SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of Gramercy Court, an 87,526-square-foot assisted living and skilled nursing facility in Sacramento, for $15.6 million. The eight-building community sits on a 5.4-acre campus. It features 71 assisted living units and 120 skilled nursing beds. Max McCabe and Krone Weidler both in Marcus & Millichap’s Tampa office represented both the buyer, a fund manager, and the seller, an individual trust, in the transaction.
FORT COLLINS, COLO. — Drever Capital Management has unveiled plans for a new Windsong-branded memory care community in Fort Collins, about 60 miles north of Denver. Vista Pointe Development will assist in the development of the project. Construction is slated to begin in September. Rental rates are expected to range between $4,900 and $5,200, well below the market’s average, according to Drever. Based in California, Drever Capital Management acquires, manages and develops commercial real estate properties.
CELEBRATION, FLA. — Big Rock Partners has started construction of a luxury continuing care retirement community (CCRC) in the Orlando suburb of Celebration. The project, which doesn’t yet have a name, has increased in size since it was announced last year. The $60 million development costs have increased to $82 million, and the 225 planned units have increased to 239. The six-story community will sit on a nine-acre site, and is the only planned seniors housing development in Celebration, according to Big Rock. Balfour Beatty is the construction manager on the project, which is scheduled for completion in spring 2018. Gensler designed the community. Once complete, Life Care Services will operate. Big Rock Partners is a private real estate investment management firm with three seniors housing projects in Florida under development worth approximately $200 million.
NAMPA, IDAHO — CareTrust REIT Inc. has made a $2.2 million preferred equity investment with Cascadia Healthcare LLC to fund the construction of a 99-bed skilled nursing facility in the Boise suburb of Nampa. The investment is the first of its kind between CareTrust and Cascadia, and includes a purchase option that will allow CareTrust to buy the facility once it is stabilized. Construction of the 52,000-square-foot began last week, for scheduled completion in mid-2017. CareTrust is a publicly traded healthcare REIT based in California. Cascadia is a skilled nursing operator based in Idaho.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. has acquired two seniors housing communities and two skilled nursing facilities in California’s Central Valley for approximately $34.4 million. The portfolio consists of 79 assisted living units and 293 skilled nursing beds, and is currently leased to affiliates of California-based Covenant Care LLC. The sellers included three related ownership groups. The names and specific locations of the communities were not disclosed. The existing leases have terms that expire in 2019, subject to two five-year extension options, and include CPI-based rent escalators. CareTrust funded the acquisition through its $400 million unsecured revolving credit facility. CareTrust is a publicly traded seniors housing and healthcare REIT based in San Clemente. It owns properties in 20 states.
LOMBARD, ILL. — Lifespace Communities Inc. has completed the $19 million expansion and renovation of Beacon Hill, a continuing care retirement community in Lombard, approximately 20 miles west of Chicago. The expansion added a 28,000-square-foot building to the community featuring a new theater and lounge, multiple dining venues, a kitchen and culinary preparation space, and various activity areas for entertainment and wellness functions. Beacon Hill is 32 years old and hosts more than 500 residents in its 360 apartments homes and undisclosed number of memory care and skilled nursing suites. Construction on the new building and renovations began in 2014. Chicago-based Walsh Construction was the contractor for the project, which Minneapolis-based Tremain Architects & Planners designed.
BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of Rosebush Gardens, a 36-unit assisted living community in Burlington, for $3.7 million. Burlington is located along the Mississippi River near the Illinois and Missouri border. A local private owner sold the property to a regional owner-operator. The 28,049-square-foot facility was built in 1999. It was 83 percent occupied at the time of sale. The price per unit was $102,778. Ryan Fleming, Eric Bell, Mark Myers, Joshua Jandris and Charles Hilding of Marcus & Millichap represented the seller in the transaction.
LAKE RONKONKOMA, N.Y. — Lancaster Pollard has arranged a $7 million refinance for The Lake Shore Assisted Living Home in Lake Ronkonkoma. Ken Gould of Lancaster Pollard secured the 30-year non-recourse loan through the FHA Section 232/223(f) program. Lake Shore features 200 assisted living units.
BROWN DEER, WIS. — New Perspective Senior Living has opened New Perspective | Beaver Creek, a 158,712-square-foot seniors housing community in the Milwaukee suburb of Brown Deer. The community features 87 independent and assisted living units, and 48 memory care apartments, as well as a warm-water pool, fitness center, multiple dining options, computer labs and more. Other partners on the project included Harrison Street, RNT LLC, Tushie Montgomery and Design 2 Construct.
COSTA MESA, Calif. — Blueprint has arranged the $25 million sale of an undisclosed 148-unit independent living community in the Orange County submarket of Costa Mesa. The community was built in 1990. The seller was a local family that acquired the community in 1995 and has operated it since. The buyer is an East Coast-based private equity firm. The community was 68 percent occupied at the time of sale. The purchase price equates to $169,000 per unit. Jacob Gehl and Gideon Orion of Blueprint were lead advisors on the transaction.
