Senior Housing Investments & Transactions: Silverado, Welltower

Silverado Assumes Management of Welltower-Owned Community

As part of Welltower Inc.’s (NYSE: HCN) $1.15 billion acquisition on the West Coast, Silverado assumed management and daily operations at The Berkshire-Vintage Senior Living Community on Sept. 16. The community has  been renamed Silverado Berkeley.

Over the next several months, the community will gradually shift from an assisted living focus to memory care assisted living. There will also be a designated physician medical director, around-the-clock licensed nurses on site and a masters-level social worker.

Advertisement

The community has a multi-million dollar investment in a full renovation.

Blueprint Sells SNFs in Delaware, Kentucky

Blueprint Real Estate Advisers sold two skilled nursing facilities (SNFs) in Hillsboro and Smyrna, Delaware, for $54.1 million. The portfolio include 332 beds.

The buyer is Summit REIT. It’s the first transaction for Summit REIT in Delaware. Christopher Hyldahl of Blueprint handled the transaction.

Blueprint also announced the sale of a three-property SNF portfolio in Kentucky. The portfolio consists of 312 licensed beds. The sale was conducted on behalf of a private ownership group that sought to strategically exit the state of Kentucky.

The portfolio was acquired by an East Coast-based private owner/operator with a presence in the region. Trent M. Gherardini and Ben Firestone were the lead advisors on the transaction.

Marcus & Millichap Sells Texas Facility, New York SNF

Marcus & Millichap sold Montclair Estates, an independent living facility in Garland, Texas. The facility has 111 units and was originally constructed in the mid 1980s, with numerous renovations over the years. The transaction closed on Sept. 1 for an undisclosed price. Occupancy was in the mid 80s at the time of sale.

Mark Myers, Ryan Fleming and Joshua Jandris of Marcus & Millichap represented the seller, a private equity group from the West Coast. The group still owns properties in Texas.

Rod Llanos and Heidi Castiglione of Marcus & Millichap represented the buyer, a regional Texas owner/operator that used this acquisition as a strategic play to add to their holdings in the area.

Macrus & Millichap also sold a 744-unit SNF for $110 million, or $147,850 per bed. The facility, located in Bronx, New York, sits on a 2.46-acre land parcel and is spread out over three connected buildings that were built in the 1940s, 1971 and 1974.

Joshua Jandris, Charles Hilding and Mark Myers of Marcus & Millichap closed the sale.

Harbert Seniors Housing Closes on Third Investment

Harbert Seniors Housing Fund, I, LP, a sponsored fund from Harbert Management Corporation, along with co-investor Aviva Investors America LLC, completed a joint venture with Senior Resource Grup, LLC to purchase a two-asset portfolio in Sacramento, California.

The assets include independent and assisted living communities. The joint venture closed on Sept. 2. The properties are known as River’s Edge, Chateau at River’s Edge and Chateau on Capitol Avenue. River’s Edge and Chateau at River’s Edge are adjacent properties which form a continuum of care campus setting.

The portfolio, which consists of 257 units total, was 95% occupied at the time of sale and was financed by Freddie Mac.

SRG currently operates 17 communities in California and transitioned management of the portfolio from the local owner/operator at closing.

“The transaction is an exciting opportunity to acquire stabilized communities in high barrier submarkets with significant upside potential through asset re-positioning and a best in class management platform post-closing,” Brian Landrum, senior managing director of HSHF’s general partner, said in a statement. “The portfolio also represents HSHF’s ability to step into an evolving marketing process and provide the seller its desired certainty of close with an experienced investment team.”

Solvere Senior Living to Manage $7.5 Million Memory Care Community

Princeton, New Jersey-based Solvere Senior Living, a management and consulting firm, has partnered with Jacksonville, Florida-based WM Dougherty & Co., LLC (WMD) to acquire a bankrupt memory care community in Williamsburg, Virginia, for $7.5 million. WMD is an investment bank and brokerage firm.

The community was being developed by New Dawn Assisted Living. New Dawn filed for Chapter 11 bankruptcy in November 2015. Solvere will manage the site, which was purchased by WMD. The community will undergo a $2 million investment for completion. It will offer 48 memory care units when it opens in February 2017. The community, Berkely Oaks, marks the fourth WMD property managed by Solvere.

Written by Amy Baxter

Companies featured in this article:

, , , , ,