Transactions & Financings: Atlas Senior Living’s First Divestiture; Edgemere Officially Changes Hands, Resident Contract Structure

Sales

Edgemere Closes Sale

Embattled Dallas-based senior living community Edgemere announced that it has sold to Bay 9 Holdings, an affiliate of Lapis Advisers. Lapis Long Hill at Edgemere took over management of the property on June 14.

The final sale comes after more than a year of bankruptcy negotiations that includes more than $143 million in funding from former owner Lifespace communities.

Edgemere is in the process of converting from a continuum of care/entrance fee model to a rental model. New resident rental contracts have been drafted and execution of the contracts started this week. Resident rates will stay where they are for the majority of residents, according to Long Hill an United Methodist Homes President and CEO David Lawlor.

As a result of a pending sale, the community reported that a rush of some 15 move-in commitments are expected in the coming weeks, Lawloer said in a statement.

Blueprint Facilitates Atlas’ First Disposition In Company History

Blueprint Healthcare Real Estate Advisors announced it facilitated a disposition by Atlas Senior Living, the company’s first such move in the history of the notable senior living operator.

The community – called Legacy Reserve at Fritz Farm – is a 167-unit community in Lexington, Kentucky with IL, AL and memory care. When the sale closed, the community was stabilized at more than 98% occupancy with margins north of 30%.

Atlas will continue to operate the community for Kirco, the Troy, Michigan-based real estate investment firm that bought the community.

SLIB Facilitates Sale

Senior Living Investment Brokerage announced it facilitated the sale of a senior living community in the Dallas market.

The 62-unit community comprises assisted living and memory care units in the Dallas suburb of Carrollton, Texas.

The seller engaged SLIB to divest the community. The buyer is a Dallas-area private investment firm that has a national senior living portfolio that will partner with another locally-based operator to manage the new asset.

SLIB’s Matthew Alley and Jeff Binder handled the transaction.

SLIB Helps Sell Pair of Atria Communities

SLIB announced it facilitate the sale of two Atria Senior Living communities in the Rochester, New York area.

The communities – called Atria Greece and Atria Penfield – are located about 15 miles apart from one another with a total of 168 units and 199 beds that were originally built in the early 1970s. The approximate occupancy was 87% for the Greece community and 71% for the Penfield community.

The buyer is an out-of-state private equity firm that wants to expand its footprint in the state.

SLIB’s Dave Balow, Jeff Binder and Jason Punzel handled the transaction.

SLIB Facilitates Ohio-Based Sale

SLIB Announced it facilitate the sale of a senior living in Ohio.

The community – called the Landing of Stow – is an 81-unit assisted living and memory care community located in Stow, Ohio, near Akron. It was built in 2008 and was well maintained, but the seller wanted to divest the asset to focus on the communities in its current footprint.

A Midwestern owner/operator purchased the community after a marketing effort by SLIB’s Bradley Clousing, Dan Geraghty and Ryan Saul.

Transactions

Acts Retirement-Life, Mease Life Affiliate

Acts Retirement-Life Communities and Mease Life announced the two nonprofits have agreed to form an affiliation.

In the arrangement, Mease Life, a continuing care retirement community in Dunedin, Florida, will be affiliated under the Acts umbrella and become a part of the Acts network of continuing care retirement communities.

The move, expected to become final in September, adds to Acts’ presence in Florida where it already operates four CCRCs. 

CareSource, Radiant Alliance Partner Up

Nonprofit healh plan CareSource and Radiant Alliance announed the two have agreed to a partnership under which Radiant will become an affiliate of CareSource.

Radiant Alliance is a nonprofit organization that includes Metta Healthcare and United Church Homes, one of the country’s largest nonprofit senior living operators with more than 90 communities owned/managed.

Metta Healthcare and United Church Homes have entered into a partnership to become a part of the newly formed Radiant Alliance which will then become an affiliate of CareSource.

Acquisitions

Avanath Acquires Affordable Community

Avanath Capital Management announed that is has acquired an affordable senior living community in West Sacramento, California for $19 million.

The community — called Rivers Senior — is a 120-unit affordable senior living community that consists of nine two-story buildings on a 4.8-acre plot. Sixty units are reserved for residents at 50% of area median income and 59 units are reserved for residents at 60% of area medium income.

The community is Avanath’s 19th in Northern California and 13th in the Sacramento area.

12 Oaks Adds Portfolio in Texas

12 Oaks Senior Living announced it added a portfolio of senior living communities in the North and Southeast parts of Texas. The number of communities and units was not disclosed.