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| Janis Loegering |
DALLAS, TX – HFF announced it has closed the sale of a
12-property SunnyBrook seniors housing portfolio totaling 680 units located
across Iowa.
HFF
marketed the property on behalf of the seller, SunnyBrook Senior Living.
American Realty
Capital Healthcare Trust II purchased the offering for $164.175 million, which
represents a cap rate near 7.2 percent based upon 2014 pro forma
financials. A 13th asset is currently
under contract and will close at a later date.
The assets in the portfolio were all constructed between
2003 and 2009, with a unit mix of 544 assisted living units and 136 memory care
units featuring studio, one- and two-bedroom floor plans.
The properties are
located in Burlington, Carroll, Fairfield, Fort Madison, Mt. Pleasant,
Muscatine, Cedar Rapids, Clinton, Des Moines, Independence, Ottumwa and
Tipton. The portfolio had an average
occupancy of 93 percent at the time of close.
 |
| Ryan Maconachy |
The HFF team representing the seller was led by managing
director Ryan Maconachy and director Chad Lavender.
The SunnyBrook Portfolio was represented by the legal team
of Whit Roberts and Janis Loegering in the Dallas office of Locke
Lord LLP.
ARC was represented by Taylor Pancake in the Orlando
office of law firm, Foley & Lardner.
“The SunnyBrook Portfolio represented a great opportunity
for ARC and their new operating partners for this portfolio, Provision Living
and Frontier Management, each bringing significant operating experience in the
region.
“The HFF Seniors Housing Team was very pleased with the
execution of the transaction by the teams at SunnyBrook and ARC, which was
completed over a compressed timeline,” said Maconachy.
 |
| Chad Lavender |
CEO and majority owner of SunnyBrook, James T. Elliott IV,
moved his family to Iowa from New York City 10 years ago to pursue his vision
of creating the best possible lifestyle for Iowa seniors in small and mid-size
communities.
Mr. Elliott developed the properties from the ground-up and
then assumed a hands-on role with the management of SunnyBrook, making it known
that the staff of each community should be talented and caring individuals
working as a team to provide the care of residents.
Under Mr. Elliott’s leadership, SunnyBrook enjoyed great
success with quality services, strong occupancy and deep ties to each
community.
American Realty Capital Healthcare Trust II
("ARC") is a full-service investment advisory firm sponsoring a
series of investment programs with an emphasis on publicly registered
non-traded real estate offerings.
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| Taylor Pancake |
ARC was formed by Nicholas S. Schorsch and William
M. Kahane with the vision of building a portfolio of companies focusing on
sector specific and what we believe are best of class investment solutions,
independently governed and distributed to retail investors over a unique
multi-product wholesale distribution platform known as Realty Capital
Securities.
For more information please visit www.thehealthcareREIT2.com.
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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