Joint Venture Acquires Northgate Terrace in California for $27.5 Million
WNC, a national investor in real estate and community development initiatives, announced recently that its subsidiary, Community Preservation Partners LLC, has acquired Northgate Terrace, a 201-unit affordable senior housing community in Oakland, Calif., in a joint venture with Related Affordable LLC, for $27.5 million.
The joint venture will perform a complete renovation of the existing property, originally constructed in 1969 with a HUD 202 loan. The project is expected to cost approximately $47 million to complete, including acquisition and renovation.
Operating as Northgate Terrace Community Partners L.P., the joint venture between Community Preservation Partners and Related Affordable will provide approximately $10.5 million in financing to help rehabilitate the property. WNC will provide more than $15 million in additional equity via low-income housing tax credits. The remaining costs will be funded with a permanent loan from Citi Bank.
The renovation to the 11-story high-rise will include: a new façade, seismic upgrades, general plumbing improvements, a new community room, entry, medical exam space, computer area and gym, as well as an upgrade to the building’s elevators.
Other amenities to be enhanced are the kitchen, controlled access systems, group lounges, television and library room, clubhouse and security. The property’s 180 studio units and 21 one-bedroom units will all receive new appliances, lighting, fixtures, cabinets, countertops and more.
Oxton Senior Living Acquires Community in Montgomery, Alabama
Oxton Senior Living, an operator of senior living facilities in Alabama and Georgia, has announced the acquisition of Waterford Place in Montgomery, Ala.
The new name of the senior living community is now branded as Oxton Court at Waterford Place.
The purchase price was not disclosed.
Healthcare Transactions Group Sells SNF in Delaware
Maryland-based Healthcare Transactions Group, Inc. arranged the sale of Delmar Nursing and Rehabilitation Center, a 109-bed licensed skilled nursing facility in Delmar, Del.
Mark Davis, of Healthcare Transactions Group, served as mergers and acquisition advisor to the seller, a regional nursing home chain. The buyer was a New York-based growing multi-state operator.
Price and other details of the transaction are confidential.
Legacy Healthcare Enters New Market Through Latest Acquisition
Senior Living Investment Brokerage, Inc. (SLIB) recently facilitated the sale of a skilled nursing and residential care community located in Kansas City, Mo., for $13.35 million.
Corner Brook Place consists of 180 skilled nursing beds and 68 residential care units. The community includes approximately 110,085 square feet and sits on 14.17 acres. Original construction was in 1979 and 1987 with renovations completed in 2009 and 2010.
The seller is a private, local owner/operator that was selling in order to retire from the business. The buyer, Legacy Healthcare is a provider of health care headquartered in Lincolnwood, Ill. It currently owns and operates 20 facilities in Illinois.
Corner Brook was a strategic acquisition to enter a new state, according to SLIB.
“This was a rare opportunity to acquire this much critical mass in the highly sought after Kansas City market,” the brokerage said in a press release.
SLIB fielded seven offers within two weeks of marketing, with five being more than $12.75 million. The property ultimately sold for $350,000 above SLIB’s original asking price.
Patrick Byrne, Jeff Binder and Ryan Saul of Senior Living Investment Brokerage, Inc. handled the transaction.
Legend Senior Living Acquires Signature Senior Living Portfolio
Legend Senior Living recently announced the acquisition of five assisted living and memory care communities in Texas, consisting of 375 units formerly operated by Signature Senior Living.
The residences are located in the cities of Grapevine, Denton, Flower Mound, Rockwall and Coppell, and have all been built in the past four years.
“We are pleased to add the Signature portfolio to the Legend family of residences. Signature has a tenured reputation of quality services and mission at these properties,” said Tim Buchanan, founder and CEO of Legend Senior Living, in a statement.
Legend Senior Living expects to continue expansion plans throughout the state of Texas with additional development and acquisitions. It currently operates 35 senior housing and care residences, representing 2,382 units in Florida, Kansas, Colorado, Oklahoma and Texas, along with additional residences under construction and development.
Written by Emily Study