CCRC Switches From Not-For-Profit to Private Hands
Ziegler facilitated the sale of a not-for-profit, Episocopal Church-based, rental CCRC in Waterford Township, Michigan. Built in 1994, Canterbury on the Lake is a 273-bed/unit senior living campus with seniors housing and skilled nursing services. Nick Glaisner handled the transaction, which closed on October 31. The campus encountered obstacles with the physical plant over the past year, compounded by a difficult economic climate. Ziegler identified a group of qualified buyers capable of managing the campus and absorbing interim operational losses until the transaction was completed. The acquiring party, a private owner/operator based in Lakewood, New Jersey, took over as interim manager... Read More »
Not-for-Profit Buys Richmond Communities
Blueprint’s Brooks Blackmon, Kory Buzin and Lauren Nagle handled the sale of two assisted living/memory care communities in Richmond, Virginia. A national owner/operator decided to divest the properties, which could improve their occupancies. Average revenue per occupied room did remain near $8,000. Opened in 2004 and 2015, respectively, Spring Arbor of Richmond offers 70 units of assisted living and memory care while Spring Arbor Cottage of Richmond offers 48 units of memory care. The ultimate buyer emerged from a healthy bidder pool spanning private equity, local and regional operators, and there were five offers before a regional not-for-profit owner/operator was selected in an all-cash... Read More »
60 Seconds with Swett: October Broke the Monthly M&A Record
For those of us who track the seniors housing and care M&A market, October was like drinking from a firehose from the start of the month to the finish. And an active earnings week kicked things into another gear. We have to start with the 73 deals made public throughout October, which is still a preliminary number that we expect to rise, but also a record for any month, ever. That is just the sixth month ever that has surpassed 60 transactions, and only the second to surpass 70. Annualized, it also equates to 876 deals. We don’t expect that to continue, especially with earnings skewing October’s numbers slightly, but we could be entering a new era of transaction activity. The previous... Read More »
JLL Capital Markets Handles CPF Divestment
On Thursday, Ventas had announced its acquisition of 20 seniors housing communities from Chicago Pacific Founders, one of the largest deals of the year so far, at $725 million, or $244,000 per unit in cash. Now, JLL Capital Markets has revealed that it represented CPF in the transaction. JLL’s Jay Wagner had this to say on the deal: “As one of the largest seniors housing transactions closed year to date, it is a meaningful indicator that appetite for scaled seniors housing portfolios is back.” With other nine-figure deals like CareTrust REIT’s acquisition of 31 skilled nursing facilities for $500 million, The Inland Real Estate Group of Companies’ acquisition of the Clarendale Portfolio... Read More »
Ventas Continues To Roll & Announces Major Acquisition
Ventas (VTR) posted one of its best quarters in a while for the third quarter, especially on the occupancy front. Year-over-year third quarter same-community occupancy increased by 350 basis points to 87.0% for its 488 communities that were owned in both quarters. Year to date for the first three quarters same-community occupancy increased by 310 basis points. Both numbers far exceed the general market, as disclosed by NIC MAP. This will be important as the operators in the Ventas portfolio begin to enter the winter months. The good news is that they are not seeing any decrease in census so far in the fourth quarter, a typically slow quarter for census increases. Cash net operating income... Read More »Schedule a demo
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