ESI Arranges Sale of Colorado Community
Evans Senior Investments announced it has successfully arranged the sale of The Kipling Meadows in Aurora, Colorado.
Kipling Meadows is a 120-unit independent living community that averaged 86% occupancy in the three months prior to the sale and was producing cash flow.
ESI, which represented the seller, a private equity group, showcased the potential upside with Kipling Meadows including a 6% forecasted rate increase, according to Hank Fuller, a senior associate at ESI.
Kipling Meadows will now be operated by a regional operator with a presence in Colorado.
Bull Realty Arranges Land Sale for Active Adult Development
Bull Realty announced it has arranged the sale of 19.4 acres of land that has been entitled to the development of an active adult senior living community in DeLand, Florida.
Bull Realty, a commercial brokerage firm with regional ties to Floriday, worked on behalf of the seller, Manchester Communities.
The development – named The Manchester Neighborhood – will have 156 single-story villas for adults aged 55 years and older that will include access to health care, restaurants, shopping and entertainment.
HJ Sims Closes $32 M for Assisted Living Renovations
HJ Sims announced the closing of $32 million in USDA financing for the second phase of an expansion project for Evenglow Lodge.
Pontiac, Illinois-based Evenglow Lodge opened its doors in 1957 and has since expanded to include assisted living, independent living and skilled nursing facilities. In an effort to expand its footprint and improve the resident experience, Evenglow began its expansion project.
The renovations to Evenglow are happening in two phases In the first phase, which broke ground last year, old units and the old assisted living tower will be demolished while new assisted living units and a new common space will be built.
The second phase will consist of the construction of 24 new independent living units and is planned to break ground in 2023.
Goldman Sachs’ $3.5 B Real Estate
Goldman Sachs raised $3.5 billion for a new fund aimed at global real estate investment.
The goal is to make bets in resilient real estate sectors that have favorable long-term supply-demand dynamics, which could make senior living an enticing option.
The fund is reportedly seeking assets with gross annualized returns of 12%-15%.