Senior Housing Investments & Transactions: Greystone Closes $210 Million Portfolio Sale

Greystone Closes $210 Million Sale of 8-Property Senior Housing Portfolio 

Greystone Real Estate Advisors, a real estate lending, investment and advisory company, closed the sale of an eight-property senior housing portfolio for $210 million. Seven of the properties are in Texas, with another located in Oklahoma.

Greystone represented the sellers in the transaction, Harrison Street Real Estate Capital and Bridgewood Property Company. The portfolio was sold to Cardinal Bay, a Texas-based private company. The portfolio consisted of 1,039 total units built between 1989 and 2000.

“Cardinal Bay’s long-term investment strategy was an ideal fit for this transaction,” Cody Temper, managing director of Greystone Real Estate Advisors who led the sale, said in a statement. “Cardinal Bay, being based in Texas, thoroughly understood the opportunities offered by the local Texas markets.”

Harrison Street Real Estate Capital is a real estate private equity firm founded in 2005 with approximately $10.6 billion in assets under management. Bridgewood Property Company has developed more than 3,000 independent living, assisted living and memory care units over its 30 years of experience in the industry.

Wisconsin Skilled Nursing and Assisted Living Community Sells for $3.1 Million

Knapp Haven Nursing Home and Pelican Place Assisted Living, connected facilities located in Barron County, Wisconsin, sold for $3.1 million to Atrium Health and Senior Living. The community consists of 12 assisted living units and 97 skilled nursing beds.

Pelican Place Assisted Living is 100% private pay. The single-story facility is 60,691 square feet and includes rehabilitative services, onsite medical directors and transportation offerings. The property recently completed a renovation to the kitchen, dining room, staff lounge, conference room and hallway areas.

Barron County, located 40 miles from Eau Claire, Wisconsin, and 90 miles from Minneapolis, Minnesota, experienced an above average population increase of 19% in the demographic of people 85 and older between the 2000 and 2010 census.

Bloomfield East Sold to Reliant Management Group

Bloomfield East, a 130-bed skilled nursing facility located in Lynwood, California, has been acquired by a Los Angeles-based real estate investment company. 

Shep Roylance, senior vice president of JCH Senior Housing Group, was retained to find the local company a new triple-net lease tenant for the facility. Reliant Management Group, a rehabilitation management service company, was brought in as a tenant within two weeks. The transaction closed on Jan. 1.

Bloomfield East is located outside of the Los Angeles area and has a 75% occupancy rate. With the acquisition of Bloomfield, Reliant hopes to continue growing its West Coast presence. 

Alden Capital Partners Closes $118 Million Tax Credit Fund for Affordable Senior Housing

Alden Capital Partners, LLC (ACP) closed a $117.7 million tax credit equity fund comprised of 16 affordable housing properties located in nine states, Alden Capital Partners Tax Credit Fund, LP (ACPTCF 20).

ACP is a division of Alden Torch Financial, LLC that specializes in the syndication of Federal and State Low-Income Housing, Historic Solar Tax Credits. ACP has raised more than $1.1 billion in tax credit equity. 

Five of the fund’s properties are available for seniors; the remaining 11 are available for families. Six institutional investors in the financial and insurance sectors participated in ACPTCF 20. The fund closed May 13, 2016. 

Lancaster Pollard Advises on Sale of Two Arizona Facilities

Lancaster Pollard, an investment banking services firm that specializes in health care, senior living and housing organizations, advised on the sale of two assisted living and memory care facilities located in Arizona. 

The facilities, built in 2010 and 2012, are located in Mesa and Apache Junction, Arizona. They were sold by American Orchards Senior Living to private equity firm Madison Realty Companies for an undisclosed amount. The sale enables American Orchards to focus on its latest development in Gilbert, Arizona.

Jason Dopoulos and Chad Elliott, managing directors at Lancaster Pollard, led the efforts for the sale. 

Monarch to Buy Five Ecumen Properties 

Ecumen, one of the nation’s largest senior housing providers with operations in seven states, is selling Ecumen New Richland, an assisted living community New Richland, Minnesota, to Monarch Healthcare Management, Mankato, on July 1. Ecumen is also selling three other assisted living centers in Le Center, Lake Crystal and Mapleton—all in Minnesota—to Monarch. A nursing home located in Litchfield is also part of the sale.

Monarch currently owns seven assisted living and rehabilitation care sites in Mankato, New Prague and Lake Crystal. Monarch plans to retain Ecumen employees at the five facilities—roughly 200 people. 

“This deal makes sense for both Ecumen and Monarch—companies with different business strategies,” Ecumen CEO Kathryn Roberts said in a statement. “Ecumen has been diversifying its portfolio in recent years, moving strategically into some larger markets and putting more emphasis on market-rate housing, home care and hospice. Monarch has chosen a widely different niche, strategically focusing on smaller markets with an emphasis on nursing homes, rehabilitation centers and assisted living communities.”

Written by Amy Baxter