Senior Living Dealbook: Stellar Senior Living Expands; Norwood Crossing Partners with Oakdale Seniors Alliance

Transactions

Stellar Senior Living expands with six communities

Stellar Senior Living has added six communities into its portfolio, bringing its total to 42.

The communities, located in Phoenix, Tucson, Peoria, Scottsdale and Albuquerque, house around 900 residents and have more than 450 team members.

Alongside the growth, Stellar is expanding its partnership with Diversified Healthcare Trust as the real estate investment trust “goes on the offense.”

Continuum Advisors closes on $15M sale

Continuum Advisors, a senior housing investment sales and advisory firm, sold a 270-unit continuing care retirement community in Bridgewater Township, New Jersey.

The community is set on 25 acres and consists of 183 independent living apartments, 19 independent living villas, 30 assisted living units, 10 memory care units and 28 skilled nursing units, according to a press release. There are also five acres of undeveloped land for future expansion.

Continuum Advisors represented the owners, a joint venture including LCS, and the community was sold to an affiliate of Maxwell Group & Senior Living Communities, the release said.

SLIB facilitates $4M sale

Senior Living Investment Brokerage facilitated the sale of an 89-unit independent living community in Batavia, New York.

Alongside its independent living units, the community is licensed for 60 enriched housing program beds, a press release states.

The seller was a New York-based senior living management company, and the buyer was a regional owner- operator with a “strong presence throughout Western New York,” according to the release.

Berkadia sells Dallas metro community

Berkadia announced it sold and financed Appletree Court, a 118-unit assisted living and memory care community in Richardson, Texas.

The community was sold on behalf of a joint venture between Marquee Capital, a Milwaukee-based family office, and Winterpast Capital Partners, a Nashville-based real estate investment company, according to a press release.

The community will continue to be operated by Winterpast’s operating partner Vitality Senior Living.

SLIB sells Westmont of Brentwood

Senior Living Investment Brokerage announced it sold Westmont of Brentwood, an independent living, assisted living and memory care.

The community was built in 2007 and consists of 132 units.

The community was the seller’s only senior living asset, according to a press release. The buyer is a private equity group with a background in senior living, the release states, who is partnering with an established West Coast operator who is growing their presence in California.

CBRE arranges $39.8M affordable portfolio

CBRE announced it sold Kimberly Place in Danbury, Connecticut and One Leonard in downtown Norwalk, Connecticut.

The two properties make up a 169-unit portfolio, and was sold by an affiliate of First Atlantic, LLC, a press release states.

An affiliate of Heritage Housing, Inc. purchased the portfolio.

SLIB sells two-property portfolio

Senior Living Investment Brokerage announced it sold the Hampton Manor Portfolio, which consists of two properties.

There is a third asset in the portfolio currently awaiting a HUD assumption and will transition once the approval is complete, according to a press release.

The seller is a partnership between a Florida-based capital provider and a regional operator, and the buyer is a Florida-based owner-operator and continues to expand its Florida footprint, the release states.

Blueprint advises on membership buyout

Blueprint acted as the exclusive advisor to a Missouri-based real estate developer in a membership buyout of its joint venture partner.

Following the purchase of the majority interest in the joint venture, the owner-developer adds the community to its portfolio around the Midwest, a press release states.

The community opened its doors in January 2024.

SLIB sells two memory care communities

Senior Living Investment Brokerage facilitated the sale of a two-property memory care portfolio consisting of 59 units and 106 beds in Dover, New Hampshire.

The communities were privately owned and built in 2005 and 2009. At the time of marketing, occupancy was at 79%, according to a press release.

The seller was an independent owner looking to exit the senior housing market. The buyer is a “New Jersey-based owner and operator of mostly skilled nursing facilities throughout the East Coast looking to expand its footprint in New Hampshire,” the release states. 

SLIB closes on 142-unit community

Senior Living Investment Brokerage facilitated the sale of Renaissance Village Murrieta, a 142-unit senior living community with assisted living and memory care services.

The community sits on 5.3 acres and was built in 2016 and 2018, a press release states.

The community was the seller’s only senior living asset, and the buyer is “a well-respected REIT” who is partnering with a West Coast operator expanding its presence in California.

Partnerships

Norwood Crossing, Oakdale Seniors Alliance partner

Norwood Life Society and Norwood Crossing have announced a partnership with Oakdale Seniors Alliance.

The partnership marks “a significant milestone in Norwood Crossing’s” legacy of care in Chicago’s Norwood Park neighborhood, a press release states.

Through the partnership, Oakdale Seniors Alliance will assume operational and management responsibilities of the community, according to the release.

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