Mather LifeWays Sells SNF to Symphony Post Acute Network
Evanston, Illinois-based Mather LifeWays has completed the sale of its 142-bed skilled nursing facility, Mather Pavilion, to Symphony Post Acute Network for an undisclosed amount.
The sale fulfills a strategic decision by Mather LifeWays to move away from operating freestanding nursing homes. It will not affect ownership or operation of Mather LifeWays’ other residences.
Mather LifeWays retained Cain Brothers as its financial advisor to pursue the sale of Mather Pavilion.
Senior Lifestyle Corp. Buys Florida Land Parcel for $2.5 Million
Senior Lifestyle Corp., which builds and operates a number of senior living communities in Sarasota County and Tampa, Fla., is taking another step toward building an assisted living facility in Lakewood Ranch.
It has paid $2.5 million for a parcel of land from a subsidiary of the area’s master developer, Schroeder-Manatee Ranch. The company, which operates Heron House, Heron East and Heron Club at Prestancia in Sarasota, purchased acreage north of State Road 70 along Rangeland Parkway.
Records show that Senior Lifestyle Corp. has the right under the deed for the land to build one or more buildings totaling up to 175,000 square feet to be used for independent senior living, assisted living and memory care living units. The buildings would be on 7 acres off Rangeland Parkway.
Nonprofit CCRCs Join Forces to Expand Location, Services
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Wesley Enhanced Living and Martins Run, both Philadelphia-area nonprofit continuing care retirement community (CCRC) providers, recently entered into an affiliation agreement.
The affiliation still requires regulatory approval and is expected to become effective during the first quarter of 2015.
Under the terms of the agreement, Martins Run will become part of the Wesley Enhanced Living organization.
Martins Run, a single-site 258-unit senior living community, provides independent living, personal care, and rehab and skilled nursing services on a 22-acre suburban campus in Marple Township, Pa.
Wesley Enhanced Living operates eight CCRCs and adult housing facilities for more than 1,200 seniors in Philadelphia, Montgomery and Bucks counties.
The partnership will allow Wesley Enhanced Living to expand into Delaware County, while providing Martins Run with access to capital for campus re-investment projects and opportunities to expand services.
Financial terms of the proposed affiliation were not disclosed.
Ensign Group Completes Acquisition of Shea Family Care
The Ensign Group, Inc. (NASDAQ:ENSG) — parent company of the Ensign group of skilled nursing, rehabilitative care services, home health care, hospice care, assisted living and urgent care companies — recently announced that it completed its previously announced acquisition of nine skilled nursing and assisted living operations, a home health agency and a private home care business from Shea Family Care.
The acquisition was effective on Dec. 1, 2014 and adds 643 skilled nursing beds and 68 assisted living beds across 9 operations, a Medicare and Medi-Cal certified home health agency and a private-pay home care business, all located in San Diego County, Calif.
“We are very pleased to have completed this significant transaction and we welcome a wonderful team of caregivers to the Ensign family,” said Christopher Christensen, Ensign’s president and CEO, in a statement. “Our experienced teams of local leaders and caregivers in San Diego County are poised to help each of these operations advance the exceptional work that the Shea Family has been doing for generations.”
In a separate transaction on the same day, Ensign also announced the acquisition of Guardian Angel Hospice, a Medicare and Medi-Cal certified hospice agency located in San Diego.
“This addition of hospice services in the San Diego market allows us to serve the full continuum of post-acute care needs of San Diegans, whether that care takes place in our facilities or their homes,” Christensen said. “Providing this full range of services gives us a unique opportunity to improve outcomes and reduce rehospitalization rates for those patients who entrust us with their care.”
The businesses were purchased with cash and will be operated by Ensign’s California-based subsidiaries. Christensen indicated that he expects these operations to be operationally accretive to earnings in 2015.
These acquisitions bring Ensign’s portfolio to 136 health care facilities (nine of which are owned), 10 hospice companies, 12 home health agencies, two home care businesses and 14 urgent care clinics across 12 states.
Ensign purchased and retained the real estate in two of the nine facilities and assumed long-term leases on the remaining operations, one of which includes an option to purchase the real estate.
Greystone Real Estate Advisors Close Sale on Colorado Property
Greystone, a real estate lending, investment and advisory company, has announced its Real Estate Advisors company has closed the sale of Clear Creek Commons, a 45-unit luxury senior apartment community in Golden, Colo.
The Wolff Company, a real estate private equity firm, acquired the fully occupied property on Oct. 23.
Clear Creek Commons is comprised of one- and two-bedroom apartments with amenities including underground parking, two attached restaurants and views of adjacent Clear Creek and downtown Golden.
As new owner, The Wolff Company intends to invest in immediate, substantial renovations to interior and exterior common areas and refurbish residential units upon vacancy.
“We are seeing increased acquisition interest for age-restricted seniors communities, which offer the baby boomer generation the freedom and flexibility to enjoy an active lifestyle with access to the amenities and support network geared towards an aging population,” said Greystone Managing Director Cody Tremper, who led the sale.
CNL Healthcare Properties Acquires Utah CCRC for $68 Million
CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and health care facilities, has acquired the Fairfield Village of Layton, a Class A senior housing community in the Salt Lake City metro area, for $68 million.
An affiliate of Portland, Oregon-based Generations Retirement Communities will manage the 246-unit community.
“Fairfield Village of Layton is a newer, stabilized property offering a full continuum of care in a good location. This acquisition adds another quality asset to our expanding portfolio,” said Kevin Maddron, senior vice president of CNL Healthcare Properties. “Generations Retirement Communities is a proven operator of similar senior living communities and we are excited to have the opportunity to partner with them to provide a great experience and outstanding care for residents.”
Generations has been developing and operating senior housing properties since the 1980s, and specializes in large CCRCs, like Fairfield Village of Layton.
Formerly known as Legacy Village, the senior housing community is located in Layton, Utah. Completed in 2010, Fairfield Village of Layton is comprised of 108 independent living units, 74 assisted living units, 24 memory care units and 40 skilled nursing and rehabilitation units. As of Sept. 30, 2014, the property was 98.6 percent occupied.
Written by Emily Study