Réseau Selection Expands Presence in Greater Montréal
Réseau Sélection has acquired three independent Living communities in the Greater Montréal area, giving the company more than 40 residences in the region. Réseau acquired the three properties—Cherbourg I and Cherbourg II of the municipality Brossard and Le Graham in the Town of Mount Royal—from Prével Retraite and the Fonds immobilier de solidarité FTQ, giving Réseau another 1,000 residents in 710 parents, as well as 100 employees.
“We believe that residents and employees in these three residences will continue to have a positive experience in their living and working environments,” Jonathan Sigler, Prével’s co-president, said in a statement.
Cherbourg I offers 271 units, while its phase two—Cherbourg II—has another 140, ranging from 604 to 1,166 square feet. The Cherbourgs provide residents with activities—including an indoor pool, spa, sauna, exercise room, cinema and library—designed to promote resident health and wellbeing. Similar amenities are available at Le Graham.
National Health Investors Purchase Tulsa, Oklahoma Community for $35.1 Million
National Health Investors has purchased Country Club of Woodland Hills, in Tulsa, Oklahoma, for $35.1 million, including $500,000 for capital improvements to be fully funded by the end of 2019. Triad Senior Living, Inc. was advised in the December 1 sale by New York-based Greystone Real Estate Advisors, with Justin Ridnour of Greystone representing and advising Triad. Discovery Senior Living will be the operator the community.
Built in 1986, Country Club of Woodland Hills is a 200-unit, 222,000-square foot independent living and residential care community featuring 50 independent living cottage units on its nearly 14-acre property. The community has averaged 95% occupancy over the past five years.
C.C. Young Engages Greystone Communities for Marketing Advisory and Strategic Planning Services
Non-profit senior living community C.C. Young has hired Greystone Communities of Irving, Texas, to provide marketing advisory and strategic planning services on a pair of projects set to open over the next two years.
C.C. Young is building a pair of facilities on its 20-acre Dallas campus that will add 355 residences, offering a range of service levels, including skilled nursing and memory care.
Opening in the fall of 2018, the 325,000-square-foot, $84 million Vista will be a 10-level, 221-unit integrated transitional living center with skilled nursing, memory care, assisted living, rehabilitation, and other services. D2 Architecture in Dallas is designing the building.
Also expanding via the Vista is C.C. Young’s adult day center, as well as its therapy and rehab facility, which is tripling in size and adding an aquatics area.
The other facility, called The Terraces, will offer 134 one-, two- and three-bedroom independent living residences. Construction on the facility is tentatively scheduled for the end of 2019 or start of 2020. The total cost of the project is not yet known.
Cushman & Wakefield Arranges Sale of 97-Unit Bay Area Senior Housing Community
A joint venture between Kayne Anderson Real Estate Advisors, a Los Angeles-based investment management firm, and Tucson, Arizona-based Watermark Retirement Communities has purchased Fremont Hills, a 97-unit assisted living and memory care community in the San Francisco Bay Area. Purchase price was not disclosed.
Located in Fremont, California, and built in 2004, the three-story, 63,000-square foot building offers 76 assisted living units and 21 memory care units, and has been fully occupied since 2015. Cushman & Wakefield Senior Housing Capital Markets Group arranged the sale, advising seller Capitol Seniors Housing.
“We’re proud to have advised on Fremont Hills for the second time and to have ended up with a tremendous execution for our client,” said Cushman & Wakefield Executive Managing Director Richard Swartz. “The market continues to demonstrate robust demand for ClassA senior housing opportunities in strong markets.”
Watermark Communities will operate the community.
Chicago Pacific Founders Acquires Northgate Park Senior Living Community
Health care investment fund Chicago Pacific Founders (CPF) and its subsidiaries have purchased Northgate Park Senior Living Community, a 124-unit senior living community in Cincinnati. Formerly Atria Northgate Park, the community will continue to provide a range of assisted living care services. CPF subsidiaries CPF Living Communities and Grace Management, Inc. joined in the purchase.
Grace Management will manage the property, which is located in a residential neighborhood on seven acres, 12 miles outside of downtown Cincinnati. Cost of the project was not disclosed.
Blueprint Announces Multi-State Sales Totaling $24.6 Million
Chicago-based Blueprint Healthcare Real Estate Advisors announced three sales this week: two in skilled nursing, one in assisted living.
In Yuma, Arizona, Blueprint sold a 151-unit assisted living facility in a court-appointed sale. The sale netted $3.1 million.
In a $5.5 million deal, Blueprint represented a Chicago-based owner and operator in its sale of a 132-bed skilled nursing facility in rural, central Missouri. And in Nashville, Blueprint announced the sale of a 119-bed, 100,000-square-foot skilled nursing facility for $16 million.
Written by Jack Silverstein
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