Senior Housing Investments and Acquisitions (2/11/13)

REIT Buys N.C. ALF for $9.7 Million in Sale-Leaseback Transaction with Meridian

Meridian Senior Living recently sold an assisted living community to Cornerstone Core Properties REIT Inc., an investment fund of Irvine, Calif.-based Cornerstone Real Estate Funds, for $9.7 million in a sale-leaseback transaction, reports The Business Journal.

Danby House is a 100-bed, 27,129-square-foot community located on 4.3 acres in Winston-Salem, N.C. Meridian Senior Living signed a 10-year lease for the property, which was 85% occupied at time of sale, and will continue to operate it. 


Piqua Senior Housing Apartments Sells for $1.9 Million

The Piqua Senior Housing apartments in Dayton, Ohio sold for $1.9 million in a deal brokered by Sperry Van Ness Commercial Real Estate, reports the Dayton Business Journal

The 78-unit multi-family senior housing property was bought by DHORN Piqua Senior Housing LLC for investment purposes, according to Stasiu Geleszinski, a Sperry Van Ness RICORE Investment Management broker who represented the buyer.


Piqua ApartDela LLC was the seller. 

PSL Acquires School District Building, Eyes Possible Campus Expansion

Presbyterian Senior Living’s Hollidaysburg campus recently acquired an adjacent Hollidaysburg Area School District administrative building for an undisclosed price.

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Presbyterian Village at Hollidaysburg may at some point use the building for expansion purposes, but it wouldn’t be for senior housing.

“There has been a consistently strong demand for the services provided by PVH, and we have been constrained by the existing property boundaries,” said Stephen Proctor, CEO of PSL. “Based on this demand, we approached the school district staff to inquire if they had an interest in selling the building at some point in the future. After some exploration we were able to reach a mutually beneficial agreement.”

Acquiring the building and parcel of land it occupies “opens up a number of possibilities for expansion in the future,” says Deb Lark, executive director of Presbyterian Village. “While we have no firm plans at this time, we expect to begin exploring options in the coming months.” 

PSL is currently in the process of evaluating the best use of the property. The Hollidaysburg campus has 67 skilled nursing units, 43 assisted living  units, and 30 independent living units. 

Integral Senior Living Adds Property to Management Portfolio

Integral Senior Living has been chosen by DiNapoli Capital Partners to manage Meadowbrook at Agoura Hills, formerly Agoura Hills Senior Retreat. ISL will begin managing the assisted living and memory care community, located in Agoura Hills, Calif., on Feb. 11.

Indiana Senior Housing Community Sells for $11.6 Million

Senior Living Investment Brokerage, Inc. recently represented an Indiana-based owner in the $11.55 million sale of Woodview Assisted Living and Memory Care in Fort Wayne, Ind.

The senior care community included 58 assisted living units built in 2008 and 30 memory care units built in 2010. The transaction closed 45 days from execution of letter of intent.

The property seller is primarily a multifamily and commercial real estate developer/manager looking to strategically divest Woodview to focus on its core business and take advantage of the strong seniors housing sale smart, SLIB noted. The buyer is a Kentucky-based owner/operator who acquired the property to expand its existing business in the state. 

Woodview was overstaffed and experienced operational inefficiencies under the previous owners, but the owner plans to make adjustments to staffing that will positively impact the bottom line by $30,000 per month. The community’s net operating income is expected to be closer to $1.1 million after implementing new staffing models and increasing operational efficiencies. 

A regional bank provided 100% financing for the acquisition. 

“As evident by the 45 day close from letter of intent, the Seniors Housing acquisition market remains torrid. Now is a great time to sell,” said Ryan Saul, Managing Director at SLIB. “The seller capitalized on the strong market and the buyer expanded their portfolio by acquiring a stable asset with marked upside.” 

Joint Venture Group Buys N. J. Senior Community for $7.1 Million Out of Receivership

Chelsea Senior Living and Focus Healthcare Partners, in its joint venture with Artemis Real Estate Partners, have purchased a 117-unit assisted living and memory care facility located in Monroe Township, N.J. for $7.1 million via a court-ordered receivership sale.

The Residence at Forsgate is a 69,000-square-foot property was developed in 1996 and was 64% occupied at the time it was acquired.  There are 89 units of assisted living and a separate 28-unit memory care wing.  

Chelsea, who operates 12 senior housing facilities in New Jersey, is managing the project.  The new owners are undertaking a significant capital improvement plan to upgrade the facility’s physical plant, which they expect to complete within the next 12 months.

The seller was represented by commercial real estate services firm Cassidy Turley.

MBK Senior Living Acquires Denver Senior Living Community

MBK Senior Living, headquartered in Irvine, Calif., recently announced it closed escrow on a senior living community in Denver, Colo., for an undisclosed amount.

The Inn at Greenwood Village is a 67-unit assisted living community in studios and one- and two-bedroom apartments. Amenities include a sunroom, dining room, bistro, library/fireplace lounge, and theatre. Other features include restaurant-style dining with chef-prepared cuisine, scheduled transportation, housekeeping and linen services, 24-hour security and social, recreational, wellness, and educational classes and activities. 

Cranbrook Senior Living was the seller. 

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