| IN THE
February
23, 2009 ISSUE |
Memory-Care Facilities Provide Safe Haven for
Investors
In search of a sure bet in uncertain times, investors are
turning their attention to housing for persons with dementia. While many
seniors stay put in their own homes until the resale market rebounds,
elderly persons with severe memory impairments usually cannot age in
place. Nursing homes, assisted-living and dementia-care facilities are
often the only housing alternative for those who need round-the-clock
supervision.
The LaSalle Group plans to capitalize on the trend. The Irving,
Tex.-based company develops and owns nine Autumn Leaves dementia-care
facilities. Seven buildings are in the Dallas area, with two in the
Chicago area. Another building is under way in the Chicago suburbs, with
plans to build three more there. A facility is also under way in the
Dallas area. The company plans to expand to Houston in the near
future.
Clarett Group Acquires FountainGlen Portfolio
Management
In a sign that seniors housing is perhaps one of the only
safe havens for commercial real estate investors, multifamily property
owner and developer the Clarett Group has purchased a seniors housing
company with plans to expand the brand. New York City-based Clarett
bought FountainGlen Portfolio Management of Irvine, Calif. The company
includes a property management company and a development business.
FountainGlen manages and develops upscale apartment buildings for
persons age 55 and older. The firm currently manages 10 properties in
Southern California. The properties were developed by FountainGlen and
are owned by an institutional investment partnership.
Seniors Housing Tidbits
Ventas Completes Sale of Four Seniors Housing
Properties
Ventas Inc. (NYSE: VTR) recently closed on the sale of four seniors
housing properties to affiliates of Benchmark Assisted Living for $58.7
million. The assets are located in Massachusetts and include 403 units.
Ventas expects to record a gain of approximately $11 million on the
sale. The purchase price represents an 8.5% capitalization
rate.
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