Mark Myers, Joshua Jandris and Charlie Hilding of IPA Seniors Housing handled two Michigan transactions at the start of August. First was the sale of a four-property skilled nursing portfolio in Michigan, totaling 393 beds. The aging properties are in need of capital improvements, which was reflected in the (undisclosed) pricing. A large Michigan operator (who sourced REIT financing for the deal) purchased three of the facilities, while a local owner/operator in the Detroit area purchased the facility in Wayne.
Second was the sale of a 143-bed skilled nursing facility in the town of Zeeland (Grand Rapids MSA), which involved an Illinois not-for-profit, Providence Life Services, as the seller, and Illuminate HC as the buyer. This was Providence’s only stand-alone SNF outside of its home state. It will be rebranded under Illuminate’s SKLD brand, pronounced “skilled.”