Seniors Housing

Livingston Street Capital Buys King City Senior Village Independent Living Property Near Portland

by Amy Works February 8, 2021

KING CITY, ORE. — An affiliate of Livingston Street Capital has acquired King City Senior Village, an independent living community in the Portland suburb of King City. This is the first West Coast addition to the firm’s active adult and independent living portfolio. The property was recently renovated. The number of units and other details were not disclosed. “We’re focused on identifying core, core-plus and light value-add communities throughout the country that facilitate the lifestyles today’s 55+ residents desire, based on our expertise in the active adult and independent living sectors,” says Peter Scola, founder and co-CEO of Livingston Street Capital. “King City Senior Village is well aligned with this strategy, due to its appealing location and established emphasis on providing a range of wellness-minded activities and engaging social programs. “King City was originally established as an age-restricted community in the 1960s and maintained its reputation throughout the years as an ideal location for retirement. The property is situated in the picturesque Pacific Northwest, just 10 miles from downtown Portland, providing exceptional suburban living with easy access to the city.” Located near several convenient retail amenities and the communities of Tigard, Beaverton and Portland, King City Senior Village consists of …

February 8, 2021

Development Multifamily Seniors Housing Texas

Legacy Delivers $186M Seniors Housing Project in North Dallas

by Taylor Williams February 4, 2021

DALLAS — Legacy Senior Communities (LSC) has delivered The Legacy Midtown Park, a seniors housing community in North Dallas. Located on a 12-acre plot, the property features 184 independent living apartments, 51 assisted living apartments, 36 memory support residences and 54 private skilled nursing and rehabilitation suites. Development costs were estimated at $186 million. Construction began in 2018, with the final building, Aaron Towers Independent Living, receiving a temporary certificate of occupancy in December 2020. Aaron Towers offers 40,000 square feet of amenities and common space designed by local D2 Architecture with interiors by Austin-based StudioSix5. Apartments range in size from 800-square-foot studios to 2,600-square-foot penthouses.

February 4, 2021

Acquisitions Montana Multifamily Seniors Housing Western Wyoming

Senior Living Investment Brokerage Negotiates Sale of Two Communities in Montana, Wyoming

by Amy Works February 4, 2021

CODY, WY., AND GREAT FALLS, MONT. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities, located in Cody and Great Falls. The portfolio totals 107 units of assisted living and independent living. The buyer is an Oregon-based regional owner-operator familiar with the region. The seller and price were not disclosed. Bradley Clousing, Jason Punzel and Jeff Binder of SLIB handled the transactions.

February 4, 2021

Development Massachusetts Multifamily Northeast Seniors Housing

Callahan Breaks Ground on 114-Bed Assisted Living Project in Metro Boston

by Taylor Williams February 4, 2021

HANOVER, MASS. — Callahan Construction Managers has broken ground on a 114-bed assisted living community in Hanover, located southeast of Boston. Benchmark Senior Living will operate the property, which will comprise 97 units and 91,000 square feet. Amenities will include a library, activity rooms, salons, wellness rooms and outdoor courtyards. Completion is slated for summer 2022. The project marks Callahan’s fourth assisted living project with Benchmark in New England.

February 4, 2021

Affordable Housing Development Loans Multifamily North Carolina Seniors Housing Southeast

Hunt Capital, Durham Housing Authority Plan Redevelopment of 177-Unit J.J. Henderson Senior Apartments in North Carolina

by John Nelson February 3, 2021

DURHAM, N.C. — Hunt Capital Partners, Durham Housing Authority and California Commercial Investment Group Inc. have closed $7.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of J.J. Henderson Senior Apartments in Durham. Hunt Capital Partners facilitated the LIHTC financing through its proprietary fund with Signature Bank called Hunt Capital Partners Tax Credit Fund 39. The acquisition is a Rental Assistance Demonstration (RAD) transaction, a program administered through the U.S. Department of Housing and Urban Development (HUD). By utilizing RAD, Durham Housing Authority gains access to more public and private funding resources to refurbish and preserve the property. Additionally, J.J. Henderson Senior Apartments converts from a public subsidy contract to a long-term Project-Based Rental Assistance Section 8 Housing Assistance Payment (HAP) contract. Situated on 1.8 acres, J.J. Henderson Senior Apartments is an existing public housing property featuring a nine-story residential complex that contains 177 units for seniors 62 and older, or any age if disabled. It is currently 98 percent occupied and has a waiting list of six to 12 months. This will be the first major rehabilitation of J.J. Henderson Senior Apartments since it was built in 1978. Rehabilitation will include ADA and …

February 3, 2021

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Originates $11M HUD-Insured Loan for Refinancing of Seniors Housing Property Near Minneapolis

by Kristin Harlow February 2, 2021

BLOOMINGTON, MINN. — Colliers Mortgage has originated an $11 million HUD 223(a)(7) loan for the refinancing of Realife Cooperative of Bloomington on Lyndale. The 96-unit seniors housing property is located in Bloomington, just south of Minneapolis. The loan, which is fully amortized over 36 years, lowered the interest rate and provided substantial annual savings, according to Colliers.

February 2, 2021

Acquisitions Features Multifamily Seniors Housing

Seniors Housing Sellers Are Highly Motivated Coming Out of COVID-19, Webinar Panel Concludes

by Jeff Shaw February 1, 2021

Seniors housing investors may be switching from development to acquisitions in the near term, as highly motivated sellers seek to unload existing properties at a lower price than the cost of building a new community. The prospect of highly motivated sellers has largely come as a result of the stresses of operating seniors housing during a global pandemic. “We’re starting to see valuations that are well below what we can develop for,” said Bill Pettit of R.D. Merrill Co. “If it’s the right business model and the right locations, we’ll be much more active on the acquisitions side moving forward.” Pettit’s comments came during a webinar entitled “Seniors Housing Valuation Outlook: What’s Ahead for 2021?” The event, held Thursday, Jan. 28, also included Rich Lerner of Housing & Healthcare Finance, Adam Heavenrich of Heavenrich & Co., Michelle Kelly of National Health Investors (NHI), Chris Kronenberger of Blue Moon Capital Partners and moderator JP LoMonaco of Valuation & Information Group. “Value by nature is a long-term concept,” said LoMonaco. “Value is created by the anticipated benefits of ownership over the long term. But short-term issues can cause short-term impacts on value.” LoMonaco noted that the acquisitions market for seniors housing was …

February 1, 2021

Acquisitions Midwest Minnesota Multifamily Seniors Housing

JLL Brokers $18.7M Sale of Active Adult Community in Andover, Minnesota

by Kristin Harlow February 1, 2021

ANDOVER, MINN. — JLL Capital Markets has brokered the $18.7 million sale of The Estates at Arbor Oaks in Andover, which is about a 30-minute drive from downtown Minneapolis. The 66-unit active adult community sits on 12.5 acres. It is currently 95 percent occupied. Resident amenities include a bistro, salon, fitness center, pickleball court, outdoor patio, underground parking, continental breakfast and recreational programs. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Estates of Arbor Oaks LLC. Matt Steffen, Ken Dayton and Russ Kappenman of JLL arranged acquisition financing on behalf of the buyer, PC Arbor Oaks LLC.

February 1, 2021

Kansas Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $20.4M in HUD Financing for Three Seniors Housing Properties in Kansas, Minnesota

by Kristin Harlow January 29, 2021

KANSAS AND MINNESOTA — Colliers Mortgage has provided three separate HUD 223(a)(7) loans totaling $20.4 million for the refinancing of three seniors housing properties in Kansas and Minnesota. The properties include Village Cooperative of Albert Lea and Village Cooperative of Red Wing in Minnesota as well as Village Cooperative of Lawrence in Kansas. The three communities total 146 units. By refinancing the properties, the borrowers were able to reduce the interest rate on each loan and generate substantial annual savings, according to Colliers. The two loans for the Minnesota properties carry 38-year terms and the Kansas loan features a 40-year term.

January 29, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

Vendaval Plans 400-Unit Affordable Seniors Housing Community in Moreno Valley, California

by Amy Works January 28, 2021

MORENO VALLEY, CALIF. — Vendaval Corp. has unveiled plans for an affordable housing community for seniors and veterans in Moreno Valley, approximately 65 miles east of downtown Los Angeles. The property is situated on seven acres and will include more than 400 units. A name for the community was not released. Additional facilities will include entertainment venues, restaurants and other amenities totaling 30,000 square feet to support both residents and the surrounding community. The development will be self-sustaining, and programs will be free. Revenues from the apartment rentals and retail shops will cover the cost of providing rental assistance by the Department of Urban and Housing Development (HUD) and other programs. Affordable housing is scarce in California, and in Moreno Valley the average rent for a one-bedroom apartment runs north of $1,600 a month, according to Vendaval.

January 28, 2021

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