Senior Housing Investments & Acquisitions (10/29/13)

Capital Senior Living Buys Ohio Senior Living Community for $4 Million

Capital Senior Living (NYSE:CSU) has acquired a senior living community in Middletown, Ohio for $4.1 million, reports the Dayton Business Journal.

The Woodlands of Middletown has 61 units, comprised of 40 assisted living and 21 memory care units. 

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In September 2012, Rittenhouse Senior Living sold the property to Diederick Van der Velde for $4 million after buying the property for $5.7 million in 2008, reports the Journal. 

Dallas-based operator Capital Senior Living also owns The Wellington at Dayton. —AG

Sentio Healthcare Buys Senior Living Property for $38 Million

Healthcare real estate investment trust Sentio Healthcare Properties closed the $38.1 million acquisition of Woodbury Mews from affiliates of Capital Health Group and Westport Capital Partners LLC for $38.1 million, plus closing costs and expenses. 

The Woodbury Mews campus includes a 129-unit independent living building and a 98-unit assisted living building with 57 assisted living beds and 41 memory care beds, along with four undeveloped land parcels located in Woodbury, New Jersey. 

Sentio funded the purchase of the senior living community with proceeds from the sale of preferred stock in the REIT and preferred units of limited partnership interest in its operating partnership to Sentinel RE Investment Holdings, LP, an affiliate of Kohlberg Kravis Roberts & Co., and with proceeds from a mortgage loan from KeyBank National Association, Inc. 

This transaction marks the initial deployment of Sentio’s investment agreement with the KKR affiliate; the private equity firm committed to provide an initial $150 million of convertible preferred equity to Sentio over a two to three year period.

“We are pleased to add the Woodbury campus to our portfolio and believe this facility brings an added dimension and diversification to the REIT,” said John Mark Ramsey, president and CEO of Sentio. “Additionally, this transaction represents a new relationship for us with Addit. Their national platform and proven commitment to care matches with our strategic goals for growing the REIT.” —AG

LCB Senior Living, Prudential Buy Memory Care Community

LCB Senior Living recently acquired a memory care community in Lincoln, Rhode Island in a joint venture with Prudential Real Estate Investors for an undisclosed price. Wells Fargo Bank provided $12.3 million of capital for the acquisition, with financing arranged by Cushman and Wakefield’s Senior Housing Capital Markets Group. 

The 60-unit property, built in 2009, has been renamed to The Lighthouse at Lincoln. LCB’s acquisition of the property closed in late September, when it took over ownership and management. Occupancy was at about 60% at the time of sale.

LCB has reconfigured the management team and hired a new executive director, a new director of sales and marketing, and introduced a full-time Alzheimer’s nurse position to the community. 

“We think with those additions put in place, along with our own sales and marketing strategies, that this can be a really successful community,” said Ted Doyle, director of corporate marketing and public affairs. “It’s a great property.” 

LCB Senior Living’s executive team previously founded Newton Senior Living, LLC, which was the 16th-largest assisted living company in the nation before it was sold in 2005. —AG

Ventas Buys Senior Living Community from Holiday for $10.3 Million

Chicago-based REIT Ventas Inc. recently acquired a senior living community from Holiday Retirement for $10.3 million, according to local property records cited by The Daytona Beach News-Journal.

Las Palmas is an independent living community located in Palm Coast, Fla. and has a three-story building with one- and two-bedroom apartments along with six rental multi-family cottages. 

Holiday Retirement, based in Oregon, will continue to run and manage the community. —AG

Kayne Anderson Real Estate Advisors Buys Senior Community for $63M

Kayne Anderson Real Estate Advisors paid about $62.8 million for a senior living community in Broward County, Fla. as part of a larger portfolio deal announced earlier in October, reports the local business journal

Discovery SAG Parkland Commons, an affiliate of Discovery Communities in Bonita Springs, Fla., sold the 325-unit Aston Gardens at Parkland Commons, which provides assisted living and memory care, to AG Parkland Senior Housing, I, an affiliate of Kayne Anderson. 

KeyCorp. Real Estate Capital Markets provided a $51.3 million mortgage for the acquisition, partially backed by Fannie Mae. —AG

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