There is much activity in the world of senior housing real estate transactions these days. Highlights from last month include:
Pennsylvania: 3 Senior Living Communities Acquired in a 15.7 Million Transaction
Lake Erie College of Osteopathic Medicine (LECOM) acquired three senior living communities for $15.7 million. LECOM purchased Parkside Senior Living Communities. Parkside’s communities include:
- Regency at South Shore (personal care), sold for $7.9 million;
- Parkside at Westminster (independent senior living), sold for $4.3 million; and
- Parkside at North East (mixed personal care and independent living) sold for $3.5 million.
LECOM will now be able to offer a full continuum of care as a result of this acquisition. The goal is to “create a healthy and proactive environment that values keeping older adults independent in their decisions through each part of the continuum.” With this acquisition, LECOM will continue its commitment to providing high quality resident care to a diverse population of seniors.
California: Memory Care and Assisted Living Community Sold for $16.55 Million
Last month, Greystone’s Real Estate Advisors group closed the sale of Alta Manor, a senior living community in Roseville, California. DiNapoli Capital Partners purchased the property from an independent owner for $16.55 million. Alta Manor is an 86-unit community – 60 units are for assisted living, and 26 units are designated for memory care. Currently, the community is at 70% occupancy. For their fourth senior housing acquisition, DiNapoli Capital Partners plans to change the community’s product mix, renovate common areas and units, and reposition the property within the Roseville market.
California: WESTliving Expands its Portfolio
WESTliving, a senior living owner and operator with properties in the Pacific and Southwest, recently acquired Oakdale La Mesa, a community in La Mesa, California for an undisclosed purchase price. Oakdale offers independent and assisted living, and memory care. Oakdale will add an additional 180 apartments to WESTliving’s nine-community portfolio. Oakdale has 121 assisted living and 59 memory care apartments.
Virginia: Commonwealth Assisted Living Adds Richmond Community to its Portfolio
Commonwealth Assisted Living has acquired Meadow Glen, an assisted living company located in Richmond, Virginia from Meadow Glen of West End, L.P. This community will be Commonwealth Assisted Living’s 21st senior living community in Virginia, and its second in Richmond. The company plans to rebrand Meadow Glen as Commonwealth Assisted Living at the West End. The community will undergo immediate renovations, including adding additional assisted living apartments, as well as a secured memory care neighborhood. Commonwealth Assisted Living is one of Virginia’s largest providers of assisted living and memory care. The company is planning additional acquisitions throughout the coming year.
Contact Cambridge Realty Capital
Cambridge Realty Capital specializes in providing financing and capital for acquisitions and large-scale improvements to senior living facilities. For any questions regarding finance and capital for your senior living initiative, contact Cambridge Realty Capital.