will operate the community upon completion. Construction is set to begin next summer. The project will be the fourth Grand Living community in Texas.

May 11, 2021

Acquisitions Affordable Housing Midwest Multifamily Ohio Seniors Housing

Evergreen Real Estate Group Acquires Affordable Seniors Housing Community in Cleveland, Plans $18M Renovation

by Kristin Harlow May 11, 2021

CLEVELAND — Evergreen Real Estate Group has acquired Carter Manor Apartments in downtown Cleveland. Evergreen plans to update the 270-unit historic community through an $18 million capital improvement program. Located at 1012 E. Prospect Ave., the 11-story property comprises a mix of studio, one- and two-bedroom units, all of which will be preserved as affordable housing for seniors and disabled individuals. Designed by architect Max Dunning, the building originally opened in 1917 as the 600-room Hotel Winton. The property was redeveloped into apartments in 1971. It also features three commercial tenants, Domino’s, Liberty Labor and Guardian Title & Guaranty Agency. Evergreen Construction Co., an affiliate of Evergreen Real Estate Group, will serve as general contractor on the renovation work. Construction is scheduled to begin in June. Both residential and commercial tenants will remain in place during the renovations. All apartments will receive upgraded kitchens, bathrooms and flooring. Additionally, 14 units will receive accessibility upgrades. Evergreen also plans to modernize three elevators, repair the building façade and parking garage, replace the roof and update major mechanical systems. The common areas will receive a community kitchen and new paint and flooring. Completion is slated for December 2022. The acquisition and renovation was …

May 11, 2021

Acquisitions Alaska Multifamily Seniors Housing Western

SLIB Negotiates $32.5M Sale of Seniors Housing Community in Anchorage, Alaska

by Amy Works May 10, 2021

ANCHORAGE, ALASKA — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 116-unit assisted living and memory care community in Anchorage. The community opened in December 2019. The 82,813-square-foot facility sits on 2.7 acres of land, with an adjacent 2.7-acre plot available for purchase. The community’s developer sold the asset to a national REIT for $32.5 million. The new owner will use a third-party operator. The REIT also is considering a joint-venture independent living expansion at the property. Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the transaction.

May 10, 2021

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