California SNF/ALF Sells
Krone Weidler of Weidler Integrated Healthcare Investment Properties, in affiliation with Marcus & Millichap, sold a skilled nursing and assisted living facility in California to a local private equity investor. Built in 1991, the property has 120 skilled nursing beds and 85 assisted living beds with occupancy that has been around 94%. The sales price was $15.6 million, or $76,100 per bed, and the buyer may have to turn the operations around a bit. Read More »
Opportunity Comes Knocking
Ken Carriero and Damien Carriero of Colliers International’s National Seniors Housing Group recently sold an 88-unit assisted living community in Florida for $4.25 million, or $48,300 per unit. The community was built in 1987 and is licensed for 135 beds. In the past, occupancy had been stabilized at just under 90%, but had declined to 46% as a result of the seller’s illness. The cap rate came in at 7.7%, and we are sure that the buyer, New York-based Center Management Group, will be able to ramp up occupancy again. Read More »Better in the long-run
Private equity group Valstone Partners is not looking back with the sale of its 42-unit assisted living/memory care community in Newport, Tennessee, barely a half year after acquiring the community as part of a portfolio transaction in December 2015. Built in 2000, the Brookdale Senior Living-operated community features 32 assisted living and 10 memory care units. It was operating decently with a 20% margin on approximately $1.62 million of revenues, with a 95% occupancy. But, the community’s size and location (rural eastern Tennessee) did not align with Valstone’s long-term strategy, prompting the sale. Mainstay Financial Group, a growing regional owner/operator, paid $3.9 million, or... Read More »
Pillar and Petersen
One of the largest owners and operators of skilled nursing facilities in Illinois, Petersen Health Care, recently went to Pillar, affiliated with Guggenheim Partners, to refinance three of its properties in the state. Evan Hom, Managing Director of Pillar’s New York office, originated a $5.44 million HUD refinance for an 90-bed facility in South Elgin, $2.28 million for a 77-bed facility in Jonesboro, and $2.16 million for a 62-bed facility in Macomb. All of the properties were built from 1967 to 1970, were well occupied at the time, and received fixed-rate, 30-year loans. Read More »Schedule a demo
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