Senior Housing Investments & Transactions: Greystone, IPA

Greystone Closes $12.5 Million Sale of Community in Texas

Greystone Real Estate Advisors has closed on the sale of a Class A assisted living and memory care community 20 miles east of downtown Dallas.

Cornerstone Senior Living purchased Three Forks of Forney in Forney, Texas, from Healthcap Partners on March 17 for $12.5 million, according to a press release. Cody Tremper and Mike Garbers of Greystone represented the seller in the transaction.

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The 60-unit, 72-bed community was built in 2013 and sits on 13 acres of land.

Care Investment Trust Enters Into Joint Agreement for Georgia Community

Care Investment Trust, a senior housing real estate investment company, announced it has partnered with affiliates of Phoenix Senior Living for the acquisition of Hope Center Memory Care in Fayetteville, Georgia.

Hope Center was built in 2013 and has 64 units designed for people who need specialized memory care. Phoenix said in a release it intends to “grow census and to enhance the living experience of current and future residents through improved programming.” That plan will include active days for residents revolving around the “six elements of wellness” — emotional, physical, cognitive, social, occupational and spiritual — that are are integrated into individual care plans.

Phoenix Senior Living is a senior housing owner and operator based in Kennesaw, Georgia, with properties in suburban communities throughout the southeast U.S.

IPA Closes on Sale of Memory Care Community in Boston Area

Mark Myers, Joshua Jandris and Matt Andriano of Institutional Property Advisors (IPA) closed on the sale of the Estate at Franklin, an 81-unit assisted living and memory care facility in the Boston metropolitan area.

The sale was completed for a joint venture between a New York developer and ROC/Bridge Investment Group, which bought the community for an undisclosed price. Estate at Franklin was built in 2014.

ISL to Manage Memory Care Community in California

Integral Senior Living (ISL), a senior living management company, announced it will now manage The Oak Cottage of Santa Barbara, a memory care community in Santa Barbara, California.

This is the first community the company is managing in Santa Barbara, according to Collette Valentine, ISL’s CEO. The Oak Cottage offers residential care for seniors challenged with age-related cognitive impairment and specializes in Alzheimer’s and dementia care. The community is broken up into three neighborhoods focusing on “quality of life, daily achievement, warmth and comfort.”

ISL is bringing with it its Vibrant Life, Dining By Design, and Generations programs for seniors.

SLIB Sells Communities in Illinois, Pennsylania

Senior Living Investment Brokerage (SLIB) recently sold an assisted living and independent living community in Illinois for $11,155,000. The company also sold a personal care and memory care community in Pennsylvania for $3.8 million, it announced this week.

Written by Tim Regan

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