Chicago Housing Authority to Buy Presbyterian Homes Senior Apartments for $19 Million
The Chicago Housing Authority (CHA) closed a $19 million deal to acquire three affordable housing apartment buildings for seniors in order to save dozens of senior residents from eviction, DNAinfo reported. The sale closed March 2.
The apartments included 111 units, 71 of which will enable residents currently living there to stay, pending their qualification for CHA programs. The remaining 40 apartment will be reserved for those awaiting CHA placement. CHA provides housing to more than 64,000 low-income families and individuals in Chicago.
Presbyterian Homes sold all three buildings partly due to needed repairs. CHA plans to spend $3.3 million on repairs and updates in the next year. In August, Presbyterian Homes had told 100 low-income residents the three buildings were up for sale and would need to vacate by November 2016. The company said they couldn’t afford to subsidize the apartments any longer.
Lebanon County Senior Housing Facility Sells for $27.5 Million
California-based Griffin-American Healthcare REIT III Inc. purchased Traditions of Hershey, a senior care facility in Lebanon County, Pennsylvania, for $27.5 million. The previous owners of the property—a 120-room independent living facility—are Philadelphia-based real estate developer AMC Delaney Group Inc. and Blue Bell-based Heritage Senior Living.
Heritage Senior Living will continue to manage the property. The operator owns or manages 11 other senior living facilities in the state. The facility’s occupancy was 93% at the time of the sale.
Blueprint Arranges $6.5 Million Sale of Milwaukee Assisted Living Community
Chicago-based brokerage firm Blueprint Healthcare Real Estate Advisors arranged the sale of Lamplight Inn of West Allis, a 118-unit assisted living community in the Milwaukee suburb of West Allis, for $6.5 million, or approximately $55,000 per unit.
The companies involved in the transaction were not disclosed. The buyer of the property is a publicly-traded real estate investment trust (REIT), and the seller is a private ownership group looking to divest non-core assets. The new owner will continue to lease the property to the current operator.
Ben Firestone and Jacob Gehl led the Blueprint team, supported by Mike Segal and Mario Wilson.
JCH Arranges $10.9 Million Sale of Three-Property SNF Portfolio
JCH Senior Housing Group, a California-based brokerage firm, arranged the sale of three skilled nursing facilities in Pasadena, California, for $10.9 million. Shep Roylance led the JCH team on the transaction.
The portfolio includes 136-bed Pasadena Residential Care Center, 40-bed Castle View Retirement Estate and 60-bed Garfield Care Center. SYTR Real Estate Holdings, LLC purchased the portfolio from 1415 Garfield LLC, 1425 Garfield LLC and 1435 Garfield LLC—California limited liability companies. The debtor filed bankruptcy in late 2015 and the auction and sales hearings were in January 2016.
Cushman & Wakefield Arranges Sale of Monarch Homes
Cushman & Wakefield Senior Housing Capital Markets arranged the sale of The Monarch Homes Portfolio, two dedicated Alzheimer/memory care communities located in Weymouth and Woburn, Massachusetts. Cushman & Wakefield served as an advisor to a joint venture between the Maggiore Companies and Monarch Homes in the sale.
Both communities were recently built and are located within 14 miles of downtown Boston. The portfolio was acquired by a joint venture that includes Garrison Investment Group, Grand Park Capital Management and Focus Healthcare Partners, LLC. The communities will be managed by LCB Senior Living.
Additionally, Cushman & Wakefield acted as the exclusive debt placement agent, arranging the financing with a regional bank.
The transaction team from Cushman & Wakefield included executive Managing Director Richard Swartz, Managing Director Jay Wagner, Senior Director Aaron Rosenzweig and associates Stuart Kim and Timothy Hosmer.
Written by Amy Baxter
Companies featured in this article:
Blueprint Healthcare Real Estate Advisors, Chicago Housing Authority, Cushman & Wakefield, Cushman & Wakefiled Senior Housing Capital Markets, Griffin-American Healthcare REIT III, Heritage Senior Living, JCH Senior Housing Group, Maggiore Companies, Moarch Homes, Presbyterian Homes