Strawberry Fields Purchases 15th Tennessee Facility
Strawberry Fields REIT, Inc. acquired a senior care facility in Gainesboro, Tennessee, marking its 15th facility in the state. The facility comprises 83 skilled nursing beds and 28 assisted living units. It was added to an existing Infinity of Tennessee Master Lease. Strawberry Fields paid $6.7 million, or $60,000 per bed/unit. The acquisition will increase the REIT’s annual rents by $670,000 and is subject to 3% annual increases. Read More »
Focus Healthcare Expands Footprint (again)
Focus Healthcare Partners acquired two seniors housing communities in the Kansas City, Missouri MSA in an off-market transaction. Going forward, Evolve Senior Living will manage the communities. Built in 2020, Novel Place Blue Springs comprises 134 independent living units across three stories in Blue Springs, Missouri. Similarly, built in 2020, Novel Place Overland Park also features 134 IL units across three stories but is in Overland Park, Kansas. Both were 95% occupied at the time of closing. Read More »
Owner/Operator Assumes HUD Debt in Washington Acquisition
Blueprint was engaged by a local owner/developer in the divestment of its seniors housing community in the Seattle, Washington MSA. Built in 1997, Stafford Suites Kent features 63 assisted living units in the town of Kent. In the wake of operational challenges stemming from the pandemic, the third-party manager focused its recovery efforts on occupancy and rate growth. So, its improving resident rental rates, strong historical performance, and low-rate assumable HUD debt already in place made the asset an attractive buying opportunity. Michael Segal, Daniel Waldhorn and Dan Mahoney handled the transaction, targeting owners and investors with an existing footprint in Washington and the... Read More »
Cascade Capital Group Acquires 29 SNFs
Justin Knapp and Andrew Van Zee of the Knapp-Stahler Team of Marcus & Millichap closed the sale of a 29-property skilled nursing portfolio in Iowa on behalf of ABCM, which was exiting the senior care market. Comprising 2,346 total beds, it is the largest SNF portfolio to sell in the state, and by some margin. Also featuring 326 assisted living units, the portfolio featured mostly four- and five-star rated facilities, with just two exceptions. Favorable Medicaid rate increases also helped improve operations across the board, but the margin could also get better. Some agency staffing was in the process of phasing out, as well. So, how do you sell a SNF, let alone 29 of them, in the... Read More »
Operator Purchases California Senior Care Facility
A small senior care facility in Sacramento County, California, avoided foreclosure and was able to stay open after Sherman & Roylance found a buyer for it and closed the sale. Built in 1966, the single-story facility has served various purposes throughout its history, including a nursing home, a home for at-risk teens, and most recently, transitional housing. Its new owner is an experienced operator of senior care facilities in the region. Keeping the facility open, they will redesign the space specifically for senior care. The purchase price was not disclosed. Read More »Schedule a demo
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