Senior Housing Investments & Transactions: Civitas, Senior Lifestyle

Civitas Takes On Management of New Mexico Senior Living Community

Civitas Senior Living, a Fort Worth, Texas-based senior living management company, will be taking over operations of Elan Santa Monica, an assisted living and memory care community in Albuquerque, New Mexico.

The 113-unit property was developed by Titan Senior Living, the senior housing development arm of Titan Development, which has built communities in Texas, New Mexico and Florida.

The management transition occurred on September 1, according to a press release from Civitas.

Solvere Senior Living Expands in Florida, Texas and Virginia

Princeton, New Jersey-based Solvere Senior Living, a national senior living operator, will be managing newly-developed communities in Florida and Texas, as well as existing communities in Virginia, the company announced in a press release.

The Florida communities include Tessera of Brandon, opening in Brandon, Florida in early 2018, and Tessera of Westchase, set to up in Tampa in late 2018. The new community in Texas is the Villages of Windcrest in Fredericksburg, Texas, opening in 2018. All three will provide assisted living and memory care and together cost nearly $90 million to build.

In September 2017, Solvere will assume management of the Cadence at the Glen in Glen Allen, Virginia, and an additional community in Virginia. Both are independent living communities and are owned by an affiliate of Chicago-based Green Courte Partners, LLC.

Its growth in the Southeast and Southwest is a strategic effort to develop strong regional networks, according to a statement from Solvere CEO Kristin Kutac-Ward in the press release.

Cadence and Emerald Investment Management Form Partnership

Cadence Senior Living, a Scottsdale, Arizona-based senior living owner, developer and operator, and Emerald Real Estate Partners, LLC, a Newport Beach, California-based investment management firm, announced a senior housing investment partnership.

The partnership will enhance Cadence’s portfolio growth potential by providing the company with acquisition capital, working capital, and a partner with scaling experience from similar operators in other sectors, according to a press release from Cadence.

Emerald chose to partner with Cadence due to the company’s strong track record as an operator and its ability to bring real estate, development and investment experience to new projects, according to Emerald Principal Josh Martin’s statement in the release.

The new partners are seeking new development projects and opportunities to acquire existing senior housing communities or to operate communities for third-party owners, the release states.

Blueprint Managed $24.5 Million Sale of Seattle Senior Living Community

Blueprint Healthcare Real Estate Advisors announced on Wednesday the sale of a triple net lease independent living and assisted living community for $24.5 million.

The property had been operated by a local non-profit organization. The buyer was a Seattle-based commercial real estate firm that is primarily focused on the multifamily asset class.

The transaction was executed by Blueprint Senior Managing Director and founding partner Ben Firestone and Managing Director Michael Segal, with the assistance of Senior Associate Mike Mooney, who covers the Pacific Northwest region for the firm.

Cushman & Wakefield Lead Sale of Chicagoland Senior Living Community

Cushman & Wakefield Senior Housing Capital Markets Group, the senior housing sector of the global commercial real estate services company, managed the sale of North Shore Place, an assisted living and memory care community located in Northbrook, Illinois.

The sale was arranged on behalf of a joint venture of affiliates of Senior Lifestyle Corporation and AEW Capital Management.

The fully-occupied community was purchased by a joint venture between affiliates of Senior Lifestyle and Blue Moon Capital Partners for an undisclosed price.

Senior Lifestyle was the operator under the previous owner and will continue to operate the 156-unit community.

North Shore Place was established in 2014 as a luxury senior living community with 116 assisted living units and 40 memory care units. The property has been fully occupied with a wait list since the end of 2016. The community includes formal and casual dining options, outdoor seating, a bistro, a library, theatre, salon, fitness center, and on-site physical therapy as well as occupational and speech therapy.

The Cushman & Wakefield team involved in the transaction included Executive Managing Director Richard Swartz, Executive Director Jay Wagner, Director Jim Dooley and Associate Caryn Miller. In addition to the sale, Jay Wagner, Senior Director Aaron Rosenzweig and Director Tim Hosmer arranged acquisition financing on behalf of the buyer.

Cushman & Wakefield Arranges Sale of Florida CCRC

Cushman & Wakefield also coordinated the sale of the Carlisle Palm Beach, an independent living, assisted living and memory care community located on the barrier island of Lantana, Florida, adjacent to Palm Beach.

The commercial real estate firm represented a joint venture of affiliates of Senior Lifestyle Corporation and AEW Capital Management.

The 290-unit, 302-bed community was acquired by an affiliate of Bridge Investment Group for an undisclosed price.

Senior Lifestyle will continue to handle operations at the community.

The Carlisle Palm Beach was built in 1999 and converted in 2014 into a continuing care retirement community (CCRC). The property is made up of four interconnected buildings with six floors of independent living and assisted living units and three floors of memory care units, surrounding an amenity-rich clubhouse. More than $10 million has been invested in the community over the past five years to enhance offerings.

The Cushman & Wakefield team involved in the transaction included Executive Managing Director Richard Swartz, Executive Director Jay Wagner, Director Jim Dooley and Associate Caryn Miller. In addition to the sale, Jay Wagner, Senior Director Aaron Rosenzweig and Director Tim Hosmer arranged acquisition financing on behalf of the buyer.

Written by Elizabeth Jakaitis