Manor Village Life Centers Sells Senior Housing Property for $31 Million
An affiliate of Rauls Convalescent Home Inc., based in Macon, Ga., recently purchased Manor Village at Preston, a senior housing apartment complex, for $31 million, reports the Triangle Business Journal.
The new owner is changing the name of the 166-unit community to Preston Pointe.
Canada-based Manor Village developed the independent living property in 2010, county deed records show.
Southeastern Retirement Management now manages the property. —Alyssa Gerace
N.Y. Investor Buys Ohio Senior Living Community for $1.9 Million
A New York-based investor has acquired Fairborn Senior Housing in Fairborn, Ohio for $1.9 million, reports the Dayton Business Journal.
DHorn Fairborn Senior Housing LLC is listed as the buyer of the 84-unit independent living community, which was originally built in 1930 as a high school before its conversion into apartments in the 1990s.
Bart Weprin, a broker with Sperry Van Ness in Cincinnati, Ohio, represented the seller in the transaction, Fairborn Apartdela LLC. Occupancy was near 100% at time of sale, according to Weprin. —AG
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Bell Hospital to Sell Senior Living Community
Bell Hospital plans to sell its Woodland Senior Living Community to an undisclosed buyer, reports the local Fox affiliate.
The hospital received an offer for the building while it was at 50% occupancy. Bell told Fox it “felt it was appropriate to review operations and focus on core business areas.”
Only around 13 people currently live in the community, and have about 45 days to relocate. —AG
Greenfield Senior Living Acquires Va. Senior Care Community
Greenfield Senior Living, based in Falls Church, Va., recently acquired an assisted living and memory care community located in Williamsburg, Va.
The 48-unit community will be named Greenfield Assisted Living of Williamsburg.
Greenfield is planning a $1 million renovation for the new acquisition, expected to take about five months. The community will remain closed throughout the renovation.
“The community will feature an on-site medical wellness office, and will partner with experienced healthcare professionals to transform collaboratively the assisted living experience,” said Kevin Bonello, Director of Communications for Greenfield Senior Living, Inc. —AG
NAI Capital Closes Purchase of N.C. Senior Living Community
Forest Pointe Apartments, LLC recently purchased a senior living community in North Carolina for an undisclosed sum, represented by NAI Capital’s Dave Stolte, John Alstrom, and Deborah Luedy.
The seller of the 150-unit independent living community is the Statesman Group of Companies.
“The buyer acquired the senior living community as part of its growth expansion plans in the southeastern part of the U.S.,” said Luedy. “Their immediate plans for the community are to continue its operation by providing various levels of services for the independent seniors and additional services for those in need of more supportive levels of care.” —AG
Urban Innovations Acquires Senior Housing Complex for $3 Million
Urban Innovations recently announced the acquisition of Prairie View Apartments, a senior housing community in Bellwood, Ill., for $3 million in cash. The Stough Group was the property’s seller.
The apartment complex has 84 affordable senior housing units in 14 buildings that were 98% occupied at time of sale.
Urban Innovations plans to refinance the property and perform substantial rehabilitation on the property in the next 12 to 18 months, the company announced. The redevelopment could include roof and siding replacement and updating existing appliances and unit amenities.
Prairie View Apartments is marketed as an affordable active adult community. Developed in 1998 by the Stough Group, the complex is age restricted to residents age 62 or older, and rents cannot exceed 60% of the area median income.
“Prairie View is a well-constructed, well-located property that was attractively priced,” said Monica Makin, vice president of acquisitions, residential housing at Urban Innovations. “Though the vacancy is low, it is in need of substantial rehab. This represents a great value-add acquisition for UI.”
With the acquisition, Urban Innovations and its affiliates now own or manage 34 affordable housing properties in five states totaling more than 3,700 units. —AG
Ensign Acquires Two Assisted Living Communities in Utah and Calif.
The Ensign Group, Inc. (NASDAQ:ENSG) announced in early June the acquisition of Lake Ridge Senior Living, a 69-unit assisted living community in Orem, Utah, and of Santa Maria Terrace, a 110-unit assisted living community in Santa Maria, Calif., for an undisclosed sum.
“This opportunistic acquisition adds assisted living services to the skilled nursing and rehabilitative services we are currently providing in Utah County,” Christopher Christensen, Ensign’s President and CEO, said of the Lake Ridge acquisition in a statement. “This operation enhances Ensign’s synergies in this market and further demonstrates our commitment to the Utah County healthcare community.”
Bridgestone, Ensign’s operating arm, expects operations in the property to be mildly accretive to earnings in 2013. It was 72% occupied at time of acquisition.
The other assisted living acquisition happened on the same day, in which an Ensign subsidiary acquired a California community that will be operated by a Bridgestone subsidiary.
Both purchases were made with cash. —AG
Pathway Health Joins Forces with Redilearning Corp.
Pathway Health, a post-acute consulting services, interim management and education company, has joined forces with online education provider Redilearning Corp. in a new partnership that makes extensive critical clinical and operational education available to the post-acute and senior living industry in a digital format.
Pathway Health’s expertise and resources will now be delivered using the learning science and intuitive technology behind Redilearning’s Learning Management System (LMS).
“We had been seeking the right online education partner for some time,” said Deborah Schuna, chief executive officer for Pathway Health, in a statement. “Redilearning was the clear stand out. The company is led by seasoned senior living professionals and their courses are designed by master certified educators, so the content is stellar. Pair that with an advanced, intuitive technology platform and Redilearning wins hands down.”
“Pathway Health is highly respected in the industry, with more than 150 clinical and operational experts across the continuum of care,” said Redilearning chief executive officer, Michael Hemlepp. “This collaboration leverages Pathway Health’s highly-revered and in-demand expert insights with Redilearning’s unparalleled instructional design and delivery platform. It’s a powerful combination of critical content and leading edge technology not seen before in this industry.”
All market segments, from skilled nursing and rehabilitation to assisted living, home health and hospice, will be addressed in the partnership. The first collaboration is expected to launch later this month. —AG
Aviv REIT Closes $6.2 Million Acquisition of Two Senior Care Facilities
Aviv REIT, Inc. (NYSE:AVIV) announced on Tuesday the acquisition of two post-acute and long-term care skilled nursing facilities in Oklahoma for $6.2 million. The properties are triple-net leased to Preferred Care, the existing tenant and Aviv’s fourth-largest tenant.
Preferred Care is a skilled nursing and assisted living operator with 109 communities in 12 states. The triple-net lease has an initial cash yield of 11.0%, initial lease term of 10 years, and an annual compounded escalator of 2%. The transaction was funded with Aviv’s revolving credit facility; year-to-date, the REIT has funded $35 million of investments.
“We have been working with Preferred Care since 2008 and this transaction is another example of our relationship-oriented investment strategy leading to the growth of our business,” said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv, in a statement. “We are committed to our strategy of owning a concentration of properties with multiple operators in our targeted states.” —AG
Avamere to Operate Portland, Ore. Senior Care Home
Avamere Family of Companies has partnered with Laurelhurst Village to manage the senior living and nursing home’s day-to-day operations.
Laurelhurst Village was established more than 100 years ago by the Sisters of Mercy and provides assisted living, skilled nursing, and inpatient and outpatient rehabilitation for Southeast Portland and surrounding communities.
The partnership between the two organizations will enhance an already strong local support presence that reflects each company’s long legacy of care, according to Lisa Sienkiewicz, regional director of operations for Avamere.
“Our unique brand of health care management services work toward higher operational efficiencies while focusing on greater clinical outcomes in the skilled setting,” says Gary Wart, President of Avamere Family of Companies. —AG