Senior Living Investment Brokerage Closes Two Sales Totaling $24.5M

Senior Living Investment Brokerage completes two sales; Prometheus obtains new fee-management account; and Raymond James provides tax credit equity.

Continuing Care Retirement Community

Tomball, Texas—Senior Living Investment Brokerage Inc. has closed two sales, one in Texas and one in Missouri, which totaled $24.5 million.

The 142-unit Continuing Care Retirement Community, located in Tomball, Texas, was sold to a publically-traded REIT that specializes in healthcare for $13 million. Constructed in 2001, the property consists of 40 independent living units, 78 assisted living units and adult day care beds, and 60 comprehensive nursing beds. Occupancy was at 94 percent at the time of the sale.

A 219-bed skilled nursing and residential care facility in Springfield, Mo. was sold for $11.5 million. The 68,614-square-foot facility sits on 6.4 acres and was constructed in three phases between 1961 and 2008. There are 120 skilled nursing beds and 99 residential care beds. The buyer is a regional owner based in Missouri. Occupancy was approximately 90 percent at the time of sale.

Prometheus gains 272-unit fee managed asset in Sacramento

Sacramento, Calif.–Prometheus has gained a new fee managed asset, The Falls at Arden. The 272-unit community is located in Sacramento near Cal State Sacramento and Swanston Park.

Construction on the garden style community was completed in 1998. The property includes large studios and apartment homes with one and two bedrooms. Common areas include a clubhouse, billiard room, business center, theater, swimming pool, two spas, fitness center, and two dry saunas.

“Prometheus is very excited to begin working with our new fee client Embarcadero Realty Services located in Redwood City, California,” says director of operations, Kellie Meier. “We are also fortunate to have the opportunity to work with the property team that has been part of the operation for the past year and they are thrilled to become Prometheans.”

Raymond James supplies $15M in partnership with JP Morgan Capital

Chula Vista, Calif.–Raymond James Tax Credit Funds partnered with JP Morgan Capital Corp. to provide more than $15 million in Low Income Housing Tax Credit equity for the Phase II construction of The Landings Apartments in Chula Vista, Calif.

Landings Phase II is in progress and scheduled for completion by July 2011. The complex will be located in the Windingwalk master-planned community in Chula Vista. The project will have a total of 143 three-bedroom units in 25 three-story townhome style buildings for those residents who earn less than 50 to 60 percent of the area median income.

The project boasts two-car garage parking for each unit as well as a 1,400 square foot community building with a computer lab/business center, swimming pool, central laundry facility, and playground.