A Place for Mom Expands Network with OurParents Brand
The nation’s largest senior living referral service A Place for Mom has added the OurParents brand to its portfolio of services.
The partnership will extend the reach of A Place for Mom’s services, which traditionally have focused on major metropolitan markets. OurParents specializes in helping families in smaller cities, suburban and rural areas.
“One of A Place for Mom’s core strengths is our network of over 350 Senior Living Advisors who live and work in cities and local communities across the United States and Canada,” Sean Kell, CEO of A Place for Mom, said in a press release. “Since our founding 16 years ago, A Place for Mom has supported over 2 millions families in finding a senior living solution while partnering with more than 17,000 senior living partner properties to provide unbiased resources and local advisor support in what some consider the hardest decision in ones’ life.”
OurParents adds nearly 2,500 senior living partners to the A Place for Mom network, which now includes over 20,000 senior living providers.
SHA Capital Partners Acquires Wisconsin Senior Housing Community
SHA Capital Partners acquired a 114-unit senior housing community in the Madison, Wisconsin area for $4.2 million. The community, KindredHearts of Sun Prairie, includes 62 senior apartment units and 52 assisted living and independent living units.
The business plan calls for $2.5 million in renovations and upgrades to hopefully boost occupancy from its current level of 55%. The campus is situated on 10 acres and is large enough to develop memory care and independent living buildings in follow-on phases.
Matthews Senior Living, SHA Capital’s partner in its Portage, Wisconsin, investment, will operate the community and also has an ownership stake. Matthews is led by Tom Ostrom.
Chicago-based firm TH Associates will oversee the renovation and have an ownership interest. TH Associates is headed by Tim Hedges, former midwest director of development for Sunrise Senior Living. PD&C Midwest, a Hartland, Wisconsin-based design/build architecture firm that focuses on senior housing projects, has been chosen for the construction contract.
First Business Bank of Milwaukee provided a two-year construction loan that will convert to a three-year mini-perm loan after the renovation is complete.
Cushman & Wakefield Arranges Sale CCRC in Connecticut
Cushman & Wakefield arranged the sale of a 299-bed continuing care retirement community (CCRC) located in North Branford, Connecticut. The sale price was not disclosed.
Cushman & Wakefield acted as the exclusive advisor to Shoreline Life Care, LLC, to arrange the sale of the community, Evergreen Woods. The community was acquired by National Health Investors Inc. (NYSE: NHI), which has leased the property to Charlotte, North Carolina-based Senior Living Communities (SLC).
JCH Consulting Group Closes Sale of Southern California Community
JCH Consulting Group closed the sale of an assisted living and memory care facility in San Bernardino County, California, for $15.5 million.
The 119-unit facility was built in 1990 and sold for $130,252 per unit. At the time of closing, the community had an occupancy rate of 67%.
The seller is a large real estate investment company, and the buyer is a regional owner/operator.
Jim Hazzard and Nick Stahler were the lead agents on the transaction.
SLIB Closes Sale of Virginia Community
Senior Living Investment Brokerage (SLIB) closed the sale of a 73-unit assisted living community with two independent living cottages for $9.38 million. The community, Hilltop House Assisted Living, is located in Winchester Virginia.
The community sits on 5 acres and went through multiple expansions between 1990 and 2008 for a total size of roughly 53,000 square feet. Monthly rates range from $2,5000 to $2,900 for semi private, and $3,050 to $3,600 for private units.
The community was sold by a private owner who desired to exit the seniors housing business. The buyer is a regional operator that partnered with a private real estate investment trust (REIT).
Toby Siefert and Patrick Burke of SLIB handled the transaction.
Summit Healthcare REIT Acquires Interest in Two Senior Living Facilities
Summit Healthcare REIT, a public REIT with interest in 29 long-term triple-net leased heath care facilities in 11 states, acquired a 20% interested in a 78-bed assisted living and memory care facility in Citrus Heights, Oregon, and a 20% interest in a 48-bed my care facility in Corvallis, Oregon, for a total purchase price of $23 million.
Financing of the acquisition was arranged through Capital One Healthcare Financial Solutions, LLC.
Both facilities have been triple-net leased pursuant to a 10-year term to an affiliate of Compass Senior Living, headquartered in Eugene, Oregon. Compass leases five other properties in Summit’s portfolio; Summit serves as the manger of the entity that holds title to each facility.
“This acquisition represents our commitment to continue investing in quality healthcare facilities to meet the demands of the nation’s aging population, and to expand the REIT’s portfolio for the benefit of our shareholders,” Kent Eikanas, president and COO of Summit, said in a press release. “It also demonstrates the commitment of Summit’s strategy.”
Written by Amy Baxter