Senior Living Dealbook: AgeWell Retains Management of Two Communities; PGIM Provides $144M for Acquisition 

Transactions

AgeWell retains management of two communities

AgeWell Senior Living announced it is retaining management of Sonata Viera and Sonata East at Viera following the successful sale of the two senior living communities.

The transaction “marks another milestone in AgeWell’s longstanding relationship with National Healthcare Properties (Nasdaq: NHP) and reinforces the organizations’ shared commitment to long-term value creation through highly collaborative execution and exceptional care to residents,” according to a press release.

Operations will remain uninterrupted during the transition, the release states.

Denver Class-A community trades hands

BWE Investment Sales announced the successful sale of Lakewood Reserve Senior Living, a 137-unit Class A assisted living and memory care community in the Denver metropolitan area.

The community has 118 assisted living units and 19 memory care units and “has benefited from meaningful capital investment in recent years,” a press release states.

The community was acquired by a national real estate investment trust, with Stellar Senior Living continuing to operate the property. 

Western New York portfolio sold

Senior Living Investment Brokerage announced it facilitated the sale of a four-community senior living portfolio in western New York.

The portfolio consists of 15 buildings, 187 units and 298 licensed beds, according to a press release.

The portfolio was sold by “a New York-based not-for-profit organization that operates licensed adult homes, assisted living facilities and senior living communities,” the release states. It was acquired by a private real estate investment group utilizing a New York-based operator.

Berkadia announced the sale of Trulee Evanston, a 160-unit, Class-A community in the Evanston, a Chicago suburb.

It is a nine-story community offering 127 independent living/assisted living units and 33 memory care units, according to a press release.

Berkadia handled the transaction on behalf of AEW Capital Management. The community was sold to a large national REIT, and Solera Senior Living will continue to operate the community on behalf of its new owner, the release states.

Senior Living Investment Brokerage announced its involvement in the sale of a 48-unit senior living community in Hanover, Minnesota.

The transaction was completed through a formal bankruptcy proceeding, with the sale completed under court order, according to a press release.

The community was purchased by “an experienced Minnesota operator,” the release states.

MorningStar announced it recapitalized MorningStar Senior Living at The Canyons, a premier Class-A senior housing property located in Las Vegas, Nevada.

JLL Capital Markets represented the seller, a joint venture between Confluent Development and Ovation Group, in the sale of the property to a private equity firm, a press release states.

MorningStar will remain as the operator and a joint venture partner.

The Knapp-Stahler Group announced it facilitated the sale of a memory care community in the San Francisco metropolitan area for $313,235 per unit.

The community features 30 units and over 55 licensed beds, according to a press release.

Chad Mundy and Nick Stahler handled the transaction on behalf of The Knapp-Stahler Group.

Vintage campus trade hands in California

Blueprint announced the sale of a 139-unit seniors housing campus in Yuba City, California.

The campus is comprised of two 1990s vintage communities offering independent living, assisted living and memory care, according to a press release.

The seller was a West Coast owner and operator, and the buyer was a California-based owner and operator, the release states.

Financings

$112M acquisition financing for two-property portfolio

JLL Capital Markets announced it arranged $112 million in acquisition financing for the purchase of a two-property portfolio in the Chicago area.

JLL placed the financing on behalf of an affiliate of The Inland Real Estate Group, LLC , a premier vertically integrated commercial real estate investment, finance, development and operating group, according to a press release.

The stabilized portfolio consists of Deer Park Village, a 188-unit community in Deer Park, which opened in 2016; and The Landings, a 142-unit community, originally constructed in 2021 and located in Batavia, the release states.

$39M secured for four communities

Berkadia announced it secured $39 million in HUD financing for four senior living communities in Alabama, California, Florida and Oregon.

The transactions included $16.7 million for a 120-bed skilled nursing facility in Plantation, Florida; $13.3 million in HUD financing for a 37-unit seniors housing community in Northern California; a $3.78 million HUD loan for a 27-unit assisted living community in Oregon; and a $5.39 million HUD loan for a 32-unit seniors housing community in Alabama.

The transactions were originated by Managing Director Ed Williams of Berkadia Seniors Housing & Healthcare, according to a press release.

PGIM provides $144M for two communities

PGIM’s real estate investment group has provided two loans totaling $144 million for the acquisition of two communities.

The communities include Acoya Shea in Phoenix and The Ambassador of Scarsdale in Westchester, New York, a press release states.

Amenities at both facilities include “restaurant-style dining, a card and billiard room, an art studio, a full-service salon and barbershop and a cinema,” the release states.