Colliers International Announces Florida Portfolio Deal
Damien and Ken Carriero of Colliers International kicked off their 2021 campaign with the sale of three assisted living communities totaling 180 units and 313 beds in Florida. Previously owned by Florida Seniors Properties, Inc., these communities are located in Port Richey, Casselberry and Zephyrhills, with an average occupancy of just 66%. Best Care Senior Living, LLC purchased the Port Richey property, while another ownership entity bought the other two communities. Colliers simultaneously closed the transactions on January 12. The combined purchase price was $13.7 million, or $76,100 per unit. Read More »
Plains Commercial Sells Oklahoma SNF
Daniel Morris, formerly of CBRE but now Founding Partner of Plains Commercial Real Estate in charge of seniors housing investment sales and leasing, has arranged the sale of a small skilled nursing facility in Fairland, Oklahoma. Featuring 29 beds, the facility was built in the mid-1960s with a small footprint of just about 6,400 square feet. It was operating just around breakeven, and occupancy was historically close to 70%. In addition, the operator was able to keep the facility COVID-free throughout the pandemic. This was the only facility of the long-term owner/operator seller, who bought the property in 2011 for $561,000, or $19,300 per bed, according... Read More »
Lessons Learned From 2020 & Looking to the Future: An Interview with Ryan Saul
Ben Swett, Editor of The SeniorCare Investor, sat down (virtually) with Ryan Saul of Senior Living Investment Brokerage to discuss what happened in 2020 for senior care M&A. What facilities were popular targets, how prevalent was price discounting, how did federal stimulus keep many owners on the sales sidelines? Mr. Saul also shared his thoughts on what we may be facing in 2021. Read More »
Trustwell Living Getting Started
Earlier this week, Larry Cohen announced the formation of his new company, Trustwell Living, LLC. As most of you know, Larry was the CEO of Capital Senior Living (CSU) for about 20 years. What you may not know is that he was very popular with his team, from EDs to the C-suite. It looks like those relationships have held, as several former CSU employees are putting their trust in Larry and joining forces once again. This includes Greg Boemer, who spent 15 years at CSU, the last four as VP of Operations, who will be SVP of Operations. Then there is Colleen Honnors who was with the company from 2013 to 2020 as National Quality and Clinical Director, and... Read More »
Blueprint Sells Pair of Massachusetts Communities
Blueprint Healthcare Real Estate Advisors found a new owner for two seniors housing communities in Massachusetts, also introducing the buyer to a lending intermediary to help the deal close. Connor Doherty, Amy Sitzman, Ryan Kelly and Giancarlo Riso handled the sale, which was a rare one these days in that it featured two stabilized properties. Combining for 195 units, the communities are located across the state in Fall River (built in 1997 with 90 units) and West Springfield, the latter being a former 1890s-era monastery that was converted to a 105-unit assisted living/memory care community in 2001. Occupancy was strong, exceeding 96%, and combined EBITDAR was approximately... Read More »