Senior Care Realty had an active October, with a handful of deals closed by Chad Wegner and Bob Richards. The four transactions involved senior care assets spread throughout Wisconsin. In one of the transactions, Chad Wegner of Senior Care Realty sold four assisted living and memory care communities across two campuses in Wisconsin. The owner/operator seller, a repeat client that was exiting to shift its focus to other strategic pursuits, owned the campuses for more than 10 years. The assets sat in a tertiary market with 52 units and 55 beds. They were built in the late-1990s to early-2000s and delivered strong NOI.
Performance has historically fluctuated with census, and they faced some challenges post-COVID, but the communities had recently rebuilt census. When they went under contract, they were performing well, with occupancy hovering between 85% to 95%.
The buyer was a Wisconsin based-owner/operator that was adding to its portfolio, which comprised more than 20 small communities in the state. The purchase price can be found in LevinPro LTC. The transaction was smooth, outside of some typical closing challenges.
Next, Bob Richards of Senior Care Realty arranged the sale of four vacant senior care properties across three separate transactions. One of the properties is located in Wrightstown, Wisconsin, near Green Bay. It is an older-vintage 16-unit building that had been vacant and unlicensed for over a year. It was bought by a local provider with the intent of getting it relicensed as a CBRF. The seller had acquired the building as part of a larger 14-building portfolio. Richards had sold another vacant property owned by the seller earlier this year.
Richards also sold two adjacent and vacant (but licensed) 15-unit buildings in Wisconsin. The pair sold for $1.2 million. The seller owns around 40 other buildings in the state, and over the years, Richards has helped sell nearly 20 of their properties. A local investor (that used to operate) bought the properties and leased them to a third-party manager.
Finally, Richards sold a vacant (but licensed) 20-unit CBRF in Kenosha, Wisconsin. There was a fire that caused the building to shut down, and it was later gutted. The previous owner owns other properties in the state and chose to focus on its larger communities. A local owner/operator bought it for $500,000 and will reopen it as a CBRF. The deal closed three weeks after bringing the deal to the buyer, which paid in cash.
