Mark Myers and Josh Jandris of IPA Seniors Housing impressed in the Southeast this month, closing a couple of single-SNF transactions. With an assist from Ryan Fleming, Myers and Jandris first helped a Northeast-based regional owner on its way to divesting itself completely from Kentucky, and from the SNF market as well, with the sale of its facility in Covington (Cincinnati MSA). The facility, with about 80 beds, is one of seven other tenants that operate out of a 100-year old former hospital. It generates just over $800,000 in annual NOI, or about $9,760 per bed, which is slightly above the market average of the last few years, based on sold properties. But the buyer, also a Northeast-based regional owner that is looking to build its portfolio in southern Ohio and northern Kentucky, has plans to repurpose or rejuvenate the facility. No price was disclosed.
Myers and Jandris, along with Charlie Hilding, then worked on behalf of an institutional investor to sell a 70-bed facility in Little Rock, Arkansas, for approximately $4.25 million, or about $60,000 per bed. While the seller is working to divest itself from the SNF market in the state, the buyer, a regional owner, is strategically building its portfolio there.
Along with their two SNF sales this month, Mark Myers and Josh Jandris of IPA Seniors Housing also sold two memory care communities on behalf of a national group. Located in Glen Ellyn, Illinois and Austin, Texas, the communities total nearly 100 units and sold for close to $30 million, or about $300,000 per unit. Prudential Financial placed acquisition financing through Freddie Mac for the small private equity fund buyer. Matt Andriano and Ryan Fleming of IPA Seniors Housing helped out on the deal as well.