Two Michigan Transactions from IPA Seniors Housing Trio

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.”

 

 

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