Senior Housing Investments & Transactions: Enlivant Expands in Georgia

Enlivant Acquires Two Georgia Communities

Enlivant, a senior housing provider that operates almost 200 communities across 19 states, has acquired two senior living communities in Georgia, a state where the company already has an established presence. The communities were purchased for $10 million.

The two communities, Winthrop West and Winthrop at Polk, were bought from Winthrop Senior Living and make up a combined 89 units of memory care and assisted living. Enlivant primarily operates such assets and has acquired 19 communities over the last 15 months.

“We look forward to serving seniors and their families in the Rome and Cedartown, Georgia, markets and are proud to welcome these communities to the growing Enlivant family,” CEO Jack Callison said in a statement. “We are thrilled to continue growing our presence and geographic footprint through strategic acquisitions across the United States.”

The sale was arranged by Senior Capital Advisors, a real estate brokerage firm specializing in the senior housing market. Senior capital Advisors represented the seller in the transaction. 

Capital Senior Living Buys Two Florida Communities for $48 Million

Capital Senior Living Corp. (NYSE: CSU) has acquired two communities in Pensacola, Florida, for $48 million.

The two communities are Carpenters Creek, an independent living and assisted living facility; and Creekside, which offers memory care. The communities total 179 units combined. At the time of sale, the communities were 93.9% occupied.

Capital Senior Living will rename the communities under its “The Waterford” brand.

The sale was arranged by Chad Lavender and Ryan Maconachy of HFF on behalf of the seller, San Diego-based Pacifica Senior Living.

Blueprint Arranges $13.5 Million Sale of Assisted Living and Memory Care Community

Blueprint Healthcare Real Estate Advisors arranged the sale of Summerfield Senior Living, a 71-unit assisted living and memory care community in Yuba City, California, for $13.5 million, or approximately $190,000 per unit. 

Summerfield Senior Living opened in 1993 and was acquired by a Southern California-based real estate entrepreneur in 2005. It was operated by a third-party manager. 

The community has a 100% private pay population and has undergone more than $1 million in capital improvements since 2008. Since then, it has generated approximately $2.9 million in revenue and $975,000 in EBITDAR.

The seller divested the property in order to focus on acquiring other core property types. The buyer is a real estate investment and management firm. Summerfield is the buyer’s 12th seniors housing acquisition.

Jacob Gehl and Mike Segal of Blueprint were the lead advisors on the transaction.

Tamalgade Gateway Buys Retail Center Designated for Seniors Housing Conversion

Tamalgade Gateway LP has acquired a retail center in the San Diego submarket of Talmagade for $2.5 million. Wakeland Housing and Development Corp. will redevelop the site to incorporate a mix of retail and affordable residential units for disabled seniors.

The center is 35,183 square feet. Alessio Leasing Corp. sold the property, which consisted of three parcels. The center was purchased with a mix of public and private financing, including a loan from the San Diego housing Commission and Wells Fargo bank.

Ricardo Lopez and Keith Courtney of San Diego-based brokerage firm ACI Apartments represented the buyer and the seller in the transaction. Renee Marshal of Chicago Title Co. handled escrow, and Chris Ghio of Chicago Title handled the title insurance.

Written by Amy Baxter