Regional Operator Acquires Large Multi-State Portfolio
Senior Living Investment Brokerage announced a couple of portfolio deals this week totaling 15 separate properties. The larger deal featured 13 assisted living/memory care communities spread out in Georgia and South Carolina. Built between 1989 and 2014, the buildings have a combined 672 units, with 492 assisted living and 180 devoted to memory care. Brad Clousing, Dan Geraghty and Jeff Binder represented an undisclosed institutional owner in the transaction, creating a national market for the assets and generating significant buyer interest with more than 15 qualified offers. A Southeast-based regional operator emerged as the buyer, with a plan to reposition and stabilize the... Read More »
Oregon and Idaho Communities Sell
Blake Bozett and Spud Batt of The Zett Group sold a 48-unit independent living community in Pendleton, Oregon, on behalf of a local owner/operator who was exiting the business. Built in the 1970s, the community was well occupied but could improve its overall operations. Still, there was positive momentum in the NOI, which rose from $320,000 in the trailing-12 months to $470,000 in the trailing-three months annualized. The property was on the market for only three days, and the deal closed 106 days after LOI execution. A regional independent living owner/operator stepped in to purchase the asset for $5.35 million, or $111,500 per unit, at an 8.8% cap rate based on the trailing-three... Read More »
Owner/Operator Purchases AL/MC Assets from Public Company
A publicly traded company sold its portfolio of eight assisted living/memory care communities located throughout Minnesota and Wisconsin, engaging Blueprint’s Kyle Hallion, Lauren Nagle and Ben Firestone to handle the deal. Each community included a smaller footprint, with 153 units total across the portfolio. The S&P 500 company owner ultimately sold the portfolio to an established owner/operator with an existing Wisconsin presence. That buyer emerged from multiple qualified offers from buyers active in the Midwest. Read More »
Inland Acquires Class-A Asset
Inland Real Estate Acquisitions announced its acquisition of a high-end seniors housing community in Monument, Colorado (between Colorado Springs and Denver). We heard about the Class-A transaction about six weeks prior, when Vince Viverito, Jason Punzel, Jake Anderson and Taylor Graham of Senior Living Investment Brokerage announced their handling of the deal. Built in 2017 within a master-planned development, Jackson Creek Senior Living features 132 units of independent living, assisted living and memory care. It was the only seniors housing community in the builder/seller’s portfolio, but it was a strong operator. Occupancy hit 95%, and the community operated at a nearly 40% margin on... Read More »
Institutional Investor Acquires Oklahoma SNF at Record Price
A private investor looking to exit the skilled nursing business to focus on other ventures recently sold its Oklahoma City, Oklahoma, asset. The building is one of the newest skilled nursing facilities in the state. The facility had a strong census at the time of sale, but there was some upside with a shift in the operating model. Daniel Morris of Plains Commercial Real Estate handled the deal, highlighting the potential for a new buyer to add value to a skilled nursing facility with a high-quality physical plant in a prime location. An institutional investor ultimately secured the opportunity, engaging an operator with a focus on short-term stay skilled nursing and with which it has... Read More »
PE Firm Sells Community in Texas
A seniors housing community in the Dallas-Fort Worth MSA recently traded with the help of Nick Stahler, Austin Diamond and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap. The large community, which features more than 200 units and 230,000 square feet, includes 163 independent living, 42 assisted living 15 and memory care units. Built in 1982, it had recently benefitted from physical improvements, and while occupancy was improving and recently surpassed 50%, there is still work to do to stabilize the asset. It was sold by a mid-sized private equity firm that had operated the community through a third party management platform. Hap Knowles served as the referring... Read More »
DST Investor Buys Idaho MC Community
A leading DST investor recently acquired a memory care community in northern Idaho. Set in the town of Rathdrum, about 25 miles northeast of Spokane, Washington, Generations Memory Care features 48 private units and is managed by Senior Services of America, an experienced regional operator with 15 properties in Washington, Oregon and Idaho. It was built in 2005 with expansions in 2007 and 2013. It had previously sold in 2017 for $8 million, or $166,700 per unit, to an investment group based in northern California. 1031 CF Properties acquired the community for an undisclosed amount and plans to invest in operational enhancements and capital improvements intended to optimize occupancy,... Read More »
Thrive Adds Three Assets in Georgia
Thrive Senior Living grew its presence in its home state of Georgia, with the addition of three seniors housing communities. Developed by the Sawyer family between 2019 and 2022, the communities operated under the At Home Senior Living brand and are located in Cochran, Thomson and Jesup. Beginning in 2024, Thrive partnered with the Sawyer family to operate the communities, with the idea of eventually bringing the communities into the Thrive portfolio. All three communities were strong performers, with occupancy around 94%. Prior to Thrive’s operational partnership, Shanna Dupree led operations for At Home Senior Living, and was a principal and owner in the communities. Dupree has now... Read More »
West Coast and Northeast Skilled Nursing Facilities Sell
Walker & Dunlop’s Gideon Orion has announced several recent skilled nursing sales on the West Coast and the Northeast. First, he teamed up with Tony Cassie to sell a 69-bed skilled nursing facility in Bellevue, Washington, on behalf of a family office seller. The facility could use some operational improvements. An undisclosed buyer paid $12.5 million, or $181,200 per bed. Next, Orion sold a 99-bed skilled nursing facility in Northern California, in another value-add transaction. He represented an owner/operator, which sold the facility for $11.4 million, or $115,200 per bed. Also, in California, Orion arranged a land sale featuring 2.2 acres in Reseda to Meta Housing for $9.35... Read More »
Investor Acquires Community Out of Receivership
Fortress Investment Group acquired an assisted living/memory care community in Palm Coast, Florida, in a court-approved sale process. Built in 2018 just a mile from the Atlantic Ocean, the community features 130 units on an 11.4-acre site. There are 86 assisted living units and 22 memory care units, along with 22 “enhanced” assisted living units. Tuscan Gardens of Palm Coast, LLC was placed in receivership as of June 2023 after its owner, Tuscan Gardens Senior Living Communities, Inc. (run by CEO Larry Pino, Esq.), failed to establish an approximately $1.55 million reserve fund, as formally requested by the master trustee (U.S. Bank Trust Company, National Association) in February... Read More »Schedule a demo
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