Senior Housing Investments & Transactions: Living Care Senior Housing Development

Living Care Senior Housing Development Sells Texas Assisted Living Community for $7.86 Million

Evans Senior Investments (ESI) announced it arranged Living Care Senior Housing Development’s sale of The Lodge at Quail Park, an assisted living community in Frisco, Texas, for $7.86 million.

The 64-unit community was built in 2001 and is located about 27 miles outside of Dallas. The community was previously renovated in 2007 and is almost entirely private pay. It also sits on roughly four acres of land and has more room for development, ESI noted.

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Dallas Memory Care Community Sold for $4.5 Million

A California-based private equity group has purchased a memory care community in Dallas for $4.5 million, according to a press release.

The group, which wasn’t named, hired Northstar Senior Living to manage the Arbor House of Dallas, which has 52 memory units. The community was built in 2008 on roughly 4.6 acres of land. The group plans to upgrade the community “to make it more competitive in the marketplace,” the press release reads.

Matthew Alley and Jason Punzel of Senior Living Investment Brokerage handled the transaction.

Alabama Community Changes Hands

Holliday Fenoglio Fowler announced it closed the sale of and arranged financing for Danberry at Inverness, a 232-unit senior living community near Birmingham, Alabama.

A joint venture partnership between LCS and an affiliate of Artemis Real Estate Partners was responsible for the purchase. Life Care Services, an LCS company, will continue to manage and operate the property, according to a press release.

Danberry at Inverness has independent living, assisted living, and memory care units. The community also includes such amenities as a grand lobby, 24-hour concierge service, fitness center, solarium, library with fireplace, lounge and club room, heated swimming pool, barber shop and a full-service salon.

The HFF investment sales team was led by senior managing directors Ryan Maconachy, Chad Lavender and Bill Miller. Associate director Sarah Anderson also handled debt placement for the deal.

Integral Senior Living to Manage Colorado Community

Senior living management company Integral Senior Living this week announced it will manage Province Springs, a senior community located in Colorado Springs, Colorado.

The Wolff Company, an private equity firm headquartered in Scottsdale, Arizona, is currently developing the property.

When construction wraps up, Province Springs will have 160 residences with access to a fitness and yoga studio, a full-service salon, a spa, an arts studio, and several multi-purpose and “resort-quality” outdoor living areas with a putting green. Sodexo will manage the community’s dining services and is partnering with Food Network star Beau MacMillan to conceive the community’s menu.

Blueprint Arranges Sale of Cincinnati Community for $4 Million

Blueprint this week announced the $4 million sale of the Blue Ash Care Center, a 64-bed skilled nursing and long-term care community located near Cincinnati.

Blue Ash Care Center is a single-story building originally built in 1969 and renovated in 2006. Connor Doherty, Ben Firestone and Michael Segal were Blueprint’s advisors on the transaction, according to a press release.

Acts Retirement-Life Communities Expands Footprint in Alabama

One of the nation’s largest providers of senior living housing and services, Acts Retirement-Life Communities, is joining forces with Presbyterian Retirement Corporation, which owns and operates Westminster Village, a continuing care retirement community (CCRC) in Spanish Fort, Alabama.

Under the agreement, Westminster Village will become an Acts affiliate member, and part of a network of CCRCs operated and managed by Acts. Westminster Village opened in 1983 and houses about 300 seniors. The 56-acre campus has independent living apartments, single-family cottages, an on-site health center with assisted living residences and a 60-bed skilled care center.

With the recent addition of Westminster Village, Acts is expanding its presence in Alabama. Currently, it operates one other senior living CCRC in the state.

Cushman & Wakefield Arranges Sale of Senior Housing Community Near St. Louis

A joint venture of Provision Living Senior Communities and Welltower (NYSE: HCN) has sold Provision Living, an 80-unit assisted living and memory care community near St. Louis, to Sunrise Senior Living. Cushman & Wakefield Senior Housing Capital Markets Group arranged the sale, according to a press release.

Built in 2012, Provision Living is a has such amenities as a bowling alley, theater, physician’s space and a bistro and cafe. The community also offers five oversized assisted living units with luxury finishes at premium rents.

The Cushman & Wakefield team involved in the transaction included executive managing director Richard Swartz, executive director Jay Wagner, and director Jim Dooley.

$4.5 Million HUD Loan Secured for Senior Apartments in New Jersey

Love Financing, a company that specializes in FHA multifamily, affordable, and health care financing, recently announced it secured a $4.5 million HUD loan for the John P. Renna House, an age-restricted, affordable apartment community in West Orange Township, New Jersey.

The nine-story John P. Renna house has 183 units, almost all of which are restricted to seniors or people with disabilities. The building is owned by the West Orange Senior Citizens Housing Association and is managed by Raymond P. Marzulli Co.

A new 20-year housing assistance payments contract was agreed upon for the 181 age-restricted units as part of the transaction.

Written by Tim Regan

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