Sage Meadow Portfolio
Middleton, De Pere, Fond du Lac, Racine, DeForest and Lake Geneva, WI
The portfolio consists of 267 units in seven locations in Wisconsin. SHA Capital partnered with Encore Senior Living to acquire the portfolio in May 2019, when it was 65 percent occupied. The plan includes a $3 million renovation and lease-up of the vacant units.
Clifden Court consists of 92 units in three buildings on a five-acre campus in the Milwaukee metropolitan area. SHA Capital partnered with Encore Senior Living to acquire the community in November 2017. SHA Capital completed a $1 million renovation in year one, and Encore stabilized operations in year two.
Tallgrass of Sun Prairie
Sun Prairie, WI
TallGrass consists of 52 assisted living units and 62 senior apartment units on ten acres in the Madison metropolitan area. The undermanaged campus was 50% occupied at acquisition in October 2016. SHA Capital Partners spent $2 million renovating bathrooms and kitchenettes in each unit, along with common area upgrades. Encore Senior Living, the operator and JV partner, subsequently increased occupancy to a stabilized level. The business plan includes building memory care and independent living on campus to complete the continuum of care.
Heritage House of Portage
Heritage House serves the Madison metropolitan area with 66 units of assisted living and was built in 1999 and 2006. SHA Capital Partners teamed up with Chicago-based operator Encore Senior Living to acquire the community in January 2015, when it was 80% occupied. Encore subsequently stabilized the property, and SHA Capital Partners harvested gains through a FNMA refinancing in 2018.
Candle Light Cove
Candle Light Cove was acquired in 2014 with Integracare and consisted of two cottage-like residential buildings with 32 units. The partnership developed 32 additional assisted living units in 2016. The community reached stabilization in 2018 and sold in 2019 to a well-respected private equity firm.
OPENING Winter of 2021
Queenstown Landing (under construction) consists of 51 units of assisted living and memory care in Phase I and 24 units in Phase II. Located on Maryland’s Eastern Shore, the community will provide care and housing to seniors in an underserved market area. SHA Capital Partners teamed with Pittsburgh-based Integracare to develop and operate the community. Phase I is scheduled to open in February 2021.
Washingtonian North Senior Living
Breaking ground Spring of 2021
SHA Capital Partners teamed with Carlsbad, CA-based Kisco Senior Living on the development of 300 units of independent living, assisted living, and memory care in a prime location adjacent to a health club and two mixed-use developments. The community will offer class A services and amenities across the continuum of care. Construction is expected to commence in 2021.