Senior Housing Transactions: CBRE, MBK Senior Living

Golden West Senior Living Sells Community to Chicago Investors

Golden West Senior Living has announced the sale of Flatirons Terrace, a 54-unit independent living community in Boulder, Colorado, to Harrison Street Real Estate Capital, a private equity firm based in Chicago. Dial Retirement Communities, of Omaha, Nebraska, will operate the community. Financial terms of the deal — expected to close next month — were not disclosed.

In a statement, Golden West President and CEO John Torres said the sale was the result of “a desire to lower debt and stabilize operations into the future.”

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Flatirons Terrace rents range from $3,200 to $4,950 per month, figures that include housekeeping and meal plans. The community helps “financially sustain” operations of Golden West, its president and CEO John Torres said in a statement. Golden West’s remaining portfolio comprises 255 independent living apartments and 56 affordable assisted living apartments, all in Boulder, Colorado.

MBK Senior Living Closes Escrow on 90-Unit Senior Living Community In Phoenix

MBK Senior Living (MBK) has closed the escrow on Hacienda Del Rey, a 90-unit assisted living and memory care community outside Phoenix. This will be MBK’s third community in Arizona, bringing its portfolio to 22 retirement communities offering independent living, assisted living or memory care. Purchase price of the community — located in Litchfield Park, Arizona — was not disclosed.

“We look forward to sharing MBK’s culture of exceptional care, comprehensive assisted living and memory care options and signature programs with our new residents at Hacienda Del Rey,” Jeff Fischer, president of MBK, said in a statement.

MBK is headquartered in Irvine, California.

CBRE Arranges Sale of 132-unit Age-Qualified Community In Dallas

CBRE has arranged the sale of Primrose at Cedar Hill, a 132-unit 55+ age-qualified community located in southwestern Dallas. Chris Deuillet and Chandler Sims of CBRE represented the seller, Cedar Hill Seniors Housing LLC. Kaufman Investments purchased the asset for an undisclosed price.

Built in 2003, the property in Cedar Hill, Texas, was 98% occupied at the time of sale. Amenities include a pool, fitness center, business center and an on-site laundry facility.

Watercrest and Waypoint Close New Joint Venture in Assisted Living and Memory Care

Watercrest Senior Living Group and Waypoint Residential announce the closing of their joint venture to develop the Watercrest Newnan Assisted Living and Memory Care Community. The 107-unit, resort-style community on nine acres in Newnan, Georgia — about 40 miles southwest of Atlanta — will break ground next month with plans to open in late spring 2019.

“Partnering with Waypoint Residential enables us to promptly respond to the incredible demand for senior living with innovation and exceptional quality of service, impacting exponentially more seniors and their families and providing growth opportunities for our associates and partners,”  Marc Vorkapich, principal and CEO of Watercrest Senior Living Group, said in a statement.

Written by Jack Silverstein

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