Senior Living Dealbook: Majestic Residences Acquires Avendelle Senior Living; Stellar Expands In San Antonio

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Majestic Residences acquires Avendelle Senior Living

Majestic Residences announced it has acquired Avendelle Senior Living, expanding its footprint and establishing a scaled platform in the rapidly growing residential assisted living sector.

The acquisition adds 17 operating homes and 6 homes in active development to Majestic Residences’ portfolio, a press release states.

Avendelle will be integrated into the Majestic Residences platform, with Avendelle’s “experienced corporate team retained to ensure operational continuity and preserve institutional knowledge,” according to the release.

Stellar expands in San Antonio

Stellar Senior Living continues to grow in San Antonio, Texas through the addition of Villa de San Antonio Senior Living.

The addition of the community expands Stellar’s relationship with Ventas (NYSE: VTR), according to a press release.

“We’re honored to welcome Villa de San Antonio Senior Living to the Stellar family,” Evrett Benton, chairman of the board at Stellar Senior Living, said in the release.

Ohio Living expands with acquisition

Nonprofit Ohio Living announced it has expanded through the acquisition of The Ganzhorn Suites, a specialized memory care community in Powell, Ohio.

Effective Feb. 18, the community will be renamed to Ohio Living Ganzhorn Suites, a press release states.

“Ganzhorn Suites and Ohio Living share a strong culture of resident-centered care, and we are honored and excited to join together,” Ohio Living CEO Laurence Gumina, said in the release. “Over the past five years, Ohio Living’s campus communities have earned memory care certifications through the Hearthstone Institute, and this addition serves to strengthen our vision to deliver best-in-class memory care to every individual we serve.”

JLL sells pair of communities in Connecticut

JLL Capital Markets was involved in the sale of two communities in southern Connecticut.

The communities include The Residence at Selleck’s Woods in Darien and The Residence at Summer Street in Stamford, a press release states. A separate press release states the communities were acquired by Harrison Street and “expands HSAM’s long-standing partnership with LCB Senior Living.”

The JLL seniors housing investment sales and advisory team representing the seller was led by senior managing directors Jay Wagner, Rick Swartz and Aaron Rosenzweig and senior director Jim Dooley, according to the release.

Blueprint facilitates repositioned community sale

Blueprint facilitated the sale of an 80-unit community in Birmingham, Alabama’s affluent southeastern corridor.

The community was sold on behalf of a repeat investor, according to a press release, and was sold to a public real estate investment trust with a longstanding Blueprint relationship.

The community had been repositioned through a $5 million renovation effort.

Cushman & Wakefield brokers Philadelphia sale

Cushman & Wakefield announced it brokered the sale of The Terrace at Chestnut Hill, a 62,600-square-foot, 108-unit assisted living and memory care community in Northwest Philadelphia.

“The Terrace at Chestnut Hill represents exactly what today’s investors want,” Joshua Jandris, Cushman & Wakefield vice chair, said in a press release. “In a supply-constrained market, properties that offer strong occupancy growth within well-located, walkable neighborhoods continue to drive significant demand.”

MVJ Ventures LLC was the buyer, who was represented by Evans Senior Investments, the release states.

SLIB advises on 229-unit portfolio sale

Senior Living Investment Brokerage advised on the sale of a 229-unit senior housing portfolio including two assets in Bloomington and Fridley, Minnesota.

“The twin cities is a target market for investors right now and these two assets are impressive and desirable facilities within that market,” Jake Anderson, senior vice president at SLIB, said in a press release.

The seller is a partnership of regional developers seeking to recycle capital into new opportunities, and the buyer is a national real estate investment trust partnering with the existing regional operator, the release states.

Berkadia sells, finances Jacksonville community

Berkadia announced its involvement in the sale and financing of Grand Living at Tamaya, a Class A 171-unit independent living, assisted living and memory care community in Jacksonville, Florida.

The property is the only non-CCRC in the submarket offering independent living, assisted living and memory care, a press release states.

The sale was arranged on behalf of Ryan Companies US, Inc.

Berkadia announces two Florida sales

Berkadia announced it sold two senior communities in Florida.

The first is a 128-unit assisted living and memory care community in the Orlando metropolitan area, which was acquired by “a leading owner of seniors housing,” according to a press release.

The other was a 130-unit community in the Jacksonville metropolitan area that was built in 2015 and sold on behalf of a Maryland-based private equity investment firm, the release states.

Financings

Berkadia secures $27.5M for Idaho community

Berkadia announced it secured $27.5 million in financing on behalf of a seniors housing community located in Idaho.

The community’s ownership is a first-time Berkadia client and is located in Tennessee, a press release states.

The 191-unit community boasts a 97% occupancy rate, the release states.

Helios arranges acquisition financing

Helios Healthcare Advisors announced it arranged the acquisition financing for Marble Falls Assisted Living, a 25-unit assisted living community located in Marble Falls, Texas.

At the time of the acquisition, the community was reported to be underperforming and operating at a cash-flow deficit, a press release states.

Financing was provided by an Arkansas-based commercial bank, the release states.

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