When the dust settles on 2020, it will be remembered as the year when circumstances finally forced senior living providers to embrace technology in ways they were reluctant to in the past. “The tech genie has been loosed from the bottle and it’s not going to go back in,” LCS Senior Vice President and Chief […]
Covid-19 will continue to drag on senior housing operations and net operating income (NOI) until vaccines are widely distributed, and NOI is expected to reach new lows in mid-2021. From there, demographic trends will result in a gradual rebound in NOI, but low supply barriers will limit growth upside, and NOI is not expected to […]
Sales and operator transitions Life Care Services assumes management of former Rose Senior Living communities Life Care Services assumed management of six communities owned by Rose Senior Living, an operator based in Bloomfield Hills, Michigan. The communities include: Heritage at Irene Woods, Memphis, TennesseeRose Senior Living and Rose Villas, Avon, OhioRose Senior Living, Beachwood, OhioRose […]
Aegis Living, with its joint venture partner Blue Moon Capital Partners, acquired 10 assisted living and memory care communities from Healthpeak Properties (NYSE: PEAK) for about $350 million. Aegis currently operates the communities and will continue to do so going forward. The deal, totaling 702 units, is the largest in Aegis’ 24-year history and continues […]
A new senior housing community in the metropolitan Atlanta market highlights a forward thinking approach to senior housing development and design, with inspiration drawn from the local area. Village Park Milton, an $81 million community in Alpharetta, Georgia consists of 50 independent living units, 48 assisted living units, and a dedicated 20-unit memory care unit […]
Senior housing’s post-coronavirus recovery may take longer than some expect, with cash flows and occupancy not returning to pre-pandemic levels until 2025. That is according to a new report on the sector from BMO Capital Markets (NYSE: BMO). The Toronto-based investment bank and financial services firm, using proprietary modeling, studied historic market net absorption trends […]
Sales and operator transitions Livingston Street Capital affiliate acquires Maryland active adult community An affiliate of Livingston Street Capital has acquired Alta at Regency Crest, a 150-unit, 55-plus active adult community in Ellicott City, Maryland. This is Livingston Street’s fourth recent active adult acquisition. Previously, the firm purchased two communities in Utica and Albany, New […]
A Chicago area continuing care retirement community has exited a 15-month Chapter 11 bankruptcy process with a reduced debt load, a new operator and a $5 million capital improvement plan in place for 2021. Clare Oaks, located in the suburb of Bartlett, emerged from bankruptcy on November 6, 2020, the community announced in a statement. […]
A continuing care retirement community in suburban Chicago filed for Chapter 11 bankruptcy protection last week, after defaulting on a portion of its $141 million in debt. Park Place of Elmhurst in Elmhurst, Illinois defaulted on nearly $15.5 million in bond debt issued by the Illinois Finance Authority in 2016, a document filed in the […]
Chicago-based private equity firm Thoma Bravo is buying RealPage (Nasdaq: RP) in a deal that values the property management software platform at $10.2 million. . Richardson, Texas-based RealPage offers property and real estate management software and services for a range of real estate sectors including senior housing. The platform gives the ability to submit service […]