Senior Housing Investments & Transactions: Griffin-American, Bloom Senior Living

Griffin-American REIT IV Acquires 9-Property Portfolio

A portfolio of nine properties throughout the greater Tampa and Orlando areas sold for $109.5 million in early November. Griffin-American Healthcare REIT IV acquired the 1,140-unit portfolio from New Senior Investment Group (NYSE: SNR). Griffin-American Healthcare REIT IV is co-sponsored by American Healthcare Investors and Griffin Capital Company LLC.

Meridian Senior Living, LLC, will manage the portfolio in a RIDEA joint venture with Griffin-American. The REIT owns about 98% of the joint venture. The portfolio is 54% assisted living, 34% independent living, 12% memory care, and was approximately 84% occupied at the end of September 2017.

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“This gives us a good foothold in a geographic location that we think is important, and gives us some concentration as well,” said Stefan Oh, EVP of acquisitions for American Healthcare Investors and the REIT.

Westminster Communities of Florida Acquires 217-Unit Facility for $24.6 million

Westminster Communities of Florida has acquired the Glenmoor Senior Living Community in St. Augustine, Fla., renaming it Westminster St. Augustine. Purchase price is $24.6 million along with a commitment to honor all existing resident contracts.

The 217-unit facility — previously owned by Life Care St. Johns — comprises 157 independent living residences, 30 assisted living residences, and 30 memory care residences. Westminster St. Augustine is located in World Golf Village, giving residents reduced greens fees and access to a fitness center, clubhouse, tennis courts and swimming pools, along with the St. Augustine on-site amenities.

“Form our perspective, this is really about strengthening our mission of service to seniors,” said Wes Meltzer, Director of Communications for Westminster Communities of Florida.

Bloom Senior Living Enters Florida with $5.55 Million Acquisition

Real estate investment and management firm Kandu Capital, LLC, and its operating company, Bloom Senior Living, announced the acquisition of assisted living and memory care facility Osprey Health Care Center, renaming it Bloom at St. Petersburg. The 96-unit community in St. Petersburg, Florida, sold for $5.55 million at $58,000 per unit, the companies announced.

This marks the fifth state that Bloom has expanded into, following South Carolina, Louisiana, Ohio and Indiana. They are not planning for expansions to specific states, but will be looking for new acquisitions in Florida near the St. Petersburg property, Bradley Dubin, Bloom’s director of acquisitions, told Senior Housing News.

“We’re as opportunity-driven as we are geography-driven, so we’ll go wherever the next deal will take us,” Dubin said.

“Our family continues to acquire exceptional assets at reasonable valuations – below replacement costs – which permits us to create long-term value while providing best-in-class care and service to our residents at intentionally affordable pricing,” added Bloom Director of Finance Tony Cantor, in a press release.

SHA Capital Acquires Wisconsin AL Community

Chicago-based SHA Capital Partners has purchased Clifden Courts, a 92-unit CBRF in Milwaukee County, with Evans Senior Investments (ESI) representing an independent seller. Due to a confidentiality agreement between the parties, the purchase price is not being disclosed. Per SHA managing partner David Watkins, the sale was below replacement cost.

The new ownership plans renovations for the three-building assisted living facility, including the creation of additional common spaces. While not marketed as memory care, the facility’s Community-Based Residential Facilities non-ambulatory license will make it suitable for residents in need of memory care services.

“The acquisition is consistent with our overall strategy of buying value-add fixer-uppers that we can syndicate to investors who understand the industry and are looking for a value-add investment opportunity,” Watkins told Senior Housing News.

SHA Capital made the purchase in partnership with 41 Management and TH Associates. Under its Matthews Senior Living brand, 41 Management will assume facility operations. The company has a portfolio of 19 communities in Wisconsin.

“What a great value-add opportunity to acquire a CBRF asset with close proximity to Milwaukee, Madison, and Chicago,” said Jeremy Stroiman, CEO of ESI, in a press release.

Debt financing came from National Exchange Bank and Trust of Fond du Lac, Wisconsin. SHA Capital raised equity from friends, family and senior housing executives.

Wesbury Retirement Community to add senior apartments in Meadville, Pa.

Wesbury Retirement Community has purchased the Days Inn Hotel in Meadville, Pa., with plans to convert it into close to 100 two-bedroom apartments for seniors. Per Erie News Now, the site will including health and fitness areas, along with swimming.

The purchase price is not listed.

Written by Jack Silverstein

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