CareTrust Acquires Large Midwest Portfolio
CareTrust REIT, Inc. acquired a 46-facility, 3,820-bed/unit senior care portfolio in the Midwest for a total investment amount of approximately $97 million (inclusive of transaction costs), or $25,000 per bed/unit. Seven of the 46 facilities are skilled nursing and assisted living campuses and an additional seven are assisted living communities. The transaction also commences a new relationship with a skilled nursing investor and operator. In connection with the acquisition, the company entered into a triple-net master lease with a large skilled nursing investor and operator that will sublease the portfolio to several licensed subtenant operators. The new master lease has an initial... Read More »
Phorcys Divests to Healthcare REIT in Georgia
Phorcys Capital Partners, an asset manager focused on distressed debt and equity investments in assets that were financed by municipal bonds, recently divested a seniors housing community in Greensboro, Georgia, after a little more than one year of ownership. Built in 2017, The Glen at Lake Oconee Village comprises 28 independent living, 68 assisted living and 18 memory care units. It was operated by SRI Management, and the community was sold to a leading healthcare REIT in November. Phorcys purchased this asset in August 2023 for $26.45 million, or $232,000 per unit. The community was performing better than when initially acquired, running close to fully occupied at the time of... Read More »
Public REIT Buys Two Indiana Assets
A publicly traded REIT bought two high-quality seniors housing communities in Indiana markets. Berkadia’s Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers closed the transaction on behalf of the seller, a private equity firm. Traditions Management operates both communities and will continue to manage the properties moving forward. Built in 2014 by Leo Brown Group, Traditions at Reagan Park is located in Avon, Indiana, with 125 independent living, assisted living and memory care units, including 30 independent living villas built in 2016 and 2019. Also built in 2014, Traditions at Solana is located in Indianapolis, Indiana, with 117 IL, AL and MC units, including 24 IL villas added... Read More »
Ziegler Handles CCRC Sale to Nonprofit
Not-for-profit organizations have generally been net-sellers in recent years, struggling with expenses in a post-pandemic and post-inflation environment, but one organization is adding a new CCRC to its portfolio. Saint Therese is a Minneapolis, Minnesota-based, Catholic not-for-profit that has over 50 years of experience and five other communities in Minnesota (4) and Michigan. Its latest addition was St. Mary of the Woods, a 179-bed/unit CCRC in Avon, Ohio. The campus was originally acquired out of bankruptcy in 2012 from Atrium Centers, a 100% employee-owned provider of senior care services with over 2,000 beds in Ohio, Michigan, Kentucky and Wisconsin. Atrium completed several... Read More »
Ventas Purchases Three-Property Senior Living Portfolio
Berkadia announced the sale of three seniors housing communities offering assisted living and memory care services in the Chicago and Milwaukee MSAs. Berkadia Seniors Housing & Healthcare, led by Managing Directors Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers, closed the 306-unit transaction on behalf of the seller, a joint venture between Dallas-based Caddis Partners and a private equity real estate fund. The properties were purchased by Ventas. The Class-A portfolio transaction closed with just six weeks between LOI execution and closing. Built in 2018, Heartis of Orland Park is approximately 25 miles southwest of downtown Chicago and comprises 96 AL/MC units. It is the... Read More »Schedule a demo
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