Seniors Housing

Nakoma Sky Luxury Seniors Community to Debut Near Tucson

by Nellie Day May 11, 2016

ORO VALLEY, ARIZ. — Nonprofit owner/operator La Posada and architecture firm three: living architecture have unveiled plans for Nakoma Sky, a 268-unit independent living, assisted living and memory care community in Oro Valley, just north of Tucson. The community will be a resort-style complex situated on 79 acres in the foothills of the Catalina and Saguaro mountain ranges. The main building will be 500,000 square feet and five stories tall. Development costs are estimated at between $90 million and $100 million. When complete, the community will offer 220 independent living units, 24 assisted living units and 24 memory care units. The development team expects Nakoma Sky will open in early 2019. Diversified Design and Construction, landscaping firm Talley Associates, interior design firm THW Design, and three: living architecture will collaboratively design the project.

May 11, 2016

Illinois Midwest Multifamily Seniors Housing

Caddis to Develop 94-Unit Senior Living Facility in Chicago Suburb

by Christina Cannon May 10, 2016

ORLAND PARK, ILL. — Caddis has unveiled plans for a new senior living facility in Orland Park, approximately 25 miles southwest of Chicago. Heartis Village Orland Park, located at 159th Street and Harlem Avenue, will be a 94-unit, 89,950-square-foot assisted living facility. Caddis began developing its first Illinois facility last year in Peoria, and the project is expected to open this fall. Both properties will be owned by Caddis and managed by Pathway Senior Living LLC. Heartis Village Orland Park will feature a salon and spa with a therapeutic tub, two interior courtyards, a large dining room, a private dining room, chef-prepared meals, daily activities, an arts and crafts room, media room, licensed nursing services, 24-hour emergency call system, housekeeping and laundry services and personal transportation. Austin, Texas-based Katus LLC is the architect, and Rosemont, Ill.-based McShane Construction Company LLC is the general contractor. The project is slated for delivery next fall.

May 10, 2016

Kansas Midwest Multifamily Seniors Housing

Anthem Buys Two Seniors Housing Communities in Kansas

by Christina Cannon May 9, 2016

WICHITA AND OVERLAND PARK, KAN. — Anthem Memory Care has acquired Morningside Place in Overland Park and Chisholm Place in Wichita, both 66-bed memory care communities, for an undisclosed price. JEA Senior Living previously operated the properties, which were both rebranded as Cypress Springs Alzheimer’s and Memory Support Residences. The acquisitions bring Anthem’s portfolio up to eight properties and mark the Oregon-based operator’s entry into Kansas. LTC Properties Inc., a healthcare REIT, financed the acquisitions. Anthem plans to invest $1 million in upgrades to the communities.

May 9, 2016

California Healthcare Multifamily Seniors Housing Top Stories Western

HCP to Spin Off HCR ManorCare Portfolio of Skilled Nursing, Assisted Living Assets Into Separate REIT

by Christina Cannon May 9, 2016

IRVINE, CALIF. — HCP (NYSE: HCP), one of the largest healthcare real estate investment trusts in the United States, will spin off its HCR ManorCare portfolio of skilled nursing and assisted living assets into an independent, publicly traded REIT. The company’s board of directors approved the plan today. The newly formed REIT, SpinCo, will be composed of more than 320 properties operated by HCR ManorCare. The portfolio has an expected in-place annual rent of approximately $485 million. “Post spin, HCP will own a stable, private-pay portfolio that has a track record of delivering consistent, attractive returns,” says Lauralee Martin, president and CEO of Irvine-based HCP. “HCP will be able to sharpen its focus on high-growth healthcare sectors.” This is the second major REIT to spin off its skilled nursing portfolio in the past year. In August, Ventas created Care Capital Properties as a way to spin off its skilled nursing assets. “We need to eliminate the overhang that exists from the current challenges facing HCR ManorCare so the rest of our business can flourish,” said Micheal McKee, executive chairman of the board, on the company’s first-quarter earnings call this morning. “As we reviewed our options, for many reasons it became clear …

May 9, 2016

Multifamily New Jersey Northeast Seniors Housing

IPA Negotiates Sale of Assisted Living, Memory Care Facility in New Jersey

by Amy Works May 6, 2016

TINTON FALLS, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Kensington Court, an assisted living and memory care facility located at 864 Shrewsbury Ave. in Tinton Falls. An affiliate of the Carlyle Group acquired the 118-unit, 121-bed facility from Clark, N.J.-based TAK Group for an undisclosed price. Built in 2001, the 91,000-square-foot facility features 42 studio units and 49 one-bedroom apartments in the assisted living portion, and 26 studio apartments and two one-bedroom units in the memory care portion. Mark Myers, Joshua Jandris and Charles Loccisano of IPA and J.D. Parker of Marcus & Millichap represented the seller in the deal.

May 6, 2016

Illinois Loans Midwest Multifamily Seniors Housing

Harborview Capital Partners Arranges $8M Refinancing for Skilled Nursing Facility in Illinois

by Christina Cannon May 6, 2016

CRYSTAL LAKE, ILL. — Harborview Capital Partners, a New York-based finance firm, has arranged an $8 million refinancing for The Springs at Crystal Lake, a 97-bed skilled nursing facility in Crystal Lake, approximately 50 miles northwest of Chicago. The borrower was Mark Weldler, an experienced operator in the Midwest. This is the third loan Harborview has closed for Weldler in the last 12 months. Jonathan Kutner, managing director and principal at Harborview, originated the transaction. The non-recourse loan was refinanced through HUD’s 232/223(f) program at a fixed interest rate for 35 years.

May 6, 2016

Georgia Multifamily Seniors Housing Southeast

SLIB Brokers $8.4M Sale of 38-Unit Assisted Living Community in Metro Atlanta

by John Nelson May 6, 2016

ACWORTH, GA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Overlook at Cedarcrest, a 38-unit assisted living community in the northwestern Atlanta suburb of Acworth. Senior Housing Properties Trust bought the community from an undisclosed seller for $8.4 million. Five Star Senior Living will operate the community. The building was constructed in 2014, and the developers listed the community for sale once stabilization was reached. Bradley Clousing and Jeff Binder of SLIB brokered the transaction.

May 6, 2016

Arkansas Multifamily Seniors Housing Southeast

Skyline Healthcare to Buy Nine Skilled Nursing Facilities in Arkansas from AdCare for $55M

by John Nelson May 5, 2016

ATLANTA — Skyline Healthcare LLC will execute a purchase option on the master lease for the nine Arkansas skilled nursing facilities it currently operates for AdCare Health Systems Inc. Skyline will purchase the properties for $55 million. Skyline was brought in as the new manager of the nine facilities on April 1. The company expects to complete the purchase by Aug. 1. AdCare, a publicly traded skilled nursing investor, will use $30 million of the proceeds to repay mortgage debt on the nine properties. The Atlanta-based firm will use the remaining money for general corporate purposes.

May 5, 2016

Multifamily Oregon Seniors Housing Western

Greystar Student Living Awarded Management of Arena District Apartments Near the University of Oregon

by Nellie Day May 4, 2016

EUGENE, ORE. — Student Housing-Eugene LLC, an affiliate of Columbia Investments LLC, has awarded Greystar Student Living management of Arena District Apartments, a 244-bed student housing community located two blocks away from the University of Oregon campus in Eugene. The LEED Gold certified property was formerly known as University House Arena District. The community offers two- and four-bedroom units with contemporary furniture packages, flat-screen televisions, Apple TV, EnergyStar front-loading washers and dryers, and free cable and high-speed Internet access. Environmentally friendly features of the property include energy efficient lighting, low-VOC paint, solar-generated hot water and operable windows for natural ventilation. Community amenities include a clubhouse and an Internet café with Mac computers, seating areas, a multimedia lounge with gaming stations and billiards tables, a large outdoor courtyard with drought tolerant landscaping and grilling stations, bicycle storage, covered parking, recycling centers and reserved parking spaces for fuel-efficient vehicles. Greystar will add a new fitness center, spa and study lounges this year.

May 4, 2016

Multifamily Seniors Housing Texas

Caddis Opens Heartis Seniors Housing Property in Fort Worth

by Haisten Willis May 4, 2016

FORT WORTH, TEXAS — Caddis, a national healthcare real estate firm headquartered in Dallas, has opened a 96-unit assisted living and memory care community known as Heartis Eagle Mountain at 3141 Dalhart Drive in Fort Worth. The 61,125-square-foot community includes 54 assisted living units (61 beds) and a dedicated 35-bed memory care unit. The residence features a secure courtyard and walking paths. Located on a 4.3-acre site, the community is about one mile from Eagle Mountain Lake with access to U.S. Highway 287 and I-35W. Heartis Eagle Mountain is owned by a Caddis affiliate and managed by Eugene, Ore.-based Good Neighbor Care. Good Neighbor Care has more than two decades of seniors housing management experience in Texas and several other states. Heartis Eagle Mountain offers amenities including game and activity rooms, a beauty/barber shop, dining room, common areas, daily social and recreational activities, licensed nursing services, landscaped grounds and a 24-hour emergency call system. Austin-based Katus LLC was the architect for the project.

May 4, 2016

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