Care Investment Trust joint ventured with Phoenix Senior Living for the second time this year, acquiring a 68-unit assisted living/memory care community in Albany, Georgia. Built in 1999, the community was formerly owned by the Phoebe Putney Health System, a not-for-profit health network in southwest Georgia. It now brings Phoenix’s operating portfolio
Check out our recent senior care transactions!
Senior Living Investment Brokerage’s Brad Clousing successfully sold a 36-unit assisted living community in Port St. Lucie, Florida, that has plenty of room for expansion. Seizing that opportunity was a South Florida-based owner/operator, which acquired the community for $3.18 million, or $88,300 per unit, with an 8.0% cap rate. The seller was a developer who
There’s a new entrant to the skilled nursing market. Northeast-based Pyramid Healthcare Management is a recently formed provider, run by two principals in New York and a Tennessee-based principal with operating experience. That will come in handy with the company’s first acquisition for two skilled nursing facilities in Georgia. Both built around 1970, these facilities […]
CBRE sold another First Centrum independent living community in Virginia, a couple of years after selling the developer’s 118-unit Glen Allen (Richmond MSA) community for $25.88 million, or $219,280 per unit. The latest deal featured a 120-unit community in Williamsburg. Built in 2010 by First Centrum, it features a range of unit options, from 660- […]
When CareTrust REIT announced a spate of deals at the beginning of this month, on top of an already busy year, one deal in particular stood out, mainly for the fact that it did not involve a skilled nursing facility. With a couple of exceptions when the REIT purchased a few memory care communities in […]
A sector we have not traditionally covered but has been receiving more and more attention lately is the 55-plus senior apartment market. The property type does not feature the services like a common dining room (with a meal plan) or laundry that distinguishes independent living from strictly senior apartments, and so, it fell out of […]
Ray Giannini of Marcus & Millichap’s Milwaukee, Wisconsin office, along with Associate John Klement, worked on behalf of a local developer to sell a 94-unit senior living community in Savage, Minnesota (Minneapolis MSA). Why sell a community that since opening in 2015 has seen occupancy soar up to 94% and operating margin stabilize at just
Check out our recent senior care M&A transactions!
As an owner/operator was exiting the assisted living industry, and trying to sell its 31-unit AL/memory care community in Santee, South Carolina (situated halfway between Columbia and Charleston), a Northeast-based owner/operator swooped in and purchased it, marking its entry into the state. Shades of 1865…but we digress. The previous owner was based in neighboring Georgia, […]