Senior Housing Investments & Transactions: CareTrust, CNL, HFF

CareTrust REIT Acquires 14-Property Skilled Nursing and Assisted Living Portfolio

CareTrust REIT announced on Aug. 10 its pending acquisition of Ohio-based Liberty Nursing Centers, a $175 million, 14-property skilled nursing and assisted living portfolio to be funded through the proceeds of an equity offering.

The Liberty portfolio includes 1,102 skilled nursing beds and 156 assisted and independent living units. As part of the acquisition, CareTrust will also enter a triple-net master lease with Indiana-based Pristine Senior Living, LLC, a company expected to take over operations Oct. 1, when the transaction is slated to close. This master lease offers a 15-year term with two five-year renewal options and CPI-based rent escalators, with a zero floor and a 3% cap.

Pristine will also receive two additional Ohio skilled nursing facilities in accordance with the transaction, which are leased from unrelated third parties.

CareTrust is expected to generate an initial annual rental revenue of $17.2 million from the Liberty portfolio.

CNL Healthcare Properties Invests More Than Half a Billion in 2015

CNL Healthcare Properties announced on Aug. 6 its $540.7 million investment in 25 medical office buildings and senior housing communities over the first seven months of 2015.

The company’s total portfolio has increased to 125 assets in 29 states valued at $2.5 billion as a result of these acquisitions. Of the 125 assets, 65 are senior housing communities, 46 are medical office buildings nine are post-acute care facilities and five are acute care hospitals

CNL Healthcare Properties’ senior housing acquisitions include Fieldstone Memory Care in Yakima, Washington for $12.4 million; Primrose Retirement communities in Wausau, Wisconsin, Lancaster, Ohio and Anderson, Indiana for $67 million; and Superior Residences of Panama City in Panama City Beach, Florida for $20 million, among others.

CNL Healthcare Properties is a REIT focused on acquiring properties in the senior housing and healthcare sectors.

HFF Closes Sale of Five-Property Senior Housing Portfolio

On Aug. 10, HFF closed the $195-million sale of a five-property senior housing portfolio with 709 units in the southeastern United States to CNL Healthcare Properties.

The portfolio includes independent living, assisted living and memory care units. Properties in the deal are Parc at Duluth in Duluth, Georgia; Parc at Piedmont in Marietta, Georgia; The Blake at Gulf Breeze in Gulf Breeze, Florida; Pavilion at Great Hills in Austin, Texas; and The Hampton at Meadow Place in Stafford, Texas.

HFF facilitated the property purchase on behalf of AEW Capital Management, L.P. CNL Healthcare Properties receives the portfolio free and clear of existing debt.

Senior Living Investment Brokerage Facilitates $28.5 Million SNF Sale

Senior Living Investment Brokerage facilitated a $28.5-million deal on July 31.

The sale involved a 195-unit continuing care community in St. Louis, Missouri, featuring 110 independent living units, 22 assisted living units, 22 memory care unit and 67 skilled nursing beds.

The transaction was handled by Bradley Clousing, Patrick Byrne and Ryan saul. Senior Living Investment Brokerage confidentially represents buyers and sellers in the senior housing space having sold more than 500 communities nationwide.

CTR REIT Buys Florida Assisted Living Facility for $8.4 Million

Delaware-based CTR REIT has purchased one of the largest assisted living facilities in Florida for $8.4 million.

Bristol Court, the 70-unit, 115-bed community located in St. Petersburg, Florida, was sold by SPALF Holdings LLC, a Florida-based company that administered renovations to the facility in 2011. As part of the deal, CTR Partnership LP also signed a long-term lease with an unnamed memory care operator.

Built in 1960, Bristol Court specializes in memory care, focused entirely on residents with memory loss due to normal aging, Alzheimer’s disease and other forms of dementia. It was 89% occupied at the time of the Aug. 3 sale.

Bascom Acquires California Independent Living Community for $31.1 Million

Bascom Group announced on Aug. 3 its $31.3-million acquisition of the Courtyard Senior Apartments, a 344-unit independent living senior apartment community in Fontana, California.

The acquisition of the Courtyard Senior Apartments is Bascom’s 14th recent transaction in the state, following the $25.5-million closing of The Square Apartments, a 112-unit apartment community in Downey, California.

Built in 1989, Courtyard Senior Apartments consists of four three-story buildings with units of different sizes.

“Bascom plans to implement a renovation program to address many deferred issues associated with the senior apartment community and create a strong enhancement program after understanding the residents’ needs and desires,” Julie Schoenbachler, senior vice president for Bascom, said in a news release.

Built in 1989, Courtyard Senior Apartments consists of four three-story buildings with units of different sizes.

Written by Kourtney Liepelt