Invesque reported its first quarter earnings, highlighting a few M&A updates. Back in the first quarter of 2024, the company had announced it entered into purchase and sale agreements for three investment properties in New York, expecting to close on the sale transactions in the first six months of 2025. A sale involving one of the properties closed in April 2025 for $25.1 million. Sale proceeds in excess of closing costs were used to pay down the mortgage associated with the property ($18.2 million principal balance) and the residual (approximately $7.3 million) was retained by the company for working capital purposes.
In the second quarter of 2024, Invesque executed purchase and sale agreements to sell eight seniors housing communities in Maryland that were operated by Commonwealth Senior Living. In October 2024, a sale of seven of the eight properties closed. These assets, purchased by Logos Living Capital, totaled 355 independent living, assisted living and memory care units. The remaining asset is expected to close in 2025.
The eighth asset is secured by a mortgage with a principal balance of $6.7 million. The mortgage is not expected to be settled in conjunction with an anticipated sale of the directly related asset, although management expects to repay the mortgages upon the sale of the property. The remaining property is subject to a nine-month purchase option available to the same buyer, which begins upon the fulfillment of certain conditions related to the physical property.
Lastly, in April 2025, Invesque entered a purchase and sale agreement to sell a 10-property portfolio for $83.2 million. The assets are stand-alone memory care communities and are operated by Plano, Texas-based Constant Care Management Company. As of March 31, they are encumbered by mortgages payable with a total principal amount of $48.52 million. As per the purchase and sale agreements, these mortgages are not required or expected to be settled in conjunction with the sale of the properties.
