Senior Housing Investments & Transactions: SLIB Closes $78 Million Portfolio

SLIB Closes Sale of Four Washington Facilities for $78 Million

Senior Living Investment Brokerage, Inc. (SLIB) has closed the sale of four Washington assisted living and independent living communities for a total of $78 million.

The portfolio is a collection of four properties located in Seattle’s greater metropolitan area, totaling 368 units with approximately 354,083 square feet. The price per unit was $211,957. The portfolio includes Island House of Mercer Island, Northgate Plaza in North Seattle, The Creekside in Woodinville and Mountlake Plaza in Mountlake Terrace.

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The seller is a local investment group, and the buyer is Capitol Seniors Housing (CSH). The properties will be managed by MBK Senior Living. CSH is planning significant capital investments to upgrade the services and convert some units to assisted living and memory care.

Jason Punzel of SLIB handled the transaction.

MBK Senior Living Assumes Operations of California Community

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MBK Senior Living has assumed the operations management of Fairview Commons, a 148-unit senior living community in Costa Mesa, California, effective July 27. The transition brings MBK’s portfolio to a total of 17 independent living, assisted living and memory care communities throughout Arizona, California, Colorado, Utah, and Washington.

The property is owned by Capitol Senior Living (CSH), a real estate private equity firm based in Washington D.C. CSH has partnered with MBK since 2009. Fairview Commons is the seventh senior living community that MBK will manage on CSH’s behalf. MBK manages two other CSH communities in California.

CareTrust REIT Buys Skilled Nursing Facility for $6.9 Million

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CareTrust REIT, a publicly-traded health care real estate investment trust (REIT), acquired a 59-bed killed nursing facility located in Petaluma, California, for $6.9 million. CareTrust also entered into a new tenant relationship with West Harbor Healthcare, which took over operations of the facility, The Oaks, on Aug. 1.

West Harbor was co-founded by post-acute care and seniors housing industry veterans Kevin Galbasini and Dan Gill. Under terms of the new master lease, CareTrust is expected to generate initial annual revenue of $670,000. The lease carries a term of 15 years, with two five-year renewal options and CPI-based rent escalators.

“We are excited to partner with Kevin, Dan and the West Harbor Healthcare team in Northern California,” said Mark Lamb, CareTrust’s director of investments. “Their collective experience, history and commitment to quality patient outcomes have distinguished them as top-tier providers in the post-acute setting.”

Dayspring Villa Transitions to Christian Living Communities

Christian Living Communities (CLC), a Colorado-based not-for-profit organization with three senior living communities in Denver, has added Dayspring Villa, an assisted living community, to its portfolio. The property was acquired by Mercy Housing in 2016 and entered into an operating agreement with CLC, effective Aug. 1.

The community was previously owned and operated by Franciscan Ministries and is located in northwest Denver, near the Highlands neighborhood. The community features 71 studio and one-bedroom assisted living apartments. 

Madison Realty Companies Purchases Two Senior Care Facilities for $14.8 Million

Madison Realty Companies, a full-service real estate investment management company that owns and manages 24 senior living properties, purchased two senior care facilities in the Phoenix metro area for $14.8 million on behalf of Delaware Statutory Trust (DST) investors.

Madison intends to increase the levels of care to the properties over time. The properties were built in 2013 and 2011. They have a loan-to-value ratio of 41.9% with a 25-year amortization and a fixed rate of 4.75% for a seven-year, no interest-only term. The transaction was the company’s second DST offering this year.

Blueprint Facilitates $4.3 Million Sale of Florida Community

Blueprint Healthcare Real Estate Advisors sold Lamplight Inn of Sarasota, a 95-unit assisted living community located in Sarasota, Florida, for $4.3 million, or approximately $45,000 per unit. 

Blueprint represented the seller, a private ownership group that sought to divest several non-core assets. The buyer was a publicly-traded REIT that extended the terms of its master lease with the neighboring skilled nursing operator to acquire the subject property.

The transaction was led by Ben Firestone and Trent M. Gherardini of Blueprint. 

Written by Amy Baxter

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