Investor Buys $30 Million Senior Housing Complex at Fraction of Cost

An investor who specializes in distressed real estate recently bought an unfinished senior housing complex in Hilliard, Ohio for a fraction of what it cost former owner Erickson Retirement Communities LLC to develop. Alex Dorsey, owner of The Windsor Companies, placed the winning—and sole—bid of $8.26 million for Hickory Chase, a retirement community with a […]

CNL REIT Acquires Two Senior Housing Properties for $46 Million

CNL Lifestyle Properties, Inc., an Orlando-based real estate investment trust, recently acquired two senior living communities for approximately $45.85 million.  The two independent living and assisted living properties will be operated by an affiliate of Radiant Senior Living, Inc.  “Bozeman Lodge and Pioneer Village are both stabilized, newer assets which we believe are strong additions […]

Private Investors Chase Senior Housing Deals Under the REIT Radar

While real estate investment trusts (REITs) are known for being long-term asset holders, some private investors are pursuing a shorter term, value-add strategy, often in the hopes of attracting REITs’ deep pockets. Rather than hold senior housing properties long term, another strategy is to make one-off acquisitions that may be undesirable to or overlooked by […]

Capital One Acquires Beech Street, Becomes Top-5 Multifamily Lender

Capital One Financial Corporation (NYSE:COF) announced Friday an agreement to acquire Beech Street Capital, a national originator and servicer of Fannie Mae, Freddie Mac, and FHA multifamily commercial real estate loans. Terms of the transaction were not disclosed.  The acquisition is expected to close in the fourth quarter of 2013. Beech Street was founded in […]

AdCare Regroups After Accounting Woes, Expects More M&A

After accounting errors forced AdCare to redo its financial statements for all of 2012, delay earnings reports in 2013, and freeze its M&A program, the company has taken several steps to improve its systems and financial controls moving forward including a new chief financial officer and external auditor.  The company’s second quarter earnings call featured […]

Will Rising Rates Swing Senior Housing to a Buyer’s Market?

Low capitalization rates for many high-quality senior housing transactions has made for a “seller’s market” the past several quarters. But senior living buyers may become more cautious as interest rates climb following rises in 10-year Treasury yields. In mid-June, Ben Bernanke, chairman of the Federal Reserve, announced plans to taper off the quantitative easing program—through which […]

Senior Housing Investments & Acquisitions (8/13/13)

American Realty Capital Buys 2 ALFs for $27.6 Million American Realty Capital Healthcare Trust recently acquired two assisted living communities from  Principal Senior Living Group for $27,550,000. The two-property assisted living and memory care portfolio consists of 147 beds in 123 units. Benton House, located in Covington, Ga., has 59 units with 72 beds and […]

TJM Sells $200 Million Worth of Senior Living Properties to Fortress

TJM Properties recently sold the majority of its senior housing portfolio to Fortress Investment Group (NYSE:FIG), the owner of Holiday Retirement Corp., in a transaction valued at more than $200 million, according to the Orlando Business Journal.  The 15 properties included in the transaction comprised about 80% of TJM’s senior housing assets and are located […]