NEWBURYPORT, MASS. — Nauset Construction has finished building Port Healthcare Center, a 123-bed skilled nursing facility in Newburyport, located in the very northeastern corner of the state. Whittier Health Network, a family-owned healthcare organization with operations in Massachusetts and New York, owns and operates the facility. The new center is a replacement property, more than doubling the bed count of the original asset. Designed by longtime Whittier architect Ranere Associates Inc., the two-story, steel-and-concrete building totals 62,000 square feet.
DENVER — HFF has arranged financing for the development of Solera at Cherry Creek, a Class A seniors housing development in the Cherry Creek neighborhood of Denver. Solera at Cherry Creek will comprise 64 assisted living apartments and 32 memory care units within a three-story building totaling approximately 55,000 rentable square feet. A joint venture between affiliates of Banner Senior, Solera Senior Living and Wheelock Street Capital are developing the property. Rosemann & Associates is designing the community, which is scheduled for completion in 2019. The HFF team representing the borrower included David Fasano, Sarah Anderson and Brock Yaffe. A national bank is providing the nonrecourse loan. The amount of the financing was not disclosed.
SPRING, TEXAS — Discovery Senior Living, an operator of 50-plus seniors housing communities across the country, has completed the renovation of Conservatory at Champion Forest, a seniors housing property located in Houston suburb of Spring. The Florida-based company overhauled the apartments, clubhouse amenities and dining areas. Although development costs were not officially released, Discovery described the project as a “multimillion-dollar remodel.”
CUYAHOGA FALLS, OHIO — Inspirit Senior Living has acquired The Gardens of Cuyahoga Falls and The Gardens of Liberty Park (formerly the Gardens of Western Reserve) in Ohio. The acquisitions bring the Virginia-based owner-operator into Ohio for the first time, and increase its portfolio size to eight communities. Inspirit partnered with Venue Capital LLC, a New York City-based real estate and asset management firm, on the two acquisitions. Both communities offer assisted living and memory care. The Gardens of Liberty Park features 120 units, while The Gardens of Cuyahoga Falls features 130 units. Inspirit plans to extensively renovate the buildings and grounds. The seller was senior care industry veteran Rich Piekarski.
DRAPER, UTAH — Marcus & Millichap (NYSE: MMI) has arranged the sale of Rosegate Draper, a 277-unit age-restricted multifamily asset in the Salt Lake City suburb of Draper. A local developer and owner sold the community to Kennedy Wilson, a California-based global real estate investment company, for approximately $51.4 million. The price equates to $185,379 per unit. Built in 2015, the five-story community features all one- and two-bedroom units and offers space for full-service facilities. Marcus & Millichap’s Danny Shin and Brock Zylstra represented the seller in the transaction.
SAN MARCOS, CALIF. — Marcus & Millichap has brokered the sale of Grandon Village, a 161-unit age- and income-restricted housing asset in San Marcos, approximately 35 miles north of San Diego. The seller was Grandon Village LP, which originally developed the community in 2004. An undisclosed buyer acquired the property for $30.2 million, or $187,578 per unit. The community was 100 percent occupied at the time of sale and historically has a long waiting list, according to Marty Cohen of Marcus & Millichap, who represented the seller. The property is walking distance from a 357,000-square-foot shopping center and a North County Transit District Breeze bus stop.
EDISON, N.J. — Avanath Capital Management has acquired Menlo Manor, a 240-unit affordable senior housing community in Edison. Avanath acquired the property through its institutional fund, Avanath Affordable Housing III. The five-story property was built in 1980 and features a community room, exterior courtyard, library, dining area, community kitchen and automatic front doors. Located at 161 Inman Ave., the community includes a mix of studios, one-, and two-bedroom units. Alex Medeiros of CBRE represented the seller, Jeff Spragens.
MIAMI — A public-private collaboration between Miami-Dade County, Pinnacle Housing Group and the South Miami Heights Community Development Corp. has broken ground on Caribbean Village, an affordable seniors housing property in Miami. Located in the South Miami Heights submarket, Caribbean Village will offer 123 units. The development is part of a two-phased plan to develop transit-oriented affordable housing in Miami. The community will be the first new affordable seniors housing project in the area in 25 years, according to the developers. Miami-Dade County, which will own the project, selected the partners following a competitive bidding process. The county contributed the land, as well as $11.5 million in funding. Other funding for the project came from tax-exempt bonds, housing tax credits and a $5.3 million loan from Florida Housing Finance Corp. Citibank purchased both the bonds and the tax credits. According to local media reports, Caribbean Village will be reserved for residents earning 60 percent or less of the area median income (AMI), and some units will be designated for people making as low as 28 percent of the AMI. The community will include one- and two-bedroom units and will feature a fitness center, cyber lounge, game room, outdoor recreation area …
WASHINGTON AND OREGON — JCH Senior Housing Investment Brokerage has arranged the sale of four assisted living and memory care communities in Washington and Oregon. The existing operator matched the top offer of $16.5 million for the properties and will now take over ownership from the industry veterans selling the communities. The portfolio totals 152 units. The specific names and locations of the assets were not disclosed. Jim Hazzard and Nick Stahler were the lead advisors on the transaction.
NEW YORK CITY — Brookdale Senior Living Inc. (NYSE: BKD) has agreed to sell Brookdale Battery Park, an independent living community in Manhattan, for $194 million. The buyer is Chicago-based REIT Ventas Inc. (NYSE: VTR), which expects the deal to close by year’s end. The sales price includes debt and translates to an exit capitalization rate of 5 percent for Brookdale. The 14-story property features 217 units overlooking the Hudson River and offers convenient access to areas such as Tribeca, SoHo and the Financial District. Amenities include a library, arts and crafts studio and a beauty/barber shop. “The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market,” says Debra A. Cafaro, chairman and CEO of Ventas. “Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City’s strong demographics.” HFF represented Brookdale, will continue to operate the property following the change in ownership, in the sale. Brookdale is the largest owner and operator of seniors housing communities in the United States, managing 988 communities in 46 states as of June 30. The company is undergoing a massive restructuring after …