Senior Housing Investments & Transactions: Blueprint, Griffin-American Healthcare REIT III

Blueprint Healthcare Real Estate Advisors Arranges Sale of Six Neb. SNFs

Chicago-based Blueprint Healthcare Real Estate Advisors recently announced it has arranged the sale of six skilled nursing facilities (SNFs) located in Nebraska for $15 million. 

While the details regarding buyer and seller were not disclosed, Blueprint indicated that the buyer was a partnership between a publicly-traded REIT and a regional operator with a presence in the Neb. market. The seller was a New York-based national owner/operator.

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The portfolio at the time of sale generated approximately $20.8 million and $450,000 in consolidated total revenue and EBITDAR, respectively.

Blueprint’s Chris Hyldahl and Ben Firestone served as the lead advisors, with Mike Segal and Ryan Chase assisting in managing the transaction.

Marcus & Millichap Arranges Sale of Seven Properties in N.C.

Mike Pardoll of Marcus & Millichap’s Charlotte, N.C., office arranged the sale of six assisted living communities and one SNF in July, comprising three separate transactions totaling approximately $43 million.

The first transaction involved a non-profit foundation’s sale of five assisted living properties with 300 units for $22.3 million, or about $74,300 per unit. The buyer was Meridian Senior Living.

The second deal involved a group of private investors who sold a 60-unit assisted living facility in Wadesboro, N.C. to Meridian Senior Living for $4 million, or $66,700 per unit. 

For the third transaction, Pardoll along with Marcus & Millichap’s Mark Myers, facilitated the sale of a 134-bed SNF in Raleigh for $16.5 million, or $123,100 per bed. The seller was Clearwater, Fla.-based Traditions Senior Management and the buyer was a local, unnamed N.C. company. 

Marcus & Millichap’s IPA Closes $87.5 Million Sale of Pa. Senior Living Portfolio 

Institutional Property Advisors, a Marcus & Millichap company, recently announced the closing of a three-property senior living portfolio that comprises 328 units of assisted living, independent living and memory care in Bethlehem, Boyertown and York, Pa.

The transaction, which closed on June 30, included a private owner/operator seller, with the deal structure being a sale-manageback with a non-traded REIT. 

The portfolio traded at a price per unit of $266,768. 

Colliers International’s Senior Housing Group Arranges Sale of Fla. Community

The National Seniors Housing Group of Colliers International recently announced that it had arranged the sale of Bristol Court Assisted Living in St. Petersburg, Fla. for $8.4 million.

Built in 1960, the 70-unit memory care community was sold by SPALF Holdings LLC, a Fla.-based company that had renovated the facility in 2011. 

The buyer was CTR Partnership, a Delaware-based limited partnership, which signed a long-term lease with an unnamed memory care operator.

Ken Carriero, senior vice president of Colliers International’s National Seniors Housing Group, and Associate Vice President Damien Carriero, listed the property on behalf of the sellers and the buyers. 

Infinity Healthcare Merges with Geriatric Nurse Practitioners Inc.

Rocky River, Ohio-based Infinity Healthcare LLC, doing business as InfinityNP, announced earlier this month that it has merged with Geriatric Nurse Practitioners, Inc., an Akron-based company that provides nurse practitioners to assisted living and long-term care facilities.

Utilizing the services of trained nurse practitioners (NPs), InfinityNP provides advanced clinical care to geriatric residents in skilled nursing, assisted living and independent living settings.

The merger with GNP was formed to enhance the delivery of care in post-acute settings, while also expanding InfinityNP’s footprint throughout the State of Ohio, said Anthony Coury, president and CEO of InfinityNP, in a prepared written statement.

As a result of the merger, Lisa Costa, former vice president of operations for GNP, will continue working closely with the NPs, physicians and facility administration as Vice President, Operations, for InfinityNP.

SAGE Awards $1 Million to Expand LGBT Senior Housing Initiative 

The Calamus Foundation of New York has awarded Services and Advocacy for GLBT Elders (SAGE) $1 million to expand its national LGBT Elder Housing Initiative, launched in 2015 to combat discrimination against lesbian, gay, bisexual and transgender older adults in senior housing. 

The initiative is meant to engage consumers, providers and policymakers to increase access to and create understanding and welcoming environments in housing for LGBT older adults.

SAGE’s national LGBT elder housing initiative takes action by:

  • Building LGBT-affirimng senior housing in select cities.
  • Training senior housing providers in fair and welcoming treatment of LGBT older people.
  • Changing public policy to end housing discrimination against LGBT older people and expand federal support to LGBT-inclusive elder housing.
  • Equipping LGBT older people with the resources they need to find and advocate for LGBT-friendly housing in all its forms.
  • Expanding services that support LGBT older people who face housing challenges.

A national research report published by the Equal Rights Center in 2014, with support from SAGE, found that 48% of older same-sex couples applying for senior housing were subject to discrimination. 

“As a long-time supporter, The Calamus Foundation of New York is proud once again to partner with SAGE to ensure LGBT people can age with dignity and have equal access to supportive housing and care as all other Americans,” said Louis Bradbury, board president of The Calamus Foundation, in a written statement.

Founded in 1994, The Calamus Foundation awards grants to charitable organizations for programs and activities that focus on care and support services to individuals with HIV/AIDS, as well as services to the LGBT community. 

Griffin-American Healthcare REIT III, Inc. Totals $238.5 Million of Q2 Senior Housing Investments 

American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III, Inc., announced the completion of more than $300 million acquisitions during the second quarter of 2015, most of which were senior housing. 

The REIT completed the acquisition of 18 health care properties in eight states for an aggregate purchase price of $311.3 million during the second quarter. Of that amount, senior housing transactions comprised $238.5 million, a Griffin-American spokesperson confirmed to SHN in an email.

The acquisitions were comprised of 12 senior housing properties and six medical office buildings (MOBs). 

Mountain Crest Senior Living Portfolio—Elkhart, Hobart & LaPorte, Ind.; and Niles, Mich.

The 100% private-pay portfolio is comprised of six senior living communities totaling 653 rental units across approximately 417,000-square-feet, and is managed on behalf of the REIT by Ridgeline Management Company. At the time of the acquisition, the average occupancy for five of the six communities was approximately 85%.

The portfolio was acquired from LaPorte Retirement LLC, Hobart Retirement LLC, Niles Retirement LLS, Elkhart Retirement LLC, CW LLC and Eastlake LLC—all unaffiliated third parties represented by Nick Glaisner of Ziegler, under a RIDEA structure.

Nebraska Senior Housing Portfolio—Bennington & Omaha, Neb.

Nebraska Senior Housing Portfolio is comprised of two senior living communities totaling 220 rental units and 282,000-square-feet. The portfolio was acquired from Dial Retirement Communities, an unaffiliated third party represented by Mark Myers of Marcus & Millichap, under a RIDEA structure.

Built in 2000 and 2009, the portfolio was 100% occupied at the time of its acquisition. It will be operated on behalf of Griffin-American by Dial Senior Management Inc., an affiliate of the seller. 

North Carolina Assisted Living Portfolio (Second Tranche)—Wake Forest & Clemmons, N.C.

The North Carolina Assisted Portfolio is comprised of two senior housing facilities totaling 122 rental units and approximately 81,000-square-feet. The properties were built in 2014 and are operated by Carillon Assisted Living LLC under a 15-year absolute net lease with two 10-year renewal options.

The portfolio was acquired from Carillon, an unaffiliated third party represented by Jason Ficken and Greg Throckmorton of Quadriga Partners.

As the time of acquisition, each property in the portfolio had 100% occupancy. The REIT anticipates closing on the third and final tranche of the portfolio during the first quarter of 2016.

Pennsylvania Senior Housing Portfolio—Bethlehem, Boyertown & York, Pa.

The Pennsylvania Senior Housing Portfolio is comprised of 345 rental units and approximately 260,000-square-feet. Built between 1986 and 2008, the communities’ occupancy at the time of acquisition was approximately 98%.

The portfolio is operated on behalf of Griffin-American by Heritage Senior Living, an affiliate of the sellers, which owns and operates 12 other senior housing communities located primarily in Pa. 

The portfolio was acquired from Abeking Associates LP, One Boyertown Properties LP, Two Boyertown Properties LP and Westrum Hanover LP—all unaffiliated third parties affiliated with Heritage Senior Living represented by Joshua Jandris of Marcus & Millichap. The REIT completed the transaction under a RIDEA structure. 

Griffin-American MOB Deals in Q2 2015

As for the six MOBs, acquisitions include the Glen Burnie Medical Office Building in Glenn Burnie, Md.; the Marietta Medical Office Building in Marietta, Ga.; the Mount Dora Medical Center in Mount Dora, Fla.; and the Paoli Medical Plaza in Paoli, Pa., which is a portfolio of three MOBs.

Griffin-American Healthcare REIT III completed the acquisitions using cash-on-hand, as well as the assumption of existing loans totaling approximately $26.1 million associated with Paoli Medical Plaza and Pennsylvania Senior Housing Portfolio.

Including these acquisitions, the REIT’s portfolio is comprised of 60 MOBs, hospitals and senior housing facilities, as well as one collateralized debt instrument. 

The portfolio was valued in excess of $942.7 million, based on aggregate purchase price, as of June 30, 2015. 

Written by Jason Oliva

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