The Ensign Group has acquired a five-property portfolio from Invesque Inc. for $93 million. Spanning California, Kansas and Arizona, the transaction includes four skilled nursing facilities totaling 436 beds and a 144-bed assisted living community. The SNF portfolio was operated by Ensign, and The Pennant Group operated the AL community up until this sale. BMO Capital Markets advised Invesque on the deal.
The portfolio sale was part of Invesque’s Jaguarundi Ventures, LP joint venture between Invesque and Magnetar Capital, of which Invesque owns an approximately 65% ownership interest. Jaguarundi Ventures will receive $22 million of net proceeds from the sale after the repayment of outstanding debt and transaction costs. The portfolio had a cap rate of 7.2%.
