Historically, buyers will often pay up for a portfolio (which we have defined as three or more properties in a single transaction) as opposed to a single facility. The “portfolio premium” has to do with both quality and the number of properties. Of course, not every buyer will pay more for a facility just because it is part of a portfolio, nor is the quality always inferior at a single facility. Still, according the 20th edition of the Senior Care Acquisition Report, in 2014, assisted living portfolios were valued on average at $206,000 per unit (compared to $153,900 per unit in 2013), while other sales averaged $172,700 per unit (144,000 per unit in 2013). That represents a premium of $33,300 per unit, or 19%, up from just 7% in 2013, but still down from a whopping 54% in 2012. What caused the small increase from 2013 to 2014? Only one portfolio was valued below $100,000 per unit, while there were four valued above $250,000 per unit.