As the year comes to an end, many companies are announcing big portfolio deals, including Evans Senior Investments representing a regional owner/operator in their sale of a ten-property seniors housing portfolio located in Louisiana, Mississippi and South Carolina.
The communities, which were built between 1972 and 2016 with a median year-built of 2007, comprise 590 seniors housing units (117 independent living, 293 assisted living and 180 memory care) and 666 functional beds. All of the communities have undergone significant renovations and capital improvements over recent years. The portfolio had an average bed occupancy of 91% in 2019 and produced a net operating income margin of 34%. Average occupancy dropped to 78% during October 2020 as a result of the pandemic, but rebounded to 84% by April 2021, ultimately reaching an 87% average occupancy and 32% NOI at the time of sale.
With Discovery Senior Living set to operate the portfolio, Schonberg Care sold the portfolio to White Oak Healthcare, REIT after procuring several LOIs throughout the four week marketing period. White Oak will assume a recently refinanced loan on the portfolio through Fannie Mae.
