Helios Healthcare Advisors has been on a roll in the last month, closing several acquisitions and financings since mid-November. After about a year in operation, it appears Bill Janis and Mario Wilson have really hit their stride.
Most recently, the pair represented an Ohio owner in the sale of their last senior living property (a common theme of 2019) in Summit County (Cleveland area). Since buying the 117-unit community in the 1990s, the previous owner invested capex in the 1980s-vintage property in the late-1990s and again in 2016. And despite occupancy in the low- to mid-80s, with nearly all private pay residents, cash flow was healthy at nearly $1 million in EBITDAR with a roughly 25% margin.
It was one of the older properties in the area and targeted the middle market. Still, the buyer, California-based Titan SenQuest, sees upside in rent growth (after investing a certain amount of capex) and census. It helps that they already have a facility in nearby Wadsworth, which should add some operational efficiencies. No purchase price was disclosed.
