BEND, ORE. — Cushman & Wakefield has arranged the sale of The Alexander Bend, a 136-unit independent living community in Bend. Opened in late 2019 and representing the city of Bend’s newest independent living offering in over 10 years, The Alexander Bend features 3.1 acres of adjacent land. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard represented the seller, BPM Real Estate Group, in the transaction. The buyer was Touchmark, which renamed the community Touchmark at Pilot Butte and will operate it alongside Touchmark at Mount Bachelor Village on the west side of Bend. The price was $57.8 million.
BRADENTON, SANFORD AND PINELLAS PARK, FLA. — Grandbridge Real Estate Capital’s Senior Housing Investment Sales team has arranged the sale of three seniors housing communities in Florida in three separate transactions. The seller, an unnamed national REIT, sold the assets for undisclosed prices. The properties include the 112-unit Bradenton Oaks located in Bradenton, the 94-unit Renaissance Retirement Center in Sanford and the 145-unit Bayside Terrace in Pinellas Park. Bradenton Oaks was built in 1973 and 1988, The Renaissance was built in 1984 and Bayside Terrace was built between 1986 and 1989. The communities were operating at low occupancies and an operational loss at the time of sale, according to Grandbridge. The buyers include a Florida-based real estate investment firm and two seniors housing owner-operators.
OSAGE, CHARLES CITY AND CLEAR LAKE, IOWA — SVN Senior Housing has brokered the sale of a three-property assisted living portfolio totaling 130 units in Iowa. The sales price was undisclosed. The properties, which were stabilized at the time of sale, are located in Osage, Charles City and Clear Lake. Jennifer Espeland and John Klement of SVN represented the seller, a private investment group. The buyer was an Iowa-based investment group with holdings in Iowa, Minnesota and Wisconsin.
SAN ANTONIO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Inn at Los Patios, a 166-unit independent living and assisted living community in San Antonio. A New York-based private equity group acquired the property for $21 million in an all-cash transaction. Blueprint represented a court-appointed receiver to maximize proceeds for the trustee group and stakeholders involved. The buyer plans to install its Texas-based operator partner to manage the community.
BOSTON — The Architectural Team (TAT) and Beacon Communities LLC have opened Phase III of The Anne M. Lynch Homes at Old Colony, an affordable seniors housing complex in South Boston. The property rises four stories and totals 51,000 square feet and 55 units. Dimeo Construction served as the general contractor on the project, which was also built using Passive House sustainability standards.
SPOKANE, WASH. — SVN Cornerstone has arranged the sale of Whispering Pines Apartments, an age-restricted apartment community in Spokane. The asset traded for $10.1 million. The unassisted seniors housing community offers two- and three-bedroom units with two-car garages and individual backyards. Community amenities include a clubhouse and dog park. Nate Gant and Guy Byrd of SVN Cornerstone represented the undisclosed seller, while Levi Sterley of Lee & Associates represented the undisclosed buyer in the deal.
OMAHA, NEB. — Green Courte Partners LLC, a private equity firm currently investing through its Green Courte Real Estate Partners V investment fund, has acquired Bloomfield, a 95-unit active adult community in Omaha. The purchase price was undisclosed. True Connection Communities, the buyer’s wholly owned operating platform, will manage the community. The company’s operating portfolio now totals 18 communities with roughly 2,700 units. Green Courte plans to renovate units and upgrade the outdoor amenities.
GENEVA, ILL. — Lifespace Communities has acquired GreenFields of Geneva, a nonprofit, 257-unit continuing care retirement community (CCRC) in Geneva, approximately 40 miles west of downtown Chicago. Friendship Senior Options (FSO) sold the property for an undisclosed price. FSO will continue to provide management services through June, at which time the community will fully transition onto Lifespace management, systems and support. The sale brings Lifespace’s total portfolio to 18 communities, including three in metro Chicago. Located on 26 acres bordering two championship golf courses, GreenFields includes walking paths, a fishing pond and a 3.5-acre native prairie. More than 200 residents call the community home. GreenFields opened its doors in 2012.
ALAMEDA, CALIF. — The Alameda Housing Authority (AHA) has received $20.6 million from the State of California Department of Housing and Community Development. The funds will support development of North Housing Senior Apartments, an affordable housing community in the island city, located just south of Oakland in San Francisco Bay. North Housing is the first phase of a long-planned community development project. Plans call for 40 studio apartments, 23 one-bedroom units and a two-bedroom residence for the onsite manager. The land, which AHA originally owned in the 1940s, was granted back to AHA in 2019 via the Surplus Land Act by the U.S. Navy. The land will now serve as the home for a property that houses military veterans — 25 percent of the residents at North Housing will be veterans in need of supportive housing. Island City Development (ICD), an affiliate of AHA, will be the developer of this project. HKIT Architects designed the property, which FPI Management will operate. Groundbreaking is scheduled for late 2023 or early 2024.
HOMEWOOD, ILL. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Freedom Village, a 198-unit affordable seniors housing community in Homewood, a southern suburb of Chicago. The purchase price and seller were undisclosed. Originally built in 1998 with tax credits from the Illinois Housing Development Authority, the property rises three stories. All of the units are reserved for residents who earn up to 60 percent of the area median income. As of November 2022, the community was 98.5 percent leased. Amenities include a community kitchen, outdoor patio, fitness center, game room, library and laundry facilities.