Senior Housing Investments & Transactions: Greystone, Avamere

Greystone Real Estate Advisors Close Sale on 180-Unit Property in Texas

Greystone, a real estate lending, investment and advisory company, recently announced its Real Estate Advisors group has closed the sale of Aspens at Twin Creeks in Allen, Texas. Kayne Anderson Real Estate Advisors of Boca Raton, Fla., acquired the stabilized property from Cadence Capital Partners.

Built in 2011, Aspens at Twin Creeks includes 180 age-restricted units located on more than 10 acres about 30 miles north of Dallas.

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“The Aspens at Twin Creeks is an age-restricted opportunity that will allow the buyer to potentially convert the property to a full-service independent living community,” said Cody Tremper, a managing director of Greystone Real Estate Advisors who led the sale. “Available land adjacent to the property offers the potential future opportunity to add an assisted living building to create a continuum of care campus.”

The purchase price was not disclosed. 

Avamere Acquires Assisted Living and Memory Care Community 

The Wilsonville, Oregon-based Avamere Family of Companies has acquired Necanicum Village Senior Living Community, now called Avamere at Seaside, located just south of Seaside, Ore.

Avamere at Seaside offers a range of living options including one- and two-bedroom apartments, as well as studio apartments. Residents have access to on-site restaurant-style dining, personalized service planning, regular health and wellness clinics, life enrichment programs, and scheduled transportation among other amenities. 

“Not only is Avamere gaining a renowned and beautifully situated assisted living community, but a compassionate memory care program that is unparalleled in the area,” said Nicolette Merino, regional director of operations. “We are committed to enhancing the life of every person we serve, whether that is through providing personalized care that affords our residents more independence or cultivating an environment where an individual with Alzheimer’s or other form of dementia can live their life comfortably.”

The purchase price was not disclosed. 

Capital Senior Living Acquires Houston Community 

HFF, a provider of commercial real estate and capital markets services, announced recently that it has closed the sale of Remington Park at Baytown, a 129-unit independent and assisted living community in Baytown, Texas.

Capital Senior Living purchased the asset for an undisclosed amount, while HFF marketed the property on behalf of the seller. 

Remington Park at Baytown is located in a suburb approximately 25 miles east of downtown Houston. Expanded in 2008, the community is across the street from Houston Methodist San Jacinto Hospital.

The 95% occupied property has a mix of nine independent living cottages and 120 assisted living units. Community amenities include restaurant-style meal service, a beauty/barber shop, theater/auditorium, library, gift shop, billiards room and a variety of social activities and personal care services.

The HFF team representing the seller was led by Managing Director Ryan Maconachy and Director Chad Lavender.

The Ensign Group Acquires 3 Idaho Assisted Living Facilities

The Ensign Group, Inc. (Nasdaq: ENSG) — the parent company of the Ensign group of skilled nursing, rehabilitative care services, home health care, hospice care, assisted living and urgent care companies — announced recently that it acquired the operations and real estate of Heritage Assisted Living of Boise, a 100-unit assisted living facility in Boise, Idaho; Heritage Assisted Living of Twin Falls, a 70-unit assisted living facility in Twin Falls, Idaho; and Woodstone Assisted Living, an 85-unit assisted living facility also located in Twin Falls. All three acquisitions were effective April 16, 2015.

“Our skilled nursing, home health and hospice operations have a strong presence in the state of Idaho and we are thrilled to now add assisted living and memory care services to our continuum of care offered in the state,” said Christopher Christensen, Ensign’s president and CEO.

Senior Living Investment Brokerage facilitated the transaction, noting that the seller was a local, private owner who was retiring and exiting the business.

“We look forward to working together with the residents, their families and the local community as we strive to exceed the clinical, emotional and social needs of each resident we have the privilege of serving,” said John Gurrieri, president of Bridgestone Living LLC, Ensign’s seniors housing subsidiary.

He also added that Bridgestone expects operations at the newly acquired facilities, which had an aggregate occupancy rate of approximately 75% at acquisition, to be mildly accretive to earnings in 2015.

These acquisitions bring Ensign’s growing portfolio to 147 health care facilities, 22 of which are owned, 12 hospice agencies, 13 home health agencies, two home care businesses and 16 urgent care clinics across 12 states.

ROC Seniors Acquires Utah Property from Courtyard Retirement Group

HFF announced recently that it had closed the sale of The Courtyard at Jamestown, a 132-unit senior housing community in Provo, Utah. The firm marketed the property on behalf of the seller, Courtyard Retirement Group I, L.C, while ROC Seniors purchased the asset for an undisclosed amount.

The Courtyard at Jamestown is located near Brigham Young University and the Utah Valley Regional Medical Center.

The asset contains a mix of 104 assisted living units and 28 memory care units and maintains a stabilized occupancy rate above 92% overall. Community amenities include an events room, movie room, library, fitness center, beauty salon, restaurant-style dining and an outdoor pond/recreation area.

The HFF team representing the seller was led by Managing Director Ryan Maconachy and Director Chad Lavender.

Written by Emily Study

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