Institutional Property Advisors Announces Senior Housing Transactions Totaling Over $6 million
Institutional Property Advisors has announced its facilitation of the transactions of two senior housing facilities in Iowa and Illinois for more than $6 million total.
Misty Meadows Senior Living Center in Metropolis, Illinois was sold by a limited liability company to Damen Healthcare for $4.38 million and a cap rate of 8.5%. Built in 2013, Misty Meadows is an independent living facility consisting of 39 units and 44 beds, and was over 95% occupied at the time of closing.
Silver Crest of Anamosa in Anamosa, Iowa was sold by a regional owner/operator to a Chicago-based senior living owner/operator that has assets throughout the country for $1.25 million. The community, built in 2000, has 45 residential and memory care units.
JCH Consulting Group Facilitates $2.5 Million Sale of Corona Care
Shep Roylance of JCH Consulting Group facilitated the $2.5 million sale of Corona Care Convalescent and Corona Care Retirement Center to Shlomo Rechnitz, California’s largest nursing home owner.
The April 30 transaction adds Corona Care’s 99-bed skilled nursing and 125-bed assisted living facility to Rechnitz’s senior housing portfolio, as he recently acquired Country Villa’s 18 skilled nursing facilities. Rechnitz’s move opens the possibility of negotiating with the landlord to also acquire the actual property.
Roylance specializes in the acquisition and disposition of skilled nursing, assisted living and other senior communities that are in bankruptcy. As senior vice president of JCH Consulting Group and president of Roylance Senior Housing Investment Inc., he represented the United States Trustee and Rechnitz in the marketing and sale of Corona Care.
American House Senior Living Communities Acquires Fourth Florida Community
American House Senior Living Communities has added a senior living community within Commons on Pretty Pond in Zephyrhills, Florida to its portfolio.
The acquisition, which became official on Aug. 18, consists of 132 studio, one and two-bedroom units, including 111 assisted living and 21 memory care apartments. Amenities range from a courtyard, gazebo and walking paths to a library, media room and full-service beauty salon and barber shop.
“As we continue our expansion into Florida, we’re able to offer high-quality care from a family owned and operated company,” said Rob Gillette, COO of American House Senior Living Communities, in a news release.
LTC Closes $142 Million Investment in 10 Senior Living Communities
LTC Properties, Inc. (NYSE:LTC) announced on Aug. 20 the completion and closing of the $142 million acquisition of 10 senior living properties in Wisconsin and Illinois from Health Care REIT Inc. (NYSE:HCN), a sale facilitated by Blueprint Healthcare Real Estate Advisors.
The acquired portfolio, made official on Aug. 17, consists of 891 units that provide independent, assisted living and memory care services. Nine properties are located in Wisconsin and one is located in Illinois. The purchase was funded by LTC’s revolving credit facility, and LTC entered into a triple-net master lease agreement with an affiliate of Senior Lifestyle Corporation.
LTC is a self-administered real estate investment trust that primarily invests in seniors housing and health care properties.
@home approach Acquires Juniper Village at Huntingdon Ridge
@home approach announced on Aug. 19 the addition of Juniper Village at Huntingdon Ridge to its senior living portfolio.
As part of the acquisition, the personal care community’s name will change to Walden’s View at North Huntingdon, and its memory care community will be called The Neighborhoods at Walden’s View. The 131-unit community in North Huntingdon, Pennsylvania consists of 91 personal care and 40 memory care residents.
“Extensive renovation plans are currently being finalized to bring a fresh appearance and improved common spaces for residents,” said Mark Miller, @home approach CEO, in a prepared statement. “We look forward to assembling a first-class team to serve the residents and families of Walden’s View at North Huntingdon.”
@home approach is a comprehensive provider of senior services, including home care, assisted living, memory care, skilled nursing and post-acute care support.
Sagora Senior Living Acquires 125-Unit Retirement Community in Murphy, Texas
Sagora Senior Living announced on Aug. 21 the acquisition of a 125-unit retirement community in Murphy, Texas, a transaction facilitated by HFF.
Orchard Park of Murphy currently consists of 92 assisted living and 33 memory care apartments. Sagora plans to rebrand the community, changing its name, implementing new programs and vamping up amenities to include restaurant-style dining, exercise classes, transportation and medication management.
Sagora also intends to implement its specialized memory care program, dubbed Sagora Pathways, which incorporates planned activities, daily programs and chef-prepared dining catered to each resident’s needs and interests.
“Sagora’s transition with Orchard Park complements our overall goal of serving and celebrating the wisdom of our current and future residents,” said Dara Brown, vice president of operations and sales, in a news release.
Written by Kourtney Liepelt
Companies featured in this article:
@home approach, American House Senior Living, Blueprint Healthcare Real Estate Advisors, Corona Care Convalescent, Corona Care Retirement Center, HCN, Institutional Property Advisors, Institutional Property Investors, JCH Consulting Group, LTC Properties Inc., Misty Meadows Senior Living Center, Roylance Senior Housing Investment Inc., Sagora Senior Living, Senior Lifestyle Corporation, Silver Crest of Anamosa