BMA Management Tapped to Operate 2 New Ill. Communities
BMA Management has been picked to operate two senior living communities currently being developed in Illinois. Both will serve low-income seniors through the state’s Supportive Living Facility program.
Goldblatts Senior Living Community is being developed in the historic Goldblatts Department Store building in Chicago’s Back of the Yards neighborhood. The property will have 101 studio, one-bedroom, and two-bedroom apartments and is expected to open in January 2015
BMA Management is also expected to assume management of Montclare Supportive Living, a community being developed in Chicago’s Lawndale neighborhood.
LCS Acquires Rental CCRC in Alabama
LCS announced on April 2 the acquisition of Danberry at Inverness, a senior living community located in Hoover, Ala., for an undisclosed price.
The rental-based community has 160 independent living and 72 assisted living residences. The purchase was made in a joint venture with an affiliate of Walton Street Capital, LLC and closed March 31, 2014. Terms of the agreement were not disclosed.
Management, marketing and sales will be provided by Life Care Services, an LCS company.
Ed Kenny, president and chief executive officer of LCS says the company acquired Danberry at Inverness to complement the company’s growing rental, assisted living, and memory care portfolio.
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“We continue to move forward with our growth and diversification strategies, and this is another step in that process. Danberry at Inverness is a beautiful senior living community that is performing well in the market. It is a great addition to our equity portfolio.”
Danberry of Inverness is the second acquisition this year by LCS, preceded by the company’s acquisition of Oregon-based Encore Senior Living on February 1, 2014.
Prestige Senior Living Begins Management of Ore. ALF
Prestige Senior Living, L.L.C., a Washington-based senior living provider, recently began managing West Hills Assisted Living in Corvallis, Ore., as the final step in a series of building management transitions following an acquisition by CNL Healthcare Properties.
CNL Healthcare Properties acquired 13 communities in Oregon and Washington through an investment that was finalized late last year. The investment is the largest single acquisition to date for CNL Healthcare Properties.
The acquisition by CNL Healthcare Properties includes assisted living communities, independent living communities and memory care centers, with Prestige Senior Living joining each community as its management team. At the newly acquired memory care centers, Prestige plans to introduce its Expressions program for residents living with Alzheimer’s disease or other forms of dementia.
The expansion brings Prestige’s senior care portfolio to more than 80 owned and managed communities.
HealthLease Properties Acquires 2 Senior Care Communities for $37M
HealthLease Properties Real Estate Investment Trust (TSX:HLP.UN) acquired two newly-built, triple-net leased, 100-unit seniors housing and care facilities from Mainstreet Property Group, LLC for an aggregate purchase price of $37,425,000.
The two facilities—leased on a triple-net basis to Trilogy Health Systems—Clearvista Lake Campus located in Castleton, Indiana and Arlington Place Health Campus, located in Indianapolis, Indiana are Mainstreet’s most recently developed “Next Generation Medical Resorts.”
“As we continue to build off of the momentum of 2013, we are pleased to announce two more additions to our growing portfolio of high-quality, Next Generation facilities,” stated Zeke Turner, Chairman and CEO of the REIT. “Because our exclusive partnership with Mainstreet Property Group, we expect to continue to grow and add high-quailty properties throughout 2014.”
The properties were acquired under HealthLease’s pre-existing development agreement with Mainstreet, which provides the REIT the right to acquire any seniors housing and care properties developed by Mainstreet.
Dimensions Health Properties Acquires Healthcare Center
Dimensions Health Properties IX (DP9), on April 3, closed on the purchase of Chris Jensen Health and Rehabilitation Center and adjacent land in Duluth, Minnesota, from St. Louis County.
Chris Jensen Health and Rehab Center is a 170-bed skilled nursing facility that provides short-term rehabilitation services, memory care and long-term care. The property is located northeast of downtown Duluth, Minnesota.
DP9 will continue to lease the facility to Chris Jensen, LLC, which has been leasing and operating Chris Jensen since November 2009.
Chris Jensen LLC has already invested over $575,000 in physical improvements to the building and plans to invest over $1 million in upgrades over the next two years.
No change in licensed operator or employer will take place as a result of the purchase, DP9 notes.
Chris Jensen contracts for management services from Health Dimensions Group (HDG), a post-acute and senior living management and consulting firm based in Minneapolis, MN.
In addition, DP9 has contracted with HDG for work on determining the feasibility of adding a senior housing facility, to include assisted living and dementia care, on adjacent vacant land just off Rice Lake Road in Duluth, Minnesota.
Sunshine Retirement Assumes Management of La. Senior Living Community
Bend, Oregon-based Sunshine Retirement Living, which owns and operates 19 retirement communities in seven states, has taken over the management of a The Verandah at Graywood, a property located in Lake Charles, Louisiana.
Built in 2012, The Verandah at Graywood is a 140-unit community that includes 80 independent living, 20 cottages and 40 assisted living apartments.
The community is located within the master-planned community of Graywood, which features an 18-hole golf course, upscale health club and community pool.
Sitting on more than 40 acres, The Verandah at Graywood encompasses more than 212,000-square-feet and features amenities that include a wellness center, library, computer room, chapel, stocked fishing ponds, formal and casual dining room, reserved parking, theater, fitness/health center, lounge and bar, beauty salon/barber and landscaped courtyard and garden.
Under Sunshine Retirement Living’s management, residents will not be require to pay high, upfront fees. Monthly rents start at $1,995 for a two-bedroom, two-bath cottage with no long-term contracts or commitments.
Mich. Assisted Living Community Sells for $14.6 Million
Evans Senior Investments recently brokered the $14.6 million sale of Aspen Grove, an assisted living and memory care community in Lambertville, Mich. located eight miles outside of Toledo, Ohio.
The 80-unit, 83-bed community has an 88% occupancy rate and sold at a 7.1% cap rate.
Aspen Grove was previously owned and operated by a CPA who didn’t have any other senior housing communities and thus couldn’t benefit from economies of scale. The buyer was a publicly traded company with other properties nearby.
Companies featured in this article:
BMA Management, Chris Jensen LLC, CNL Healthcare Properties, Dimensions Health Properties, Evans Senior Investments, Healthcare Dimensions Group, HealthLease Properties REIT, LCS, Mainstreet Property Group, Prestige Senior Living, Sunshine Retirement Living, Walton Street Capital