Summit Divests SNF Portfolio to Current Operator
After selling eight skilled nursing facilities in Connecticut earlier this year, California-based Summit Healthcare REIT further pared back its portfolio by divesting three SNFs in San Bernardino County, California. The portfolio comprises 191 beds and sold for $30 million, or $157,000 per bed. The buyers were affiliates of the current operator. The sale of this portfolio yielded an internal rate of return of over 50% for Summit and closed without the aid of an outside brokerage firm. Summit’s portfolio now comprises interests in 36 senior living communities throughout 11 states. In May, Summit had sold eight skilled nursing facilities totaling 1,106 beds in Connecticut for $60... Read More »
CCRC in Bankruptcy Sells in PA
The senior care business is a tough business, especially since the pandemic and inflation lowered census and raised expenses, respectively, and it has taken a toll on many not-for-profit organizations. And recently, another organization facing financial pressures defaulted on its bond debt, which triggered a Section 363 bankruptcy process. Evans Senior Investments was brought in by the seller to guide them through the process and ultimately also sell its CCRC in Somerset, Pennsylvania. Originally built in the 1900s and renovated in 1990, The Patriot is a CCRC with 100 skilled nursing beds, 76 personal care beds in 47 units, and two independent living units. At the time of marketing, it... Read More »
Two Owner/Operators Acquire SNFs
Forest Healthcare Properties closed two separate transactions in Massachusetts and New York in September. Jeffrey Vegh and Joe Schiff handled the transactions. First, Vegh and Schiff facilitated the sale of a skilled nursing portfolio in the Boston, Massachusetts MSA, which has attractive new reimbursement rates. The portfolio comprises three assets with 283 beds and has an average age of 45 years. The facilities were performing well, with an average occupancy rate of 85%. There were multiple sellers, and the ultimate buyer is a new owner/operator entering the state for the first time through this acquisition. The buyer’s portfolio comprises additional facilities in Michigan. ... Read More »
Harrison Street and Brightview Expand Relationship
Harrison Street has acquired five seniors housing communities in a joint venture with Brightview Senior Living, from Brightview itself, as part of the pair’s ongoing partnership. Brightview will continue to manage the communities. The purchase price was not disclosed, but we believe they commanded strong per-unit values. These recently constructed communities (in the last 10 years, at least) comprise 743 independent living, assisted living and memory care units throughout Massachusetts, Maryland, New Jersey, Pennsylvania and Virginia, in affluent and smaller markets with high barriers to entry. They have an average occupancy rate of 94%, and Brightview has a history of building,... Read More »
Insignia Divests Its Last US Senior Living Asset
Senior Living Investment Brokerage closed its third transaction for Insignia Senior Living this year, marking Insignia’s exit from its United States-based senior living operations. This exit allows insignia to focus on core geographic markets in Puerto Rico and Latin America. Built in 1996 and expanded in 2016, Tapestry House Assisted Living is a 94-unit assisted living community in Alpharetta, Georgia, that was built in two phases. The first phase was a 32-unit building. A pipe burst in December 2022 which resulted in flooding that damaged the building. The second phase was a 62-unit addition featuring apartments, physical therapy spaces and admin offices. The buyer is... Read More »Schedule a demo
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