MARTINSVILLE, VA. — Senior Living Investment Brokerage (SLIB) has arranged the $28.5 million sale of Blue Ridge Nursing & Rehabilitation Center, a 300-bed skilled nursing facility in Martinsville. The adjacent assisted living community is also included in the transaction, but is awaiting approval for the assumption of the existing HUD-insured debt. The affiliated operator of the seller, Sovran Management, will continue to manage the communities through a long-term lease with the new owner, which was not identified. Bradley Clousing and Patrick Burke of SLIB handled the transaction.
PALM DESERT, CALIF. — An affiliate of Granite Investment Group has sold 6.8 acres of land in Palm Desert for $5.7 million to WL Palm Desert Property LLC, a wholly owned subsidiary of seniors housing developer and operator West Living LLC. West Living has designed a prominent 150-unit assisted living facility, with a memory care component, which it will construct on the property. Located at the southwest corner of the intersection at Country Club Drive and Portola Avenue, an additional 6.4 acres of land zoned for seniors-related use remains available for sale. Based in Irvine, Calif., Granite Investment Group currently manages a portfolio of commercial real estate assets valued at approximately $540 million, primarily comprised of seniors housing communities that offer a total of 4,442 licensed beds.
FONTANA, CALIF. — The Bascom Group LLC has acquired Courtyard Senior Apartments, a 344-unit independent living community in Fontana, for $31.2 million ($90,552 per unit). Built in 1989, Courtyard Senior Apartments consists of four three-story buildings on 8.5 acres. Gary Mozer and Katie Rodd of George Smith Partners arranged the debt financing, with One West Bank providing the new loan. Stephen Peters of Melody West was the broker for the sale. This marks Bascom’s 14th recent California acquisition and comes on the heels of the closing earlier this month of The Square Apartments, a 112-unit garden style apartment community in Downey, Calif., for $25.5 million. Bascom is a Irvine, Calif.-based private equity firm specializing in multifamily, commercial, and non-performing loans and real estate related investments and operating companies.
NEWCASTLE, WASH. — Seniors housing developer Aegis Living has broken ground on Aegis Gardens in Newcastle near Seattle, marking the Pacific Northwest’s first senior living community for Chinese-Americans. Situated on a 7.5-acre waterfront site with access to Lake Boren, the resort-style, 110-home community is slated to open in 2017. When completed, Aegis Gardens’ activity center will host civic activities and cultural exhibitions. The center will also provide daycare services to promote multigenerational engagement. According to Nielson, 92,000 Chinese-Americans live within a 25-mile radius of the Newcastle location. Aegis Gardens’ community programming will include celebrations of Chinese holidays, traditional cuisine representing major regions of China, mahjong, calligraphy, cribbage, Tai Chi classes, a central Zen garden and a tearoom. Staff fluent in Cantonese, Mandarin and English will provide 24-hour care. The development site in Newcastle, a block from the Bellevue city line, is culturally relevant for Chinese-Americans because immigrants from China mined coal there in the late 1800s, contributing to Seattle’s rise to prominence.
PEORIA, ILL. — Healthcare real estate firm Caddis has partnered with Pathway Senior Living LLC to develop a senior living community in Peoria. Heartis Peoria will be a 94-unit assisted living and memory care facility encompassing 97,000 square feet. Among the amenities at Heartis Peoria will be two interior courtyards, a large dining room and private dining room, an arts and crafts room and a media room. Construction is slated for completion in the fall of 2016. Caddis will own the property and Pathway Senior Living will manage the facility. The architect for the project is Austin, Texas-based KATUS, and the general contractor is McShane Construction Co. LLC, which is headquartered in Rosemont, Ill. Bank of Texas is providing construction financing.
LOS ANGELES — JCH Consulting Group, a brokerage specializing in seniors housing, has arranged the sale of a 90-unit assisted living and memory care community in Los Angeles for $23.4 million. The name of the facility was not disclosed. The seller was an independent owner/operator based in Southern California. The buyer was a real estate investment firm that will use a third-party management company. With a sales price of $260,000 per unit, the community currently features a 6.6 percent capitalization rate and 86 percent occupancy.
SCOTTSDALE, ARIZ. — Arizona-based marketing agency Leavitt Digital has launched its Senior Living Division and hired Kim Tranmer, a 25-year industry veteran, as managing director. Leavitt Digital’s new division focuses on increasing the online presence, search engine optimization (SEO), review monitoring, and press releases distribution in the seniors housing industry. Tranmer’s career in seniors housing includes sales, marketing, consulting and management prior to joining Leavitt Digital. Her primary role will be business development and relationship management, presenting Leavitt Digital’s platform to owners, managers and consultants in the industry.
FORT BELVOIR, VA. — The Fairfax, a military retirement community in Fort Belvoir owned and operated by Sunrise Senior Living, has become the first seniors housing community to receive wildlife sanctuary certification from the Audubon Society. Beginning in 2012, The Fairfax resident and retired Navy officer James Harkin began working with the Audubon at Home program of the Audubon Society of Northern Virginia to encourage more birds, butterflies and other wildlife to visit the community’s campus, which includes a seven-acre lake and numerous nature trails. Sunrise team members and several other residents planted native plants, reduced pesticide and fertilizer use and removed invasive species. Residents and employees observed 10 “sanctuary species” using the property for building nests, feeding and foraging, and raising young, qualifying the property as a sanctuary. More than 40 species of birds and butterflies have found a home at The Fairfax Wildlife Sanctuary.
IRVINE, CALIF. — Real estate investment company WNC has closed WNC Institutional Tax Credit Fund X California Series 13 LP, a $75 million institutional, low-income housing tax credit (LIHTC) fund. The fund, which includes seven investors, will acquire nine properties in California. Composed of family and senior housing properties, the fund includes 978 units of affordable housing in both suburban and urban parts of the state, including Casa de Seniors in San Clemente, a 72-unit seniors housing rehabilitation project. This is the company’s second largest equity raise, thus far. WNC, which is based in Irvine, has closed a total of 18 California funds that have acquired more than 250 properties in 46 counties.
SYRACUSE, N.Y. — Red Capital Partners has provided a $36.5 million balance sheet acquisition loan to Investment360 for the purchase of James Square Health and Rehabilitation Centre in Syracuse. Excelerate Healthcare will operate the 440-bed skilled nursing facility as part of a long-term lease agreement with Investment360. Kathryn Burton Gray and James Scribner of Red Capital Partners arranged the financing for the borrower.