Senior Living dealbook: five Communities Sold For $455m; Epoch Senior Living Expands With Brand Launch 

Transactions

Five communities sold in three transactions for $455M

Harbert Management Corporation announced the sale of five senior living communities across three separate transactions for a total of $455 million.

The sale totals 811 units and includes MorningStar of Albuquerque, MorningStar of Wheat Ridge, Carlisle Naples, Tradition Prestonwood Independent Living and Tradition Prestonwood Assisted Living, a press release states.

All transactions closed July 1, according to the release.

Five-property portfolio sold for $147M

JLL Capital Markets arranged the sale of a five-property portfolio in northern Atlanta submarkets.

The portfolio consists of 611 units and 701 beds of assisted living and memory care developed by Centric Development between 2018 and 2022, a press release states.

The portfolio was sold to “an experienced public-traded traded institutional investor in an all-cash transaction,” according to the release.

12 Oaks expands with Colorado acquisition

12 Oaks Senior Living continues to expand its portfolio with the acquisition of Springbrooke Senior Living in Denver, Colorado.

The acquisition marks the company’s first location in the state and “is another key step in the company’s strategic regional growth,” according to a press release.

The acquisition also marks a milestone for 12 Oaks expansion efforts with its Silver Creek Capital partners, the release states.

Cedarhurst expands greater St. Louis presence

Cedarhurst Senior Living will assume the operations of Revela at O’Fallon, a premier senior living community located in O’Fallon, Illinois.

The community has 82 residences, including 50 assisted living and 32 memory care apartments, according to a press release. The community has been renamed to Cedarhurst of O’Fallon.

“We are excited to welcome the residents, families, and team members of Revela at O’Fallon into the Cedarhurst family as we continue strengthening our presence in the greater St. Louis region,” Almir Sajtovic, president of Cedarhurst Senior Living, said in the release.

Partnership results in community acquisition

American House Senior Living and Winterpast Capital Partners announced the acquisition of St. Anthony’s Senior Living in Kansas City, Missouri.

The transaction marks American House’s second property in the metropolitan area, a press release states.

“The addition of St. Anthony’s underscores our confidence in the Kansas City market and our commitment to strategically expand our footprint in communities where seniors are seeking exceptional living options,” Dale Watchowski, CEO of American House and REDICO, the parent company of American House, said in the release.

Four communities sold, two financed for Kayne Anderson Real Estate

Berkadia announced the sale of four communities and two financings on behalf of Kayne Anderson Real Estate across two transactions.

The first transaction included the acquisition of Cornerstone at Canton and Cornerstone at Milford by a “leading owner of seniors housing,” according to a press release.

The second transaction included the acquisition of Compass on the Bay and Forestview Manor by an institutional healthcare investor, according to the release. Senior Living Residences will continue to operate all four communities.

Agemark expands in Omaha

Agemark Senior Living has continued to expand its portfolio with the acquisition of Esprit Whispering Ridge, an assisted living and memory care community in Omaha, Nebraska.

Following the acquisition, the community has been renamed to The Bellflower at Whispering Ridge. This is the first acquisition for Agemark under its new investment partnership with an institutional private equity investor, a press release states.

Agemark now has five communities in the Omaha area, totaling more than 450 units.

49,000-square-foot community acquired

Clarion Partners announced it Clearwater at Sonoma Hills, a 94-unit senior living community in Rohnert Park, California.

The community was built in 2020 and totals 49,000 square feet, with 70 assisted living residences and 24 memory care residences, according to a press release.

“This acquisition represents exactly the type of high-quality, institutional senior housing investment we seek—modern construction, exceptional operations and an outstanding location supported by favorable long-term demographics,” Julie Robinson, head of healthcare at Clarion Partners, said in the release.

Three communities sold to two operators

Ziegler facilitated the sale of three communities to two different operators on behalf of a non-profit operator.

The portfolio consists of three assisted living and memory care communities in the greater Twin Cities metro area, a press release states.

Vista Senior Living Management was selected as the buyer of two communities, with the third community sold to River Oaks of Minnesota Housing Services, according to the release.

SLIB leads three transactions

Senior Living Investment Brokerage led the sales of three separate transactions.

The first was the sale of a 102-unit community in Parker, Colorado. The community was purchased by a California-based publicly traded healthcare real estate investment trust, according to a press release.

The second was a 145-unit independent living, assisted living and memory care community in Denver, Colorado. It was purchased by a partnership between a Minnesota-based private equity firm focused on multifamily and senior living investments and a Texas-based experienced third-party senior living management and consulting company, a press release states.

The third was a 90-unit community in Omaha, Nebraska. It was purchased by a California-based real estate investment firm, in partnership with an Omaha-based senior living management company serving as operating partner, the release states.

Assisted living, skilled nursing community trades hands

Blueprint advised on the sale of a 40-unit assisted living and 75-bed skilled nursing community near Dayton, Ohio.

The community was “performing strongly at the time of sale, benefiting from healthy occupancy, consistent cash flow, and a strategic location with excellent visibility and access to major highway corridors,” according to a press release.

The community was ultimately acquired by “a regional owner-operator with an established footprint in Ohio and a demonstrated track record of operating skilled nursing communities throughout the state,” the release states.

Management

Charter expands through management of Ventas community

Charter Senior Living continues its growth in Georgia by taking over management of Sodalis Martinez, a Ventas-owned community.

The community has been renamed to Charter Senior Living of Martinez, a press release states.

The addition brings Charter’s portfolio to 75 senior living communities across the country.

Financings 

CBRE arranges acquisition financing for joint venture

CBRE announced it arranged the acquisition financing for The American House Portfolio on behalf of a joint venture between AEW Capital Management, L.P. and American House Senior Living.

The portfolio is comprised of five communities totaling 723 units, according to a press release, and is operated by American House Senior Living.

Aron Will, vice chairman of CBRE national senior housing, and Michael Cregan, senior vice president of CBRE national senior housing, arranged the financing, the release states.

Brand launches

Epoch expands portfolio with Rivermere Senior Living launch

Epoch Senior Living is expanding with the launch of its newest brand, Rivermere Senior Living.

Two new properties in Connecticut, Charter Senior Living of Brookfield and Charter Senior Living Orange, join the Epoch family of brands under new names: Rivermere of Brookfield and Rivermere of Orange, according to a press release.

“The launch of Rivermere Senior Living represents a meaningful milestone in Epoch’s journey as we continue to broaden our footprint across the Northeast,” Joanna Cormac Burt, COO of Epoch Senior Living, said in the release. “Our commitment has always been rooted in delivering exceptional care, fulfilling lifestyle opportunities, and peace of mind to seniors and their loved ones.”

The post Senior Living Dealbook: Five Communities Sold for $455M; Epoch Senior Living Expands with Brand Launch  appeared first on Senior Housing News.