Transactions
1019 Senior Living adds 150 apartments
1019 Senior Living expanded its Indiana footprint with the acquisition of two assisted living communities, adding 150 apartments to its portfolio.
Following the acquisitions, the family-owned operator now has eight communities in Indiana and Ohio.
“Welcoming Sycamore Crossing and River Crossing into the 1019 family is an exciting opportunity to serve more residents and families across Indiana,” Heather Kesler, CEO of 1019 Senior Living, said in the release.
Former bed and breakfast turned assisted living community sold
Blueprint announced the sale of Stonehenge Senior Living, an 86-unit senior living community that previously operated as a bed and breakfast in Blairsville, Georgia.
The campus is comprised of five separate buildings, each containing a mix of unit types, developed in phases over five decades with the newest building completed in 2020, according to a press release.
KindCare Senior Living acquired the community, which was sold by a “true mom-and-pop owner-operator,” the release states.
Alabama community trades hands from developer to REIT
Blueprint advised on the sale of Residences at Wellpoint, a Class A, 185-unit full-continuum seniors housing community in the Huntsville, Alabama metropolitan area.
The community was opened in phases between 2022 and 2023 and was sold by DMK Development.
LTC Properties (NYSE: LTC) was selected as the buyer and retained Charter Senior Living as the operator, the release states.
JLL Capital Markets closes sale, financing of seven-community portfolio
JLL Capital Markets closed the sale and arranged financing for the Pennsylvania Portfolio, a collection of seven assisted living and memory care communities totaling 479 units across Pennsylvania.
The communities feature “an average vintage of 1999 and have received substantial reinvestment, with ownership completing over $8.8 million in capital improvements since 2020, enhancing quality, functionality and resident experience while minimizing near-term capital needs,” according to a press release.
JLL’s National Senior Housing team represented the longtime owner, ValStone Partners, in the sale to a joint venture between Almanac Realty Investors and Priority Life Care, the release states.
122-unit community trades hands
The Knapp-Stahler Group announced it sold Canyon Villas, a 122-unit, 122-operating bed independent living and assisted living community located in San Diego, California.
The Knapp-Stahler group represented the seller, San Diego Christian Foundation, and procured the buyer, a regional private equity group in a joint venture with a local operator, a press release states.
The 1991 purpose-built community attracted significant investor interest due to its location, scale, favorable basis relative to replacement cost, and meaningful, attainable upside potential through continued occupancy growth and strategic capital improvement, the release states.
Six-property portfolio sold
Senior Living Investment Brokerage announced the sale of a six-property, 443-unit senior living portfolio across Kentucky, Tennessee and Michigan.
The buyer was a partnership between a larger operator and publicly traded REIT, and the seller was a regional owner operator based in Kentucky, according to a press release.
SLIB also y facilitated the receivership sale of Marshall Pines, a 46-unit memory care community located in Evans, Georgia, a press release states.
Mainstay acquires two communities
Mainstay Financial announced it has acquired two Georgia communities.
The acquisitions include Ansley Cove Columbus, a 30-unit memory care community, and Ansley Court Lawrenceville, a 48-unit assisted living and memory care community, a press release states.
Both communities are operated by Mainstay Senior Living, bringing its senior housing portfolio to 54 communities, the release states.
Management
Eskaton assumes management of Bay Area life plan community
Eskaton, a Northern California nonprofit operator, announced a management agreement with Moldaw Residences, a life plan community in Palo Alto.
The agreement takes effect Dec. 20 and “marks a significant step in Eskaton’s continued growth in the Bay Area,” according to a press release.
Under the agreement, Eskaton will assume management responsibilities for Moldaw Residences. The community keeps its name, identity and ownership, the release states.
Financings
Two Berkadia directors secure $157.7M in 90 days
Berkadia’s Managing Director Jay Healy and Director Andrew Lanzaro of Berkadia Seniors Housing & Healthcare closed seven transactions totaling $157.8 million for six unique sponsors over the past 90 days.
The most recent closure was a $60.1 million HUD 232/223(f) loan for a 2018-vintage, 186-unit assisted living, memory care, and skilled nursing community in Daniel Island, South Carolina, a press release states.
The financings included four HUD 232/223(f) refinancings, two bridge loans and one agency refinancing, the release states.
Companies featured in this article:
1019 Senior Living, Berkadia, Blueprint, Eskaton, JLL Capital Markets, Mainstay Financial Group, The Knapp-Stahler Group
