Private Equity Investor Acquires Stand-alone IL Community
Chad Mundy and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap closed a seniors housing deal in Standpoint, Idaho. Alpine Vista Senior Apartments comprises 55 independent living units and is the only full-service, stand-alone independent living option in Bonner and Boundary counties. The property has room for expansion, which can help meet the area’s increasing demand. The buyer was an equity investor entering the seniors space through this transaction. Read More »
Vacant Harrisburg Property Trades
Bob Gaines of Colliers facilitated the sale of a seniors housing community in Harrisburg, Pennsylvania. Built in 1950 and completely remodeled within the previous eight years, Butler Street Senior Living comprises 78 assisted living beds and was vacant at the time of sale. Butler Street Senior Living LLC, affiliated with Kaplan Development Group, was the seller, and the community features 57 assisted living and 11 memory care units. A not-for-profit, LHM Hospice and Social Services, was the buyer and paid $4.8 million, or $71,000 per unit, for the community. Not a bad price for a vacant building. Read More »
NHI Acquires in New Jersey
National Health Investors invested $46.3 million, or $386,000 per unit, inclusive of transaction costs, for the acquisition of a seniors housing community in Bergen County, New Jersey. Juniper Village at Paramus comprises 98 assisted living and 22 memory care units. The community has been operated by Juniper Communities since February 2021. The lease has a 15-year maturity with two five-year renewal options at an initial yield of 7.95% plus annual fixed escalators. Read More »
Growing Owner/Operator Acquires Illinois SNF/SLF
Andrew Montgomery of Montgomery Intermediary Group announced a couple of transactions in Illinois and Mississippi. First was for a skilled nursing/supportive living facility in a small, rural Illinois market. The facility features over 130 SNF beds and SLF units and sold to a large owner group that invested alongside a growing owner/operator in Illinois. The skilled nursing component originally opened in 2005, and the supportive living facility was added in 2007. Many owners have cited difficulties in operating senior care facilities in rural markets as their reason to divest, which may have been the case here. But we understand the buyer has committed to maintaining continuity of resident... Read More »
Berkadia’s Recent Activity
Berkadia Seniors Housing & Healthcare handled two separate transactions in Michigan and Tennessee. First, Berkadia sold and secured financing for Clinton Creek Assisted Living and Memory Care. The community is in the Detroit MSA and was 90% occupied at closing. It was financed with a bridge-to-HUD loan, representing 67% of the purchase price. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers handled the sale, while Jay Healy and Andrew Lanzaro completed the financing. Next, Fasano, Sanders, Tremper and Garbers were brought on to facilitate the sale of a 16-property seniors housing portfolio. The portfolio comprises over 1,200 units across nine states. The final asset in... Read More »Schedule a demo
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