Time To Move Forward
Activist shareholders can distract management from focusing on growth and cash flow, and maybe Brookdale and Capital Senior Living can move forward in peace. Don’t you just hate distractions. Andy Smith at Brookdale has had to deal with a bunch of activist shareholders for the past year while trying to right his ship. Larry Cohen of Capital Senior Living had his activist several years ago, who then went on his board and became aligned with management’s goals. In round two this year, he has come to agreement with another one, Lucas Advisors, known by some as the trust fund baby hedge fund. Capital has agreed to appoint a new independent Board member, consulting with Lucas on the... Read More »
SLIB does Thonotosassa
A buyer has the potential to get even more bang for their buck when it purchased a 51-unit assisted living/memory care community in Thonotosassa, Florida (Tampa MSA). The community, built in 1963, was extensively renovated and converted to AL/MC in 2008, giving it the look of a purpose-built asset. The building has large-enough floor plans, and the physical plant capability, to increase the building’s bed capacity and grow revenues. Those plans, however, were not pursued by the single-asset owner that was looking to exit the market. There were still some immediate capex needs, some deferred maintenance and an inconsistent operating history at the community. The buyer, a private capital... Read More »
Pensacola purchase
Following up on its $1.45 billion in total closings for 2015, HFF recently closed another sale. Representing the seller, a private San Diego-based owner/operator, Ryan Maconachy and Chad Lavender of HFF sold a 95-unit assisted living community (built in 1988) and an 84-unit memory care community (built in 1997 and 2006), both located in Pensacola, Florida. The two communities combined for 94% occupancy, but the AL was dragging slightly. The owner completed almost $1.3 million of capex since the beginning of 2014 at the MC community, and was in the middle of renovating the AL community. Capital Senior Living was the buyer and purchased the properties for $48 million, or $268,156 per unit,... Read More »
Growing in Winter Garden
An Orlando-based owner, developer and operator of senior living communities in Central Florida recently broke ground on its newest property in Winter Garden, located just west of the city of Orlando. Sonata Senior Living, a wholly owned subsidiary of Sonata Healthcare, LLC, will build 113 total apartments, including 78 independent living units and 35 assisted living units. Plus, the community will offer 10 exclusive “Club Level” units, which feature upgraded finishes and special access. Its location is excellent, within one mile of the new Florida Hospital and a local dining and shopping area. And Sonata runs a separate memory care community adjacent to the new property. At a cost of $30... Read More »Schedule a demo
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