South Carolina Assisted Living Community Sells for $1.9 Million
Dave Balow, Patrick Burke and Brad Clousing of Glen Ellyn, Illinois-based Senior Living Investment Brokerage handled the recent $1.9 million sale of The Magnolias of Santee in Santee, South Carolina.
The 31-unit, 22,046-square-foot assisted living and memory care community was sold by an owner/operator looking to exit the assisted living market. The buyer is new to the state of South Carolina and is based in the Northeast.
Sagora Senior Living Acquires Memory Care Community in Oklahoma
Fort Worth, Texas-based senior housing operator Sagora Senior Living recently acquired Storey Oaks of Tulsa, a memory care community in Tulsa, Oklahoma. Neither the seller nor the sales price were disclosed.
The operational transition is effective beginning Oct. 4, 2017, according to Dara Brown, Sagora’s senior vice president of operations.
Sagora Senior Living currently has 33 active retirement communities across the United States.
Thrive FP Acquires Two More Memory Care Communities
Austin, Texas-based private equity firm Thrive FP recently acquired two memory care communities from The LaSalle Group, Inc., the Statesman reported: the 50-bed Autumn Leaves of Glen Ellyn, Illinois, and the 46-bed Autumn Leaves of Northwest Austin.
The sale price was not disclosed for either property.
Autumn Leaves of Northwest Austin is now being rebranded as Pecan Ridge Memory Care, and 12 Oaks Senior Living has been chosen to manage the building.
Additionally, these two acquisitions will be combined with two properties Thrive FP already owns in Broken Arrow, Oklahoma, and Longview, Oklahoma, to serve as the basis for a newly established sister company, TFP Senior Living. Anthony Fulco will lead TFP Senior Living, according to the Statesman.
Sagora Senior Living Acquires Two Senior Housing Communities in Sugar Land, Texas
Sagora Senior Living also recently acquired two senior living communities in Sugar Land, Texas: Watercrest at Sugar Land and The Sycamores at Sugar Land.
The Sycamores at Sugar Land has 77 assisted living apartments and 43 memory care apartments, while Watercrest at Sugar Land has 180 independent living apartments and 12 cottages.
The operational transition of both communities was effective on Sept. 25, according to Senior Vice President of Operations Dara Brown.
Kindred Completes Another Transaction Related to its Skilled Nursing Divestiture
Kindred Healthcare, Inc. (NYSE: KND) announced on Oct. 2 that it has completed another transaction closing associated with its previously announced deal with BM Eagle Holdings, LLC—a joint venture led by affiliates of BlueMountain Capital Management, LLC—to sell the company’s skilled nursing facility business for $700 million in cash.
The closing included four assisted living communities and 12 skilled nursing facilities. Sale proceeds from the closing totaled about $108 million.
For more information, head to Skilled Nursing News.
CareTrust REIT Purchases Three Assisted Living Communities in Virginia
San Clemente, California-based CareTrust REIT, Inc. (Nasdaq: CTRE) recently purchased three assisted living communities in Virginia: Amerisist of Culpeper, Amerisist of Louisa and Amerisist of Warrenton.
The communities, which together total 91 units, were added to the company’s current master lease with affiliates of Blacksburg-based Twenty/20 Management, Inc.
The revised Twenty/20 master lease has a remaining initial term of about 13 years, with CPI-based rent escalators and two five-year renewal options.
Springpoint Senior Living Expands into Delaware
Springpoint Senior Living, the largest nonprofit provider of housing and services for older adults in New Jersey, recently announced the affiliation of Cadbury Senior Lifestyles, Lewes, a continuing care retirement community (CCRC) in Lewes, Delaware, and Cadbury Senior Lifestyles at Home, a “CCRC Without Walls” membership program.
Through the affiliation of Cadbury Senior Lifestyles at Home and Cadbury Senior Lifestyles, Lewes, Springpoint is set to expand its geographic footprint outside of New Jersey into Delaware.
Springpoint Senior Living currently has eight CCRCs, in-home care services and 19 affordable housing communities.
Written by Mary Kate Nelson
Companies featured in this article:
12 Oaks Senior Living, BlueMountain Capital Management, BM Eagle Holdings, Cadbury Senior Lifestyles, Cadbury Senior Lifestyles at Home, CareTrust REIT, Kindred Healthcare Inc., Sagora Senior Living, Senior Living Investment Brokerage, Springpoint Senior Living, TFP Senior Living, Thrive FP, Twenty/20 Management