Invesque Inc. announced three separate sales transactions totaling approximately $75 million that occurred in late March and early April. First, Invesque sold a vacant community in Port Royal, South Carolina. The standalone memory care community was previously managed by Phoenix Senior Living but will be repurposed for an alternate use by its new owner. It sold for $3.5 million, generating proceeds which were used entirely to pay down debt.
Next, Invesque sold two seniors housing communities with 99 units in New York. Premier Senior Living formerly operated them under an absolute triple-net master lease, which was terminated in October 2021. Hearth Management operated the communities after that. The gross sale price of $19.2 million, or $193,900 per unit, generated proceeds to pay down Invesque’s corporate credit facility and further de-lever the balance sheet.
On the same day, Invesque closed on the sale of four transitional care/skilled nursing facilities comprising 339 beds in Texas previously managed by Bridgemoor Transitional Care under an absolute triple-net master lease. The portfolio was owned in a joint venture in which Invesque holds an approximate 66% ownership interest. LTC Properties paid $52 million, or $153,400 per bed, for the portfolio, bringing in Ignite Medical Resorts to operate. Invesque used the proceeds to fully satisfy the debt secured by the four facilities, and the remaining proceeds will be distributed to the joint venture owners.
