Family Office Acquires Florida Seniors Housing Portfolio
Berkadia facilitated the sale of a four-property assisted living and memory care portfolio along Florida’s West Coast. Brooks Minford closed the transaction on behalf of two separate sellers. The buyer of all four properties, a Central Florida-based family office looking to expand its existing footprint, finalized the closings on July 23. The total purchase price was $42.55 million, or $127,400 per unit. In the first transaction, a Florida-based seniors housing and multifamily developer sold an early 2000s-build community comprising 59 assisted living and 20 memory care units. Occupancy was hovering around 85%, and it was stabilized at the time of the sale. The seller was divesting because... Read More »
Forest Facilitates Florida SNF Acquisitions
Forest Healthcare Properties handled two separate skilled nursing transactions in Florida. First, engaged by a regional owner/operator looking to exit the Tampa and Orlando MSAs, Forest helped facilitate the sale leaseback for a portfolio of seven SNFs. Built in 1980, the portfolio encompassed 866 beds with an occupancy rate above 90%. At the time of sale, the portfolio was not stabilized. The buyer was a regional owner/operator with a presence in Georgia and North Carolina and was looking to expand into Florida. Jeffrey Vegh and Joe Schiff handled the transaction, which involved the approval of three different banks due to the existence of three separate loans. Interest in the... Read More »
The Zett Group’s Summer Surge
The Zett Group, a brokerage firm focused on the Pacific Northwest, has hit a rich vein of activity, closing four separate transactions in recent weeks. Blake Bozett handled the transactions, with even more deals to be announced soon. First, built in 2006, Streamside Assisted Living and Memory Care features 79 assisted living and memory care units in Nampa, Idaho. It was stabilized at the time of sale. The seller was Ohana Ventures, and the buyer was Titan SenQuest, which was looking to expand its footprint within the state. The transaction navigated through various fire, life and safety needs that arose from the licensure inspection. Upon securing the listing agreement, Bozett made one... Read More »
StoryPoint Acquires in Michigan
Alex Vice, Josh Jandris and Thomas Falkenberg of Walker & Dunlop facilitated the sale of two seniors housing communities in Oakland County, Michigan, which included Blossom Ridge (Rochester) and Blossom Village/Blossom Springs (Oakland Charter Township). In total, the communities encompass 245 units: Blossom Ridge features active adult, independent living and assisted living units whereas Blossom Village and Blossom Springs offer assisted living and memory care units. Built in 2019 by the Moceri family, the combined assets have been rebranded as the Flourish Collection by StoryPoint Group and will be added to StoryPoint Senior Living’s portfolio of seniors housing communities that... Read More »
Not-For-Profit Defaults and Divests in Pennsylvania
Evans Senior Investments was engaged by a not-for-profit organization in its divestment of the real estate of a skilled nursing facility in Indiana, Pennsylvania. After the not-for-profit defaulted on its existing bond debt, ESI was brought on to market the property as part of the Section 363 bankruptcy process. A select group of skilled nursing buyers were targeted and nine competitive offers were procured. The selected buyer offered the most advantageous terms for all parties involved. Law firm Duane Morris LLP also handled the transaction. Built in the 1970s with two major renovation projections completed since then, Beacon Ridge comprises 118 beds and offers private units,... Read More »
Carlton Senior Living Secures Two Freddie Mac Loans
Lument secured two separate Freddie Mac loans for Carlton Senior Living, one of Northern California’s largest seniors housing providers with 11 independent living, assisted living and memory care communities in operation. The loans total $38.8 million and were secured across two separate California properties: $13.5 million to refinance a 123-unit seniors housing community in Fremont and $25.3 million to refinance a 126-unit seniors housing community in San Jose. Both loans feature a fixed interest rate, a 10-year term and 30-year amortization. Additionally, the loan for the San Jose property provides funds for renovations. Nick Hamilton and Casey Moore handled both... Read More »
2nd Quarter Investor Call Recording
On Wednesday, July 24, The SeniorCare Investor hosted its Second Quarterly Investor Call, discussing the latest seniors housing and care M&A data, relevant case studies on recent transactions, and audience questions. Ben Swett, Managing Editor of The SeniorCare Investor, moderated the conversation with panelists Ross Sanders, Managing Director, Investment Sales Seniors Housing & Healthcare of Berkadia, Rick Swartz, Senior Managing Director, Seniors Housing Group Leader of JLL, and Hank Fuller, Director of Evans Senior Investments. Read More »Atlas Acquires Florida Seniors Housing Portfolio
Atlas Senior Living and Salta Capital acquired three stabilized seniors housing communities with healthy cash flow in the Orlando, Florida MSA, including Madison at Clermont, Madison at Ocoee and Madison at Oviedo. According to The Business Journals, the seller was Longview Senior Housing, an affiliate of Blackstone Real Estate. We believe these to be former Brookdale Senior Living properties that were previously sold to Longview. Three to four years ago, Longview brought Atlas on as an operator. Built around the late 1990s and all having received some major capex improvements around 2020/21, the assisted living/memory care communities are in Clermont, Ocoee and Oviedo, Florida. The... Read More »
60 Seconds with Swett: Watch the Quarterly Investor Call 2.0
Today, Wednesday July 24th at 1pm ET, we are hosting our second Quarterly Investor Call, and it comes at a time of record-high M&A activity and no slowdown in sight. How are dealmakers doing it with all of the hurdles and higher costs associated with closing transactions these days, not to mention low valuations not inspiring many potential sellers to get off the sidelines. It turns out that need is trumping desire to sell for many owners right now, with few believing that the capital markets environment will improve dramatically, and quickly. So, rather than wait a year, they are facing the music, and often a loss on their books, to move on from a property that was either struggling... Read More »
Owner/Operator Purchases in Nevada
Senior Living Investment Brokerage facilitated the sale of a cash-flowing seniors housing community in Las Vegas, Nevada. The seller, a private equity firm, is divesting to exit its fund and the seniors housing industry. The purchase price was $9.5 million, or $77,900 per unit. Built in 1974 and continually renovated as recently as 2023, Sterling Ridge Living comprises 22 independent living units (24 beds), 74 assisted living units (76 beds) and 26 memory care units (52 beds), with a 91% occupancy rate. The community sits on 2.37 acres and spans 89,719 square feet. Revenues were $5.6 million, and EBITDAR was $994,000, resulting in a cap rate of 10.5%. During the marketing period, the... Read More »Schedule a demo
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