Equity LifeStyle Properties (NYSE:ELS) agreed to purchase 76 manufactured home communities from certain affiliates of Hometown America for $1.43 billion. The properties contain 31,167 sites on approximately 6,500 acres located in 16 states said the REIT on Tuesday. Assuming the acquisition was completed on January 1, 2010, ELS estimates the purchase price represents a cap rate of approximately 6.7%, and that [...]
National Real Estate Investor is reporting that operating incentives in the form of cash are helping to align owners and operators of senior housing. The article cites the announcement from Emeritus that it plans to take full ownership of 24 assisted living buildings it jointly owns with Blackstone Real Estate Advisors for $99 million. Under the [...]
Retirement for Baby Boomers and Generation Xers (those born after 1965) will be a very different experience from that of the previous generation of retirees because of the financial crisis, says Alice Munnell, the director of the Center for Retirement Research at Boston College. The Center came up with a National Retirement Risk Index that [...]
Marcus & Millichap Capital Corporation (MMCC) has arranged a $7,451,409 construction loan and long-term commitment for an assisted- living facility in St. George. Jeffrey Meierhofer, an associate director in Salt Lake City, arranged the financing. “When local lenders were unable to provide funding, MMCC was able to draw upon the firm’s mid-market relationships to secure [...]
Sunrise Senior Living (NYSE: SRZ) said it entered into an agreement with the Pennsylvania Department of Public Welfare (DPW) to have its Quadrangle Continuing Care Retirement Community in Haverford, Penn., license reinstated after it was revoked in April for what the agency called gross incompetence, negligence and misconduct. An investigation into the facility using a hidden camera recorded three employees [...]
A new report from Smart Money shows that after almost five years of falling home pries, many retirees must consider what to do with their homes should prices continue to collapse. Many who are approaching retirement have been counting on their home equity as a way to finance their golden years, but the real estate [...]
The Federal Home Loan Bank of Dallas (FHLB Dallas) and Trustmark National Bank has awarded a $500,000 Affordable Housing Program (AHP) grant to the Cade Development Corporation to assist in the construction of Cade Chapel Senior Apartments, a new 41-unit apartment community for income-qualified seniors in Jackson, Mississippi. The project has been in the works since [...]
Pennswood Village, a Quaker-directed senior living community located in Newtown, PA, was awarded an Energy and Environmental Design (LEED©) Gold Rating by the US Green Building Council for its recent $7 million renovation. The rating was given to the Barclay House, the personal care residence of Pennswood Village. Many of the environmentally-friendly methods, materials, and techniques that were [...]
Atria Senior Living, Inc. has announced plans to renovate Atria Hillcrest, an independent and assisted living community in Thousand Oaks, California. The renovation, scheduled to begin this summer, will include the addition of the Atria’s Life Guidance® memory care neighborhood. The Life Guidance community will include a 27-apartment neighborhood that is expected to open in [...]
