Senior Housing Investments & Transactions: NHI, Greystone Real Estate Advisors

National Health Investors Acquires $9.8 Million Independent Living Community

National Health Investors, Inc. (NYSE: NHI), a real estate investment trust (REIT), has acquired a 98-unit independent living community in Chehalis, Washington, for a total investment of $9.8 million, including $350,000 for capital improvements.

NHI leased the community to a partnership between Marathon Development and Village Concepts Retirement Communities for a period of 15 years at an initial annual rate of 7.25% plus annual escalators from 2% to 3%. The acquisition was funded with borrowings on NHI’s revolving credit facility.

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The community was originally built in 1986 with additions in 1993 and 2000. It is 95% occupied and has available land for expansion. Marathon is a development company that has completed many senior housing projects over the last 18 years. Village Concepts has provided property management and consulting services for more than 40 years and currently operates 15 senior living communities in Washington.

Senior Living Investment Brokerage Facilitates Sale of Independent Living Community

Ryan Saul, managing director of Senior Living Investment Brokerage Inc., facilitated the sale of an independent living community in Mayfield Heights, Ohio for $12 million.

The community is located in an east-side suburb of Cleveland and sits on 1.72 acres. It was originally constructed in 1979 as an assisted living facility, but it was remodeled in 2007 and 2008 when the current sellers purchased it and elected to operate it as an independent living community.

The seller is a private owner based in California. The buyer is a private owner based in Kentucky and plans to keep the community as independent living. The community could easily be converted to assisted living/Medicaid Waiver based on the original assisted living construction.

Greystone Real Estate Advisors Closes $22 Million Age-Restricted Seniors Housing Community

Real estate lending, investment and advisory company Greystone Real Estate Advisors closed the sale of MirAvanti at Ridgmar in Fort Worth, Texas, for $22 million. The Carlyle Group with Greystar purchased the seniors housing property.

The property is a newly constructed 101-unit age-restricted independent living community on 10 acres. The largest units offer up to 1,436 square feet. The property features a variety of upscale amenities including a resort-style swimming pool, hot tub and cabana, fitness center, lounge and bar, game room and fully-equipped workshop.

“Carlyle and Greystar handled the transaction in a very effective and professional manner,” Cody Tremper, a managing director of Greystone Real Estate Advisors who led the sale, said in a statement. “Their flexibility in deal structuring, combined with an efficient due diligence process, allowed for a quick closing of the transaction.”

Cushman & Wakefield Arranges $8.5 Million Office Building Sale for Assisted Living Conversion

Global commercial real estate services company Cushman & Wakefield has arranged the sale of the former Giant Industries corporate headquarters office building in Phoenix for $8.5 million. Larry Downey, vice chairman for Cushman & Wakefield, represented the seller, United Insurance Co. of America.

The buyer, Generations at Pinnacle Peak LLC, is a Michigan-based investor that plans to convert the office property into an assisted living community.

The two-story building was constructed in 1989 and contains approximately 66,283 square feet of space. It is situated on four acres of land.

Starwood Pays $19 Million for Palm Beach County Senior Housing Property

Starwood Capital Group, a private investment firm headquartered in Greenwich, Connecticut, purchased a 240-unit senior housing community in Palm Beach County for $19.4 million.

The community, Windsor Park, was first built in 1999 by a Tampa-based developer of affordable housing and an affiliate of the Wilson Company. The firm originally paid $1.74 million in 1998 for the three acres where the age-restricted community sits.

Starwood has put down $80,833 per unit for the complex. One-bedroom and three-bedroom units offered at Windsor have rents that start at $900 per month. No financing has yet been recorded for the transaction.

This latest transaction comes on the heels of Starwood’s $5.4 billion deal at the beginning of 2016 when its multifamily division purchased a portion of Equity Residential’s apartment portfolio.

Queen Anne Manor Senior Living Facility Sells for $36.3 Million

Capital Seniors Housing, a Washington, D.C.-based real estate private equity firm, has acquired Queen Anne Manor, a 93-unit senior living facility, for just under $36.3 million. The transaction is Capital Seniors Housing third senior housing facility purchase in the Seattle area in the last three months.

The property is an assisted living and memory care community that was originally built in 1908 as Seattle Children’s Orthopedic Hospital. Queen Anne Manor LLC purchased the facility in 2007 for $17.2 million and spent $6 million on renovations to convert two floors from assisted living to memory care.

The facility will keep its name because it has become well known to the market.

Written by Amy Baxter

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