Holiday Retirement Acquires Tex. Senior Living Community
Holiday Retirement recently announced the acquisition of Heritage Village, an independent living community in McAllen, Tex., from an undisclosed seller.
The community was built in 1988 and has 120 units. Amenities include a full-service dining room, salon, exercise center, hot tub, heated outdoor swimming pool, ice cream parlor, game and card room, and library.
Now that the property is under Holiday Retirement ownership, it will transition to provide three chef-prepared meals a day and will also include two sets of live-in managers who are available 24/7, along with complimentary scheduled transportation and a schedule of daily activities and events.
American House Acquires Sunnybank Assisted Living for $6.6 Million
American House, a Detroit, Mich.-based owner and operator of senior housing, recently acquired Sunnybank Assisted Living from a local seller represented by Evans Senior Investments for $6.6 million.
The Sunnybank portfolio consists of two assisted living communities located less than 20 miles apart in Petoskey and Charlevoix, Michigan.
Charlevoix is a 49-unit community with 44 studio apartments and five one-bedroom apartments. The 39,665-square-foot property was built in 2006 and had an occupancy of 78% at time of sale.
The Petoskey property has 44 units: 27 studio apartments and 17 one-bedroom apartments. The 28,716-square-foot community was build in 1999 and had a 68% occupancy rate at time of sale.
The seller is a local woman who built the two communities using local bank and Small Business Administration loans, according to Evans Senior Investments. She owned and operated them following development.
Last year, the portfolio brought in revenues of more than $1.9 million and an NOI of $563,200 for a 8.5% cap rate.
Aviv REIT Files Registration Statement to Go Public
Chicago-based Aviv REIT, Inc. announced on Monday that it has filed a registration statement relating to the proposed initial public offering of its common stock with the U.S. Securities and Exchange Commission. The registration statement had previously been submitted on a confidential basis under the Jumpstart Our Business Startups (JOBS) Act. The number of shares to be offered and the price range for the offering are yet to be determined.
Morgan Stanley, BofA Merrill Lynch and Goldman, Sachs & Co. are acting as joint book-running managers of the offering, with Citigroup, RBC Capital Markets and SunTrust Robinson Humphrey acting as co-managers.
The Arbor Company Assumes Management of Two Senior Communities
The Arbor Company, based in Atlanta, Ga., recently announced it has assumed management of local senior living communities, Alta Walk and Alta Oakridge. The communities will now operate under Arbor Walk and Arbor Oakridge.
Arbor Walk is an independent and assisted living community, while Arbor Oakridge is a independent living community.
Arbor Walk opened in 2009 and has 95 independent living cottages and apartments and 20 assisted living apartments. Arbor Oakridge has 124 independent living apartments. Residents can take advantage of on-site rehabilitation and home health services.
Morningstar Senior Living Buys Lease to Operate Fla. ALF
Morningstar Senior Living LLC recently purchased the lease to operate an assisted living community in St. Petersburg, Fla. for an undisclosed amount, reports the Gulf Coast Business Review.
Taterik Properties LLC, the seller of the lease, had four years left on a five-year lease option. The lease sale price was said to be three times the community’s cash flow, which also was undisclosed, according to the Business Review.
Baytree Lakeside is a 47-unit assisted living community with 70 beds. It was 85% occupied at the time of sale, which was handled by Kenneth Carriero and Damien Carriero of Colliers National Seniors Housing Group.
New Covenant Health Care Buys Land to Expand Existing Community
New Covenant Health Care LLC recently purchased 26.3 acres near its existing community, Assisted Living at Meadowlands in O’Fallon, Mo., for $2.5 million with an expansion in mind, reports the St. Louis Business Journal.
Meadowlands is situated on 4.3 acres, but plans for the newly-acquired land feature a continuing care retirement campus. Preliminary plans include about 200 more beds, with care levels ranging from independent living apartments to skilled nursing units.
St. Andrew’s Management Services manages the existing community and is involved with its expansion strategy going forward. New Covenant will be conducting a market study in the first quarter of 2013 to assess demand and need, according to the article.
Written by Alyssa Gerace