Assisted Living “Lite” Or Not
Whether you think you operate your assisted living community under a hospitality model or a healthcare model, there will only be more health care in the future. Recently, there have been some stories in the senior care media about the hospitality model for assisted living compared with the healthcare model. That was a big debate in the late 1990s when 20 assisted living companies went public as some companies didn’t want to be labeled as “healthcare” companies, with all the regulatory and reimbursement baggage that comes with it. Some preferred to call the hospitality model “assisted living lite.” In fact, the founder of Sunrise Senior Living was famously quoted as saying Sunrise did not... Read More »
Phoenix rises
There has been an uptick in seniors housing and care construction in the Phoenix area in just this year. First, Mainstreet announced its first development in the state of Arizona, breaking ground in mid-February on its 94-bed skilled nursing/assisted living facility at a cost of $21.9 million, or $233,000 per bed. The facility also is the first to be operated by Mainstreet Health, the developer’s new operating company. Then, Love Funding announced that it provided a $15 million bridge loan to finance the construction of a 90-unit assisted living/memory care community in the adjacent town of Peoria. The private pay community, which will feature 58 memory care units and 32 assisted living... Read More »Enlivant lives on!
Enlivant, the Chicago-based owner/operator of assisted living communities, recently purchased a memory care community and an AL/MC community, both located in Georgia. Enlivant is the successor company to the former Assisted Living Concepts, which has been in the news of late when its former CEO Laurie Bebo’s case against the SEC was recently rejected by the Supreme Court. Back to the deal, the 42-unit memory care community (which has some high acuity units too) in Rome was built in 1999, while the community in Cedartown was built in 1991 with 29 AL units, plus 20 MC units added in 2014. Under its ownership by the seller, Winthrop Senior Living, the occupancy had varied over the years, but... Read More »Yuba to be kidding me
A Southern California-based real estate entrepreneur is selling their remaining seniors housing asset, a 71-unit assisted living/memory care community in Yuba City, California that it purchased over 10 years ago. The acquisition was meant to be a turnaround opportunity (the facility was built in 1993), with the buyer bringing in a third-party operator and spending over $1 million in capital improvements since 2008. Today, occupancy is around 91%, and the community is operating at roughly a 34% margin on $2.9 million of revenues. The new owner, a real estate investment and management firm, is growing its seniors housing portfolio, with this deal representing its twelfth acquisition in the... Read More »Schedule a demo
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