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Seniors Housing

AcquisitionsMultifamilyOregonSeniors HousingWestern

SLIB Brokers Sale of 72-Unit Assisted Living Community in Portland, Oregon

by Jeff Shaw

PORTLAND, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 72-unit assisted living and memory care community in Portland.  The facility was built in 1961 with renovations in 2021. The property totals 52,217 square feet on approximately 4.22 acres.  The seller was a local owner-operator seeking to retire from the industry. The buyer was a private equity company based in Salt Lake City, with senior living communities throughout the country.  This is the buyer’s second community in the Portland market. The price was not disclosed.  Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the transaction.

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DevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

LCB Senior Living Completes Adaptive Reuse Project in Bala Cynwyd, Pennsylvania

by Taylor Williams

BALA CYNWYD, PA. — LCB Senior Living has completed The Residence at Bala Cynwyd, an adaptive reuse project located northwest of Philadelphia. The number of units was not disclosed. Built in the 1850s as Benjamin Schofield’s West Manayunk Woolen Mills, the property eventually became known as Lee’s Shoddy Mill, named after the heavy fabric created from recycled wool and cotton. The Residence at Bala Cynwyd offers independent living, personal care and memory care accommodations. Units are available in studio, one-bedroom and two-bedroom floor plans.

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Company NewsMultifamilySeniors HousingWashingtonWestern

Veda Living to Manage 10 Seniors Housing Properties in Washington State

by Jeff Shaw

WASHINGTON — Veda Living, the management company spin-off of ETROS Management Firm, has taken on a 10-property management agreement in Washington state. ETROS Management Firm, founded in 2016, specializes in turnaround management solutions for underperforming senior living assets. The properties are all branded as Greenlake Senior Living communities, which target middle-market seniors in the Pacific Northwest. With this most recent management deal, Veda Living now operates a portfolio of 15 properties across the nation.

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AcquisitionsMultifamilySeniors HousingTexas

Blueprint Negotiates Sale of 30-Unit Seniors Housing Community in San Angelo, Texas

by Taylor Williams

SAN ANGELO, TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 30-unit assisted living and memory care community in the West Texas city of San Angelo. The property consists of two adjacent buildings on a 2.8-acre site that can support future expansion. A publicly traded REIT sold the asset, which was built in 2012, to an East Coast-based seniors housing owner-operator looking to expand upon its Texas footprint. Both parties involved in the deal requested anonymity.

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DevelopmentMultifamilyNew JerseyNortheastSeniors Housing

AMS Acquisitions, Vector Group Break Ground on 100-Unit Seniors Housing Project in Howell, New Jersey

by Taylor Williams

HOWELL, N.J. — A partnership between New Jersey-based investment firm AMS Acquisitions and Miami-based holding company Vector Group has broken ground on a 100-unit seniors housing project in Howell, located east of Trenton near the Jersey Shore. The site spans 14 acres, and the four-building project will feature one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a pool, great room with a communal kitchen, fitness center, outdoor grilling areas and a tenant lounge. Construction is expected to last about 18 months.

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AcquisitionsMultifamilyNevadaSeniors HousingWestern

SLIB Negotiates Sale of 131-Unit Mountain Lakes Estates in Reno, Nevada

by Jeff Shaw

RENO, NEV. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mountain Lakes Estates, a 131-unit independent living community in Reno.  The property was built in 2020 and totals 120,316 square feet on approximately 5.2 acres of land.  The seller was a regional owner-operator located in the West. The buyer was a private equity company based in New York that specializes in active adult and independent living communities. The price was not disclosed.  Jason Punzel, Dave Balow, Vince Viverito and Brad Goodsell of SLIB handled the transaction.

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LoansLumentMultifamilyOregonSeniors HousingWestern

Lument Funds $14.7M Bridge Loan for Arcadia Senior Living in Portland, Oregon

by Jeff Shaw

PORTLAND, ORE. — Lument has provided a $14.7 million proprietary bridge loan to refinance Arcadia Senior Living, a 68-unit assisted living community in Portland.  Casey Moore, managing director with Lument in San Diego, led the transaction for Lument. The bridge loan refinances outstanding debt, provides earn-out proceeds and positions Arcadia for a future HUD refinancing.  Built in 2019, Avant Senior Housing & Consulting LLC operates the community. Arcadia is owned by a partnership whose principal, Kelvin Ng, represented the borrower in this transaction.

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ArizonaHealthcareLoansMultifamilySeniors HousingWestern

CFG Provides $10.3M HUD Refinancing for Skilled Nursing Facility in Arizona

by Jeff Shaw

ARIZONA — Capital Funding Group (CFG) has provided $10.3 million in financing for a 112-bed skilled nursing facility in Arizona.  The transaction replaces an existing bridge loan, which CFG also provided, into HUD financing.  The name of the borrower and more specific details on the property were not disclosed. Tommy Dillon originated the transaction for the CFG.

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DevelopmentMultifamilyOregonSeniors HousingWestern

Ryan Cos., Cogir, Harrison Street to Build 107-Unit Seniors Housing Community in Tigard, Oregon

by Jeff Shaw

TIGARD, ORE. — Ryan Companies US Inc., Cogir Senior Living and Harrison Street have formed a joint venture to build Cogir of Tigard, a 107-unit seniors housing community in Tigard, approximately 10 miles southwest of Portland.  The joint venture has already closed on financing and started construction of the high-end community. The Tigard market area’s senior population is expected to grow by nearly 28 percent over the next five years, according to ESRI.  Cogir of Tigard is Ryan’s first senior living project in Oregon. The community will total 119,506 square feet in a three-story building offering assisted living and memory care services.  Ryan is the builder and developer of the project. Upon project completion, Cogir will lead day-to-day operations. Harrison Street is the capital partner of the project. CBTWO Architects is the architect of record.  This is the first Cogir location in Oregon and 35th in the western United States, with eight additional communities in development.

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CaliforniaDevelopmentMultifamilySeniors HousingWestern

Sunrise Senior Living Opens 75,000 SF Community in Orange, California

by Jeff Shaw

ORANGE, CALIF. — Sunrise Senior Living has opened Sunrise of Orange in Orange, approximately 30 miles southeast of downtown Los Angeles.  Although the number of units was not disclosed, Sunrise says the property can serve more than 100 residents and offers assisted living and memory care accommodations.  The 75,000-square-foot, three-story property sits on a 1.5-acre site adjacent to Eisenhower Park. HPI Architecture designed the community, which general contractor W.E. O’Neil Construction built.

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