Senior Housing Investments & Acquisitions: HealthLease, ROC, Hometown America

HealthLease Properties REIT Acquires Five Properties for $67 Million

HealthLease Properties Real Estate Investment Trust (HLP.UN) completed the previously announced acquisitions of a senior housing and care portfolio, including five properties, May 21 for a combined $67 million.

Health Lease acquired Smith Packet III (SP III) and newly-built, triple-net leased, 100-unit seniors housing and care facilities from Mainstreet Property Group, LLC, Wellbrooke of Kokomo.


The SP III portfolio consists of four U.S. properties totaling 365 beds, including one property each in Virginia and Pennsylvania and two in North Carolina, with a purchase price of $49.4 million. The portfolio is triple-net leased and operated by Saber Healthcare Group, LLC.

Located in Indiana, Wellbrooke of Kokomo was acquired under the REIT’s pre-existing development agreement with Mainstreet, which provides the REIT with a right to acquire any seniors housing and care properties developed by Mainstreet. The facility is leased on a triple-net lease basis to Life Care Services, with retirement communities serving over 32,000 residents in 31 states. HealthLease acquired the property for an aggregate purchase price of $17.9 million.

“We are very pleased to announce these acquisitions, which demonstrate our ability to execute on two components of our growth strategy,” said Zeke Turner, Chairman and CEO of the REIT in a news release. “One is to identify and acquire high quality facilities managed by strong operators, and the second is to add pre-leased properties to our portfolio through our relationship with Mainstreet Property Group, the leading developer of Next Generation transitional care facilities.”


Trilogy Health Services Sells Ill. Senior Living Community for $23 Million

Trilogy Health Services sold a senior living community in Crete, Ill. for $23 million to a regional owner/operator with ownership in more than 50 properties in Illinois. St. James Manor and Villas is an 87,105 square foot, 170 bed/unit community on 11.78 acres. Trilogy Health Services purchased this facility in 2009 as part of a portfolio of properties in Indiana, Kentucky and Illinois. They acquired the portfolio from a religious, nonprofit.

The intent was to look for other opportunities to grow in Illinois, but that strategy never materialized. Because Crete, Ill. was an outlier in the portfolio, Trilogy Health Services decided to sell and deploy capital to their core growth areas.

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Ryan Saul of Senior Living Investment Brokerage, Inc. handled the transaction.

Hometown America Acquires Ill. CCRC

Hometown America announced May 13 the addition of a Grayslake, Ill. CCRC to its portfolio of more than 40 properties for an undisclosed amount.

Saddlebrook Farms in Grayslake, Ill. is a lakeside, age-restricted community that offers residents customized single-family ranch homes. At 700 acres, the property features nature preserves, wooden area, over 100 acres of fish-stocked lakes and more.

Saddlebrook Farms to their portfolio of more than 40 properties. This latest acquisition is located in Grayslake, just an hour from Chicago, home of the company’s corporate office.

Hometown intends to keep the old-world essence of Saddlebrook Farms while adding a fresh look and new amenities. They are rebranding the property and looking to add a state-of-the-art fitness facility based on the needs and wants of this active-living community. In addition, Saddlebrook Farms will have an on-site model home village, allowing buyers to tour the latest homes and floor plans.

ROC Seniors Purchases Tenn. Senior Living Provider

ROC Seniors Housing Fund Manager, LLC has purchased a senior living provider headquartered in Nashville, Tenn., for an undisclosed amount. The transaction was completed April 21.

Developed, owned and managed by the Revelette family of Brentwood, Tenn., Maristone Senior Living was established in 2007.

The family developed and owned two luxury retirement communities in the area, both of which were included in the transaction.

Maristone of Franklin has 41 assisted living and 13 memory care residences. Maristone at Providence has 48 assisted living and 13 memory care residences.

ROC Seniors has tapped Life Care Services, a LCS Company, a leading provider of senior lifestyle products and services, to manage the Maristone communities.

Greystone Acquires Senior Solutions Home Health Care Business

Greystone announced a definitive agreement to purchase the Medicare Certified Home Health and Private Duty Nursing business of Senior Solutions Home Health Care, LLC on May 20 for an undisclosed amount.

Upon closing of the transaction, Senior Solutions Home Health Care will become part of the Greystone Health Network. By adding Senior Solutions Home Health Care, Greystone will expand its Home Health services from South Pinellas into Hillsborough and North Pinellas.

The transaction is expected to close within the next 60 days.

“We will continue to provide the state-of-the-art care that our patients are accustomed to throughout this acquisition process while Senior Solutions Home Health Care employees enter the fold at Greystone,” said Connie Bessler, CEO of Greystone Healthcare Management Corp. in a news release.

Written by Cassandra Dowell

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