Two Stabilized MC Communities Find New Owner
An owner/operator successfully recapitalized two newly constructed, Class-A standalone memory care communities located in the Oklahoma City and Dallas Fort-Worth MSAs. The 2016- and 2018-built communities total 76 units (36 and 40 respectively) and were developed and managed by an experienced operator, who will stay on to manage operations. It is worth noting that both assets demonstrated consistent upward trending operational performance despite the COVID-19 pandemic. Occupancies exceed 95% and generated $5.9 million in total revenue, and $1.9 Million in EBITDAR representing an impressive 32.5% operating margin. No wonder the current operator is staying on. Blueprint Healthcare Real... Read More »
Two High-Quality SNFs Sell in Florida
We don’t see too many transactions take just six weeks from engagement to closing, but the Blueprint Healthcare Real Estate Advisors team got it done for a Florida-based owner/operator seller. They were looking to divest two Florida skilled nursing facilities totaling 300 licensed beds and over 100,000 square feet, and after engaging Blueprint at the start of November gave them until the end of the year to close on an off-market sale. These were high-quality facilities located near local medical centers in the towns of Palatka (Jacksonville MSA) and Ocoee (Orlando MSA). An undisclosed owner/operator bought the facilities for $51 million, or $170,000 per bed, showing just what buyers are... Read More »
Atlas Senior Living Grows Southeast Portfolio
Atlas Senior Living and Salta Capital have acquired two high-quality senior living communities from Traditions Senior Living: The Traditions of Athens in Georgia, and The Traditions of Spring Hill in Tennessee. Atlas formed Salta in 2021 to administer the financials and asset management side of their business. This purchase brings the total number of properties in their portfolio to 32, after purchasing two other communities in Florida and Mississippi last year. Atlas also bought three communities in Georgia and one in North Carolina in 2020. Built in 2016 for $11 million, or $130,900 per unit, The Traditions of Athens totals 75,824 square feet, comprising 12 independent living and 72... Read More »
Majestic Care Acquires Toledo Campus
Genacross Lutheran Services has sold its Toledo Campus to owner/operator Majestic Care, an affiliate of MDG Real Estate Global Ltd. The historic Toledo Campus, which opened in 1953 and has been expanded and renovated many times, needs significant capital improvements that Genacross has been unable to fund. So, the sale provides future financial flexibility and an improved financial position for Genacross while the campus can continue providing a continuum of senior care services. Cain Brothers brokered the deal. Headquartered in Toledo, Ohio, Genacross changed its name from Lutheran Homes Society in 2016. They are a not-for-profit corporation that has operated in northwest Ohio and... Read More »