Senior Housing Investments & Transactions: Mayo Clinic

Windward Health Partners’ Portfolio Company Sells Texas ALF 

Tampa-based private investment and holding company Windward Health Partners recently announced that its portfolio company, RWS Healthcare, has sold The Arbor Assisted Living Facility in Nacogdoches, Texas.

Prevarian Senior Living, a developer and operator of assisted living communities in Texas, Florida, Oklahoma and Arizona, purchased The Arbor for an undisclosed amount. Marcus & Millichap represented RWS Healthcare in the transaction.

The Arbor was built in 1996 and is located near a 153-bed acute care hospital. At the time of sale, The Arbor was approximately 93% occupied.

“This transaction builds on our track record of significant investment returns in the lower-middle market and the health care space,” said Scott Feuer, co-founder of Windward Health Partners, in a statement. “Our model shows that you can be best-in-class at helping patients and residents enjoy healthy, fulfilling lives while still delivering strong returns to investors.”

Bryan Crino, co-founder of Windward Health Partners, noted that the lower-middle market remains an attractive market for investors looking for outsized returns.

“The key to our success is bringing tactical planning and execution to our deals, not just capital. To get good returns in the lower-middle market requires patience and an ability to improve current operations,” Crino said.

Greenfield Independent Living Sells 2 Communities for $9.9 Million

Greenfield Independent Living of Memphis LLC, an affiliate of Greenfield Senior Living out of Virginia, sold two of its Memphis facilities to Legacy IL Property Co. LLC, an affiliate of Beacon Communities Inc. of Cumming, Ga., for $9.9 million, according to the Memphis Business Journal. 

Greenfield Independent Living sold the Residences at Lenox Park, an independent living community, for $6.6 million and the Greenfield at Lenox Park, an assisted living and memory care facility, for $3.3 million.

Beacon Communities previously managed the Lenox Park facilities under the names Waverly Glen and Waverly Gardens, the Business Journal reports. 

Patrick Burke, Brad Clousing and Ryan Saul of Senior Living Investment Brokerage, Inc. facilitated the transaction.

Assisted Living Community Sells for $5.1 Million

Carlsbad, California-based Merrill Commercial Real Estate, Inc. represented the sellers in the sale of Golden Living of Point Loma senior living community in San Diego.

The 30,832-square-foot property was acquired by an undisclosed buyer for $5.125 million (9% CAP rate), or $93,181 per unit. 

The transaction included a ground lease with 35 years remaining. Golden Living of Point Loma comprises 55 assisted living units/113 beds.

New ownership plans to convert a portion of the existing units to memory care along with cap-ex investment to improve the exterior of the facility.

Dove Healthcare to Take Over Mayo Clinic Nursing Homes, ALFs

Pending state approval, Dove Healthcare will become the licensed operator of Mayo Clinic system’s nursing homes and assisted-living facilities, according to local reports.

The transfer of operations from Mayo Clinic Health System to Dove Healthcare is planned for Oct. 1. 

Written by Emily Study