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From National Real Estate Investor   |   A Penton Media Property July 28, 2008 |   
IN THIS ISSUE
Multistate Deal Bucks Property Sale Slowdown
Erickson Retreat Aims to Mentor Retirees
Jeffrey Pritchard: ARA Advisors Expands Into Seniors Housing Sector

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Seniors News
Multistate Deal Bucks Property Sale Slowdown
By Jane Adler
 Property sales may have slowed to a crawl, but a recent $100.8 million sale shows that some investors think it's still a good time to buy. Care Investment Trust of New York purchased 12 buildings totaling 569 units in late June from affiliates of Eby Realty Group, which operates the buildings through its subsidiary Bickford Senior Living.

Five of the properties are located in Illinois, another five are in Iowa and the remaining two are in Indiana and Nebraska.

Bickford will continue to operate the assisted living buildings under a 15-year sale-leaseback agreement. All the properties were developed by Bickford within the last 11 years and their average occupancy is above 90%.Read full story here.
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Erickson Retreat Aims to Mentor Retirees
By Jane Adler

 Industry mogul John Erickson has expanded his seniors housing empire once again. The latest project: Point Lookout, a retreat in Maine where retirees and soon-to-be retirees can get help with planning the next stage of their lives.

The Erickson Foundation, a nonprofit group separate from Erickson Retirement Communities, bought the 380-acre Point Lookout conference center on Penobscot Bay last December and is converting it into a retirement resource center.

Originally built by MBNA America Bank as a corporate meeting place, the center had been closed for the last three years. Listed for sale at $26.4 million, the property was sold to Erickson for $12 million, according to Jack Driscoll, town administrator for the City of Northport, Maine. Read full story here.
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Q & A
Jeffrey Pritchard: ARA Advisors Expands Into Seniors Housing Sector
By Alex Stallings

 Long a multifamily brokerage specialist, Atlanta-based Apartment Realty Advisors (ARA) has expanded into seniors housing brokerage this summer. The privately held company has been ramping up toward this expansion for about a year. The move is spurred by its existing clients, especially institutional clients, who say that their investment criteria has shifted to include more seniors housing product.

Seniors housing offers higher returns than conventional apartments in today’s market, but investors also see major opportunities ahead. Because seniors housing, especially assisted living and skilled nursing care, tends to be needs driven, ARA is betting that the industry will prosper even during a recession. But more than that, ARA believes that seniors housing has demographics on its side as the U.S. population grows older.Read full story here.
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