Senior Living Investment Brokerage Sells Michigan Senior Care Campus
Ryan Saul, Joe Young and Brad Clousing of Senior Living Investment Brokerage successfully sold a senior care campus in Jackson, Michigan. Originally built in 2010, the property comprises 90 total units, split between 50 private skilled nursing beds and 40 assisted living units. Historically, it operated well with occupancy consistently around 95%. Census was impacted during the Michigan stay at home mandate, but it quickly recovered above 90% again. The campus also boasted a quality mix above 50%, making it an attractive acquisition prospect, we are sure. The seller was Trilogy Health Services, which owns and operates communities across Michigan, Indiana, Ohio and Kentucky. With an... Read More »
Diversified Healthcare Trust Divests Two Managed Communities
Diversified Healthcare Trust (DHC) divested a couple of its SHOP assets, both located in Mississippi and operated by Five Star Senior Living under the Hermitage Gardens name. Built around 2000 and renovated in 2005, the properties include a 57-unit assisted living community in Oxford and a 59-unit AL community in Southaven. DHC acquired them in 2006 for a combined $12.4 million, or $112,700 per unit, and at a 7.5% cap rate. The current purchase price is not known, but in DHC’s second quarter earnings report, the company mentioned selling two managed senior living properties and two MOBs subsequent to the quarter for a combined $5.197 million. An undisclosed private equity firm was the... Read More »
Long Bankruptcy Process Ends with CCRC Sale in Tampa
A years-long bankruptcy process for a large CCRC in Tampa, Florida has finally concluded with a new not-for-profit owner stepping in, BRP Senior Housing Management (an affiliate of Big Rock Partners) now operating it and Ziegler closing a nearly $70 million bond financing to fund the deal. Unfortunately, the property has a long and complicated history under its previous ownership. Complicated, to say the least. Originally built in 1985 with 445 independent living units, 72 assisted living units and 240 skilled nursing beds, University Village was acquired in 2000 by Westport Holdings Tampa, LP for $64.1 million, or around $85,000 per unit/bed. In... Read More »
Two Texas SNFs Acquired
Senior Living Properties, through its affiliate SLP Operations LLC, acquired two skilled nursing facilities in Texas, bringing its total portfolio in the Lone Star State to 41 facilities. The acquisition included a 111-bed facility in West Orange (on the border with Louisiana) and a 107-bed facility in Texas City, about 40 miles southeast of Houston on Galveston Bay. Both facilities offer skilled nursing, physical therapy, post-acute care, long-term care, rehabilitation services, respite care and memory care. Just last month, SLP Operations acquired two other Texas facilities In Mineola and Johnson City. Matthew Alley of Senior Living Investment Brokerage handled the... Read More »
Recent Senior Care M&A Deals, Week Ending August 7, 2020
Check out our recent senior care M&A acquisitions! Long-Term Care AcquirerTargetPrice The Ensign GroupTempe Post Acute & Desert Marigold Senior Living of Tempe N/A Tampa Life Plan Village, Inc.University VillageApprox. $51 million California-based owner/operatorRegency Place Senior LivingN/A Not disclosedEgida Hogar San Antonio... Read More »