PITTSBURGH — New Jersey-based Tryko Partners has broken ground on Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. Merchants Capital secured an $11 million construction and equity bridge loan financing for the project. The Pennsylvania Housing Finance Agency also awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for some time next year.
SAN ANTONIO — Sodalis Senior Living has purchased Sodalis at Stone Oak, a 63-unit assisted living and memory care complex in San Antonio. Sodalis is the current operator at the facility, which was built in 2017. The unit mix consists of 42 assisted living residences and 21 memory care units. Evans Senior Investment brokered the transaction. The seller and sales price were not disclosed. At the time of sale, Sodalis at Stone Oak was 95 percent occupied.
GLENDALE, THOUSAND OAKS AND FRESNO, CALIF. — Agemark Senior Living has taken over management at three seniors housing communities in California: Sage Glendale in Glendale, Sage Mountain in Thousand Oaks and Kingston Bay in Fresno. Ownership of these three communities is a joint venture between Mountain Capital Partners, Dekel Capital and Willis Development. Sophos Equities was the consulting asset manager for the transition. Agemark now operates 29 communities. Agemark’s brands include Astoria, CountryHouse, Kensington-Evergreen, Holland Farms, Serra Sol, Symphony Pointe and TreVista.
SAN CLEMENTE, CALIF. — Harbert South Bay Partners has broken ground on The Seville, an assisted living and memory care community in San Clemente, a coastal city approximately 60 miles southeast of Los Angeles. The property will feature 63 assisted living and 24 memory care units. Completion is scheduled for summer 2024. Project partners include Momentum Senior Living as operator, Banvard & Soderbergh as architect, Rodrigo Vargas Design as interior designer and W.E. O’Neil as general contractor.
HAYWARD, CALIF. — Sherman & Roylance has arranged the bankruptcy sale of Parkview Healthcare Center, a 121-bed skilled nursing facility in the Bay Area city of Hayward. The 56,367-square-foot community was in bankruptcy, and Shep Roylance and John Sherman led a 30-day closing process. The new operator will be Spyglass Healthcare.
BILLINGS, MONT. — PGIM Real Estate has provided $16.1 million in fixed-rate FHA financing to Lincoln Avenue Capital (LAC) for the acquisition and rehabilitation of South Forty Apartments, an affordable seniors housing community in Billings. The property features 101 units and is 100 percent subsidized by a Section 8 contract. The property also has a tax credit LURA on title restricting half of the units to residents earning up to 50 percent of area median income (AMI) and the other half at 60 percent AMI through 2069. LAC plans to complete an extensive rehabilitation of the property that will address deferred maintenance at the property, revitalize the apartments and update site amenities. The property was originally constructed in 1987 and was last renovated in 2007. LAC’s scope of work will include new kitchens and baths, new windows throughout, upgrades to the clubhouse, new solar panels and accessibility repairs. Alex Viorst, executive director at PGIM Real Estate, led the financing on behalf of the firm.
DALLAS — Investment sales brokerage firm Blueprint Healthcare Real Estate Advisors has negotiated the sale of an unnamed seniors housing community in Dallas. Built in 1996 and renovated in 2020, the facility offers assisted living and memory care services. The undisclosed buyer plans to convert the property into a behavioral health facility. The seller was also not disclosed.
ILLINOIS — Senior Lifestyle has acquired four seniors housing communities in metro Chicago for an undisclosed price. The properties include Aspired Living of La Grange, Aspired Living of Westmont, Aspired Living of Prospect Heights and Aspired Place of Lake Zurich. The communities offer a variety of living options such as assisted living, memory care and supportive living residences. Each property offers exclusive programming and gourmet dining options.
PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing portfolio totaling more than 1,000 beds in Pennsylvania. A public REIT and its operating partner sold the two campuses, which offer independent living, personal care and memory care services. Although specific property names and locations were not disclosed, the properties are concentrated in northeast and central Pennsylvania. An East Coast-based investor seeking to establish a new footprint in the region acquired the assets for an undisclosed price.
LAWRENCEVILLE, GA. — Highlands Residential and Perennial Properties have formed a joint venture to build Park Place Apartments, a 148-unit active adult community in Lawrenceville, approximately 30 miles northeast of Atlanta. Construction of the project is already underway, and first move-ins are scheduled for 2024. The senior population of Gwinnett County is expected to grow by 33.6 percent over the next 10 years and Atlanta metro wide by 47 percent, according to the developers. Atlanta-based Highlands Residential is the developer and at completion Perennial Properties will be the property manager. The group also developed and manages The Chateau by Highlands, a 152-unit luxury active adult community in Braselton, about 20 miles further northeast of Park Place.