Seniors Housing

Kirco Breaks Ground on 132-Unit Assisted Living Facility in Birmingham

by Camren Skelton June 15, 2017

BIRMINGHAM, ALA. — Kirco and its construction management affiliate Kirco Manix, in partnership with Phoenix Senior Living and EDT Inc., has broken ground on The Bluffs at Greystone, a 132-unit senior housing community in Birmingham. The community will provide both independent and assisted living and will be designed to include memory care units in the future. Slated to open in July 2018, the property will feature an indoor pool, wellness center, dining, beauty salon, yoga studio and demonstration kitchen. The project marks Kirco’s entrance into the senior living sector in the state of Alabama.

June 15, 2017

Multifamily Seniors Housing Southeast Tennessee

Chinese Investor Offers $3B to Acquire Tennessee-Based Brookdale, Reuters Reports

by John Nelson June 14, 2017

BRENTWOOD, TENN. — Zhonghong Zhuoye Group Co. Ltd., a Chinese real estate investor, has reportedly offered approximately $3 billion for the acquisition of Brookdale Senior Living, according to a report by news agency Reuters, which cited people familiar with the matter. If the Brookdale deal were completed as reported, it would be by far the largest Chinese investment in U.S. seniors housing to date. Headquartered in Brentwood, Brookdale is by far the largest owner and operator of seniors housing in the United States. Its operational portfolio includes 1,052 properties and 103,00 units, according to the company’s first-quarter report, which is nearly triple the size of the next largest competitor. The company has struggled since its $2.8 billion acquisition of fellow seniors housing giant Emeritus in 2014. After initially experiencing a lift in the months following the merger, Brookdale’s stock price fell from $38.16 per share on March 2, 2015, to $11.80 per share on Feb. 8, 2016. Rumors of a sale of the company have swirled for months. Following the Reuters report on Tuesday, Brookdale’s stock price saw a brief lift of 6 percent to as high as $15.18 per share, but quickly fell back down to a close of …

June 14, 2017

California Multifamily Seniors Housing Western

ABHOW to Open $100M CCRC Expansion in Bay Area

by Nellie Day June 14, 2017

LOS ALTOS, CALIF. — ABHOW will cut the ribbon next week on a $100 million expansion at The Terraces at Los Altos, a continuing care retirement community in Los Altos, which is located between San Jose and San Francisco. The project, which was executed in multiple phases, most recently added 81 new apartments, a fitness center and spa, dining venues, library and movie theater. The first phase, completed in 2014, added 30 skilled nursing suites and 16 memory support suites. The second phase added 30 assisted living residences. ABHOW both owns and operates the community. Next month the company will merge with fellow West Coast nonprofit operator be.group and rebrand as HumanGood.

June 14, 2017

Multifamily New York Northeast Seniors Housing

Maplewood, OHI to Break Ground on 23-Story Tower in Manhattan

by Amy Works June 14, 2017

NEW YORK CITY — Maplewood Senior Living and Omega Healthcare Investors Inc. (NYSE: OHI) will break ground today, June 14, on Inspir | Manhattan, a 215-unit seniors housing community on the Upper East Side neighborhood of Manhattan. The 23-story, 212,000-square-foot building will offer assisted living, memory care and “enhanced care” units. Westport, Conn.-based Maplewood Senior Living currently operates 13 other communities in Connecticut, Massachusetts and Ohio.

June 14, 2017

Colorado Multifamily Seniors Housing Western

Pathfinder Buys 104-Unit Independent Living Community Near Denver for $16M

by Nellie Day June 13, 2017

AURORA, COLO. — Pathfinder Partners, a San Diego-based investment firm, has acquired a 104-unit independent living community within the Shalom Park Senior Living Campus in the Denver suburb of Aurora. Pathfinder, along with Denver-based Hillcrest Development Group, paid $16 million for the property and plan to implement $3 million of improvements. The community, which Pathfinder will rebrand as V-Esprit, is situated on approximately 15 acres and includes 104 units consisting of 60 apartments and 44 patio homes averaging 1,050 square feet. The seller was Shalom Park, a Colorado nonprofit that still owns the balance of the Shalom Park Senior Living Campus. V-Esprit residents will continue to have access to the combined campus amenities. The $3 million renovation project is slated to include converting four of the one-bedroom apartment units (leaving 100 units in total) into a clubhouse and card room, and renovating and modernizing the theater room, library, communal dining area and leasing office. Pathfinder also plans to make improvements to the apartment interiors. This is Pathfinder’s first seniors housing acquisition.

June 13, 2017

California Multifamily Seniors Housing Western

Morningside Opens $1.6M Outdoor Amenity Expansion in Fullerton

by Nellie Day June 12, 2017

FULLERTON, CALIF. — Morningside, a seniors housing community in the Orange County city of Fullerton, has completed a $1.6 million expansion of its outdoor amenities. Morningside added a pitch-and-putt golf course and a pickleball court on 4 acres of vacant land. The project included a $100,000 habitat restoration project through the California Department of Fish and Game and the Army Corps of Engineers. This is the most recent of several expansion and renovation projects at the community. The dining and kitchen areas were recently renovated, and the wellness center was expanded to include a spa and fitness area. The community room also underwent a $2 million redevelopment.

June 12, 2017

Indiana Midwest Multifamily Seniors Housing

$40M Clarendale Seniors Housing Community Opens in Schererville, Indiana

by Kristin Harlow June 12, 2017

SCHERERVILLE, IND. — Clarendale of Schererville has opened in Schererville, about 38 miles south of Chicago. The 177-unit seniors housing community is located at 7770 Burr St. The $40 million development is the third Clarendale property from developer-builder Ryan Cos. Situated on nine acres, the three-story community is comprised of 85 independent living residences, 38 assisted living residences and 54 memory care residences. The residences range from 300 square feet to 1,300 square feet. Amenities include a movie theater, crafts room, bistro, pub and billiards room, library, multipurpose room and fitness center. Des Moines, Iowa-based Life Care Services will manage the community.

June 12, 2017

Multifamily Oregon Seniors Housing Western

SLIB Brokers Sale of 27-Unit Memory Care Community in Portland

by Nellie Day June 9, 2017

PORTLAND, Ore. — Senior Living Investment Brokerage has arranged the sale of Tabor Crest Memory Care, a 27-unit memory care community in Portland. The price was not disclosed. Tabor Crest was built in 2004 and expanded in 2008. Totaling 11,335 square feet on a 21,700-square-foot infill plot, the beds could potentially be expanded from 30 to 38. The buyer was an affiliate of Granite Investment Group. The new owner has leased the property to Avalon Health Care Group. This is the buyer’s first acquisition in Oregon with the plans to continue to acquire in the state. The seller was not disclosed. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage handled the transaction.

June 9, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Woda Group to Develop 45-Unit Seniors Housing Property in Erie, Pennsylvania

by Amy Works June 7, 2017

ERIE, PA. — The Woda Group Inc. is developing Willow Commons, a $9.5 million seniors housing property located at 2064 Willow St. in Erie. A combination of new construction and the adaptive reuse of The Wesleyville Public School, Willow Commons will feature 29 one-bedroom and 16 two-bedroom affordable apartments for seniors age 62 or older, with income levels below 60 percent of area median income. Slated for completion this fall, the property will feature a community room with kitchen, common laundry, a library/craft room, an exercise room, an outdoor space with a community garden and seating area.

June 7, 2017

Multifamily New Mexico Seniors Housing

CareTrust Enters New Mexico with $27.3M Acquisition of Two-Property Skilled Nursing Portfolio

by Nellie Day June 6, 2017

ALBUQUERQUE, N.M. AND BROWNSVILLE, TEXAS — CareTrust REIT Inc. has acquired two skilled nursing facilities: The Rio at Cabezon, a 136-bed facility located in Albuquerque, and The Rio at Fox Hollow, a 126-bed facility in Brownsville, Texas. The purchase price was approximately $27.3 million, inclusive of transaction costs. The Albuquerque facility represents CareTrust’s entry into the New Mexico market. In connection with the acquisition, CareTrust REIT assumed the existing facility leases with affiliates of OnPointe Health LLC, a regional post-acute care provider with operations in Texas, New Mexico and Colorado. The seller was a prominent Texas developer. The properties are currently in the lease-up period and approaching stabilization, according to Lamb. The investment is expected to generate an initial cash yield of 9 percent, based on the annual cash rent of $2.5 million under the terms of the existing leases. The two existing leases have remaining terms of approximately 17 and 19 years, respectively, and include a hybrid of fixed- and CPI-based rent escalators. CareTrust REIT, a publicly traded investor based in California, funded the acquisition with cash on hand.

June 6, 2017

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