Blackstone Buys Two Denver Communities for $27 Million
The Blackstone Group, a New York-based private equity firm, purchased two senior living communities southeast of Denver as part of a billion-dollar deal to buy 64 Brookdale Senior Living (NYSE: BKD) properties, announced in late March.
The two communities, located in Arapahoe County, were purchased for more than $27 million. Both properties were built in the late 1990s.
CNL Financial Group Acquires $21.4 Million Senior Housing Community
An arm of CNL Financial Group, a private investment management firm based in Orlando, has acquired a new senior housing community for $21.4 million. CNL Healthcare Properties II, a real estate investment trust (REIT) formed by CNL Financial Group, purchased the property. The investment is the first acquisition for the REIT.
The Pensacola property, Summer Vista Assisted Living, opened in February 2016 and has 67 assisted living units and 22 memory care units. The property will continue to be managed by SRI Management, LLC, which has managed it since it opened. The management agreement is a five-year term. SRI manages 15 other senior housing communities in Florida and Louisiana.
JCH Consulting Group Places New Tenant In Troubled Assisted Living Community
JCH Consulting Group, a full-service real estate brokerage firm with a focus on the long-term care industry, placed a long-term, publicly traded credit tenant for a large, California-based private equity firm.
The troubled 95-unit assisted living asset was located in the Las Vegas market. The landlord had not received rent payments in more than a year and was nearing the end of an eviction process.
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By March 17, 2017, JCH had placed a new operator in the facility with an emergency license, along with a new lease agreement that will return the landlord to full market rents within three years of the 25-year lease.
ESCO Technologies Acquired ERS
ESCO Technologies, LLC is acquiring Emergency Response Solutions (ERS), the maker of ERM ECall, an Inovonics-based system with patented smartphone technology.
The move will enable ESCO to provide its own e-call product as part of its CareConnect managed services solution. CareConnect is an integrated telecommunications suite designed for senior housing, and includes residential and business telephone, TV and Internet, as well as wireless nurse call systems.
The company plans to enhance ERS ECall to better integrate it with CareConnect’s senior-friendly focus.
Integral Senior Living to Manage California Community
Integral Senior Living (ISL), a senior living management company, has been chosen to manage Laurel Riverpark, a senior living community located in Oxnard, California.
The community is being developed by The Wolff Company, a Scottsdale, Arizona-based private equity firm. This is the third community ISL is managing by the developer.
The community will feature 136 one- and two-bedroom independent living residences. The development will be located in within the Riverpark master planned community.
Marcus & Millichap Sell Texas Star Assisted Living in Allen, Texas
Marcus & Millichap, a commercial real estate investment services firm, sold Texas Star Assisted Living, an 87-unit, 95-bed assisted living and memory care community in Allen, Texas.
Doug O’Toole, a first vice president of investments in Marcus & Millichap’s office in The Woodlands, represented the buyer, a national owner/operator of senior housing properties.
Nathan Tune of Versus Advisors-Coldwell Banker Commercial represented the seller, a local owner/developer in the Texas marketplace.
Written by Amy Baxter