Réseau Sélection Acquires Three Residences, Eyes New Markets
Réseau Sélection, the largest private sector owner, operator, buyer and developer of retirement communities in Quebec, announced that it has acquired three prestige properties in the Greater Montreal area: the residences previously managed by Symphony in the West Island and in Nun’s Island, and the residence Vista in Montreal.
Réseau Sélection plans to expand in Canada outside Quebec, Isabelle Dessureault, Réseau Sélection’s vice president of marketing, sales and public affairs, told Senior Housing News.
The recent acquisition brings the number of complexes owned and operated by Réseau Sélection to 29, including three projects currently under construction in Châteauguay, Rosemont and Vanier. With the acquisition of 820 units, the total number of units currently offered by Réseau Sélection increases to 7,400 — a 16% increase in the company’s operating portfolio. The financial terms of the acquisition were not disclosed.
“In addition to this acquisition, we are pursuing our five-year investment plan of $2 billion dollars, which includes the construction of 30 new complexes by 2020,” said Real Bouclin, founder and president of Réseau Sélection, in a prepared statement.
Revera Inc. served as the main partner for Réseau Sélection’s most recent acquisition, and Réseau Sélection will serve as the operator of the three properties, Dessureault told SHN. The three buildings were previously owned by Ontario pension plan funds, she added.
Dessureault also said Réseau Sélection is pursuing a strategy of acquiring new, up-to-date retirement communities and selling properties with the oldest buildings.
CareTrust REIT Completes Acquisition of 14-Facility Liberty Portfolio
CareTrust REIT (Nasdaq: CTRE) confirmed Oct. 1 that it has completed its previously announced asset acquisition of a multi-facility skilled nursing and senior housing portfolio in Ohio.
CBRE Group Inc. represented the seller.
The Liberty Healthcare portfolio includes 1,102 operating skilled nursing beds and 156 assisted living and independent living units in 14 locations, all of which are set to be leased to Pristine Senior Living. Along with the sale, Liberty also transferred its leasehold in a 15th location to Pristine.
The Liberty portfolio acquisition and the new, triple-net master lease with Pristine Senior Living took effect Oct. 1. The purchase price totaled about $177 million inclusive of estimated transaction costs, with initial annual rental revenue of about $17 million to CareTrust under the terms of the master lease.
“This acquisition moves our former parent and principal tenant The Ensign Group, Inc. from approximately 84% of revenues to under 67% of run-rate revenues, while adding another high-quality operator in Pristine,” said Bill Wagner, CareTrust’s chief financial officer, in a prepared statement.
Pristine Senior Living is focused on operating post-acute care facilities and senior housing.
CareTrust REIT is a publicly-traded, self-administered real estate investment trust that is engaged in the ownership, leasing and acquisition of senior housing and health care-related properties. CareTrust has 119 net-leased health care properties and three operated senior housing properties in 15 states.
CNL Health Care Properties Acquires Two Spectrum Retirement Communities
CNL Health Care Properties announced on Oct. 1 the acquisition of two senior housing communities developed by Denver-based Spectrum Retirement Communities. Spectrum Retirement Communities is set to retain management of the communities.
The two communities consist of a 164-unit IL/AL/MC located in Albuquerque, New Mexico, and an 86-unit AL/MC located in the Chicago suburb of Lake Zurich, Illinois. The two communities were opened in 2013 and 2014, respectively, and both have a 96% occupancy rate.
Spectrum Retirement Communities owns and operates 30 senior living communities in 12 states from Oregon to New York. Currently, Spectrum employs a staff of over 2,000 and oversees over 3,500 apartments. Now in its second decade of operations, the growing company has seven communities under construction and plans to manage 4,372 senior apartment homes in 2016.
The financial terms of the acquisition were not disclosed.
WESTliving Acquires Ownership of The Bellettini in Bellevue, Washington
WESTliving, a Carlsbad, California-based owner and operator of hospitality-based senior living communities, recently acquired a controlling ownership interest in a premier senior community in Bellevue, Washington, called The Bellettini. Through WESTliving Management, LLC, its wholly owned management company, WESTliving will assume full operational oversight on October 1. With The Bellettini, WESTLiving currently has nine communities in its portfolio.
The Bellettini is a 145-unit independent and assisted living community. The community is meant for seniors seeking resort style retirement living in an urban setting.
“Becoming both prominent owner and operator of The Bellettini furthers our objective of growth through continued development, acquisition and management of upscale independent, assisted living and memory care communities”, said John Rimbach, WESTliving president and CEO.
The financial terms of the deal were not disclosed.
“We are proud to have maintained a high occupancy with over 171 residents choosing The Bellettini as their home,” added Kate Harrison, general manager of Bellettini.
WESTliving owns and operates within the Southwest and Pacific regions of the United States.
TrustHouse Services Group and Cura Hospitality Announce Strategic Acquisition
TrustHouse Services Group, a culinary management leader, announced its acquisition of Cura Hospitality, a Pennsylvania‐based provider of dining services to the senior living and health care markets.
Cura Hospitality is set to keep operating under its name, as well as be led by Mitch Possinger, its current founder and president, who will report directly to Brian Poplin, president and CEO of TrustHouse.
The acquisition is expected to give Cura Hospitality access to the resources, expertise and economic power of a global organization with more than 50% of its annual managed volume tied to the senior living and health care markets.
Cura Hospitality provides clinical care and hospitality services to over 20,000 residents, patients and guests every day throughout the Mid-Atlantic region.
TrustHouse, part of the France-based global hospitality leader Elior, provides food services and catering to over 700 client accounts in five industry segments across 47 states. TrustHouse is among the top six food service companies in North America.
Written by Mary Kate Nelson