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

Idaho Multifamily Seniors Housing Western

CareTrust REIT Purchases Skilled Nursing Facility in Boise for $8.9M

by Nellie Day May 3, 2016

BOISE — CareTrust REIT (NASDAQ: CTRE), an investor based in San Clemente about midway between Los Angeles and San Diego, has acquired Shaw Mountain at Cascadia, a 98-bed skilled nursing facility in Boise, for $8.9 million. This deal was a sale-leaseback transaction with the seller and operator, Cascadia Healthcare LLC. The acquisition was funded by an 8.5 million-share equity offering that occurred in March.

May 3, 2016

Iowa Midwest Multifamily Seniors Housing

Marcus & Millichap Arranges Sale of Two Skilled Nursing Facilities in Iowa for $7.2M

by Christina Cannon May 3, 2016

WASHINGTON AND MUSCATINE, IOWA — Marcus & Millichap has arranged the sale of All-American Care of Washington and All-American Care of Muscatine, both skilled nursing facilities in Iowa, for $7.3 million. The facilities are located approximately 40 miles apart from each other in the southeast corner of the state, near the Illinois border. Mark Myers, Ryan Fleming and Joshua Jandris of Marcus & Millichap represented the seller, a husband and wife partnership exiting the nursing home business. The buyer was a private owner/operator out of the Northeast. All-American Care of Washington, a 90-bed facility on 5.2 acres, sold for $3.1 million. All-American Care of Muscatine, a 100-bed facility on 3.9 acres, sold for $4.1 million. Both facilities were built in the 1970s and renovated in the 1990s and 2000s. The combined sales price equates to approximately $38,000 per bed.

May 3, 2016

California Multifamily Seniors Housing Western

Blueprint Arranges $8M Sale of 118-Bed Skilled Nursing Facility in San Marcos

by Nellie Day May 2, 2016

SAN MARCOS, CALIF. — Blueprint Healthcare Real Estate Advisors, a brokerage based in Chicago, has arranged the $18 million sale of Village Square, a 118-bed skilled nursing facility in San Marcos, approximately 35 miles north of San Diego. A publicly traded REIT seeking to divest non-core assets sold the property to a Los Angeles-based investor. The new owner plans to implement a turnaround strategy at the facility. The sales price equates to approximately $68,000 per bed. Christopher Hyldahl and Ben Firestone of Blueprint executed the transaction.

May 2, 2016

Multifamily New Mexico Seniors Housing Western

Community Development, YES Housing Form JV to Acquire, Recapitalize Affordable Communities in New Mexico

by Nellie Day May 2, 2016

ALBUQUERQUE — The Community Development Trust, an affordable housing REIT, and YES Housing Inc., an affordable housing operator, have formed a joint venture to recapitalize three YES-operated properties in New Mexico. CDT will invest $4.5 million to preserve 262 units of affordable Section 8 seniors housing in Albuquerque, Las Cruces and Roswell. The money will fund improvements and preserve affordability at the properties, which are reserved for seniors earning below 60 percent of the area median income. The first property to receive improvements will be the 60-unit Wildewood Apartments in Roswell. CDT and YES acquired the property earlier this month using Freddie Mac financing through Hunt Mortgage Group. The JV plans to make $300,000 in capital improvements to the asset, which was built in 1978 and renovated in 2000. The other two properties were not disclosed, as the acquisitions are still pending.

May 2, 2016

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