A regional owner/operator bought a 94-unit personal care community in Georgia. Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage handled the transaction, which saw offers from multiple local and regional buyers as part of the competitive process. The ultimate acquirer plans to make significant capital improvements to the community.
The deal is SLIB’s 50th of the year, so far. The 50 deals included 70 properties in 26 states. Most of the deals that have closed (82%) have involved seniors housing communities, with the remainder featuring skilled nursing facilities, or majority-SNF deals. Anecdotally, we have heard that SNF deals have (generally) been easier to get done in 2023, with strong buyer demand and more lender options for a good chunk of the year. That has changed as the year progressed, but to see that seniors housing deal volume is impressive.
Many of those deals have been one- or two-property strategic divestments, with a handful of portfolio deals, as well. The firm recently handled another divestment for a private equity group seller in Utah, which was shifting its focus to its core assets.
Both built in 2001, these two communities collectively comprise 140 assisted living and memory care units with a total of 144 beds. One community spans 35,334 square feet across 1.56 acres in Sandy, while the other encompasses 53,255 square feet on 2.10 acres in Draper. No additional details were disclosed.
The joint venture buyers, a Utah-based private equity group partnering with a Utah-based operator that is expanding its existing presence in the state, intend to invest in capex and marketing to renovate the communities and enhance their performance. Vince Viverito and Jason Punzel of SLIB handled this transaction.
There is a healthy sales pipeline behind these latest deals for SLIB, and barring any new, major wrenches being thrown into the capital markets, the firm should be on track for a near-record year. It will, at the very least, eclipse its total of 54 closings in 2022.
