COLVILLE, WASH. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Pinewood Terrace, a 92-unit skilled nursing facility located in Colville, a tiny city of fewer than 5,000 residents in the northeastern corner of Washington State. Cascadia Healthcare acquired the property for an undisclosed price. The seller was looking to exit Washington for states with more favorable reimbursement rates and lower regulatory hurdles. Cascadia, meanwhile, is growing its regional team in the Washington and northern Idaho markets to help with quality of care and synergy between local buildings.
GAINESVILLE, FLA. — Greystone has arranged $52.6 million in debt and equity construction financing for Discovery Place at Celebration Pointe in Gainesville. Upon completion, the seniors housing community will feature 180 units and a high-end amenity package, according to Greystone. The type of care was not disclosed. Cary Tremper and Matt Miller of Greystone originated the transaction on behalf of the borrower, Bonita Springs, Fla.-based Discovery Senior Living. Discovery Place will serve as an anchor at Celebration Pointe, a 1.5 million-square-foot mixed-use project along I-75 that features Regal Cinemas, Bass Pro Shops, Dave & Buster’s, offices, apartments and several stores and restaurants. Built by Celebration Pointe Holdings and RaCo Real Estate Advisors, Phase II of Celebration Pointe will feature a 142,000-square-foot events center that is sanctioned by the NCAA to host athletic and scholastic events.
JAMESTOWN AND FREWSBURG, N.Y. — Dwight Mortgage Trust has provided a $27 million bridge loan for the acquisition of a portfolio of four seniors housing properties totaling 293 beds in Western New York. The facilities are located in Jamestown and Frewsburg and offer memory care and assisted living services. Dwight’s Josh Levin originated the financing on behalf of the borrower, Culture Care Senior Living.
FORT MYERS, FLA. — SRS Real Estate Partners has brokered the sale of a single-tenant, 75-bed skilled nursing facility located at 13960 Plantation Road in Fort Myers. An entity doing business as Plantation Medical Center SNU LLC sold the property to a private 1031 investment firm based in New York City for $46.7 million. Patrick Nutt and William Wamble of SRS’ National Net Lease Group represented the seller in the off-market transaction, and Jason Maier of Stan Johnson Co. represented the buyer. Built in 2018, the 57,650-square-foot property is situated adjacent to the Gulf Coast Medical Center and is occupied by Lee Memorial Health System’s Gulf Coast Medical Center Skilled Nursing Unit. Lee Memorial Health System has 16 years remaining on its lease term with options to extend, according to SRS.
ALPHARETTA, GA. — Northland, a private equity investor based in Newton, Mass., has purchased Emblem Alpharetta, a 210-unit active adult community in the north Atlanta suburb of Alpharetta. Situated on seven acres, the property was fully occupied at the time of sale and represents the fourth Georgia acquisition for Northland this year but the first active adult acquisition in its portfolio. The seller and sales price were not disclosed. Emblem Alpharetta comprises one- and two-bedroom apartments in a four-story building that centers around a resort-style pool and sundeck. Units are reserved for households age 55 and older. Amenities include a fitness center, bocce ball court and outdoor entertaining spaces. Northland plans to invest $3 million in capital improvements at Emblem Alpharetta over the next four years.
Institutional Property Advisors Arranges Sale of 277-Unit Active Adult Community Near Salt Lake City
DRAPER, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Ivy at Draper, a 277-unit active adult community. Located in the Salt Lake City suburb of Draper, the community features freeway access, with connectivity to interstates 15, 215 and 80 and immediate access to Bangerter Highway, a main thoroughfare throughout the Wasatch Front. The buyer, seller and price were not disclosed. “Draper’s prestigious location at the Point of the Mountain, in the south end of Salt Lake Valley and north end of Utah Valley, allows for easy connectivity to all areas in Salt Lake and Utah counties,” says Danny Shin, IPA senior managing director of investments. Shin and Brock Zylstra, IPA senior vice president of investments, represented the seller. “Being a top leader in the state’s economy as part of the Silicon Slopes tech corridor, and with over 1,000 businesses in various industries operating in our city, multifamily assets are highly coveted and garner significant attention from interested buyers,” says Zylstra. “The Ivy at Draper was a prime example of this, especially given its purpose to provide a resource-driven lifestyle to residents. With strong neighboring demographics, including a five-mile radius population of …
The labor shortage that continues to plague the seniors housing industry is taking a toll on the capital markets side of the business as owner-operators find themselves underwriting sharper costs that are ultimately causing profit margins to shrink and spooking some potential investors. The origin of the dearth of qualified and committed staffers at all levels of seniors housing can largely be attributed to the pandemic. But other macro-level factors — low overall unemployment, stiff competition with hospitality and healthcare users, elevated demand for flexible work routines — are amplifying the problem, even as COVID retreats into the background of everyday life. According to data obtained by the St. Louis Federal Reserve, since January 2020, some 400,000 nursing home and assisted living employees have left the profession. In addition, a 2021 study by the American Healthcare Association and National Center for Assisted Living revealed that across approximately 14,000 surveyed properties, 99 percent of nursing homes and 96 percent of assisted living facilities reported staffing shortages of varying degrees. Higher labor costs put pressure on operating costs, which are further strained amid 40-year inflationary highs and the rising costs of capital that said inflation has subsequently prompted. For many owners and …
SCOTTSDALE, ARIZ. — Revel Communities has completed construction of Revel Scottsdale and Revel Legacy, both independent living communities in Scottsdale. Then properties are the 12th and 13th independent living communities the brand has opened since launching in 2018, and its first two in Arizona. Revel Scottsdale offers 157 units near the bustling shops and dining of Old Town Scottsdale, with rents starting at $3,695 per month. Revel Legacy offers 169 units among the mountain views of North Scottsdale with rents starting at $3,795 per month.
PLANO, TEXAS — Ziegler has arranged $197.7 million in bond financing for The Outlook at Windhaven Forefront Living, a seniors housing community in Plano. The property, which is in development, will comprise 153 independent living apartments, 30 independent living cottages, 32 assisted living units and 24 memory care units. The financing comprises $109.5 million of tax-exempt bonds, $88.2 million of tax-exempt mandatory paydown securities and $1.3 million in taxable bonds, all of which were sold publicly to institutional investors. The borrower is Forefront Living.
MADISON, ALA. — KIRCO has delivered and opened Madison Crossings, an independent living and memory care seniors housing community in Madison, about 10 miles from downtown Huntsville. Phoenix Senior Living operates the community, which features an outdoor swimming pool, wellness center, dining experience, pub, beauty salon and spa, yoga studio, outdoor pickleball and bocce ball courts. Madison Crossings comprises 105 independent living apartments and 27 memory care residences. The property represents the 10th seniors housing facility in Alabama operating under the Phoenix Senior Living brand. KIRCO MANIX, a third-party construction services firm and affiliate of KIRCO, completed the construction for Madison Crossings.