Allaire Acquires Philly SNF
After over 70 years of providing skilled nursing services in the Philadelphia area, a Catholic not-for-profit, the Ministry of Felician Franciscan Sisters, decided to divest its 176-bed skilled nursing facility with the help of Justin Knapp and the East Coast team of the Knapp-Stahler Group at Marcus & Millichap. St. Ignatius Nursing & Rehab Center was built in 1952 and features all dually certified beds across 96,000 square feet. Occupancy was above 70%, and the overall operations and cash flow could be improved. As part of their strategic initiatives, leadership at St. Ignatius elected to pursue a sale with an experienced and growing operator. The Knapp-Stahler Group procured... Read More »
Brookdale Out at Battery Park
After a long and storied past with its seniors housing community in lower Manhattan, Brookdale Senior Living is leaving its Battery Park location. Ventas, the landlord, selected Sunrise Senior Living to be the community’s new manager, adding a third community to the operator’s Manhattan portfolio. Anyone who heard former Brookdale CEO Mark Schulte address the ASHA annual meeting in the aftermath of 9/11 will never forget it. He talked about their newest project in lower Manhattan, and there was nary a dry eye in the room. The community, called The Hallmark at Battery Park at the time, was still in lease-up, covered in inches of dust and debris, and had to be evacuated. The industry... Read More »
Legend Senior Living Adds Philly-Area Community
Legend Senior Living has assumed the management of a senior living community in the Philadelphia, Pennsylvania MSA. Built in 2023, Crescent Fields at Huntingdon Valley features 196 independent living, assisted living and memory care units. It stands three stories tall in Huntingdon Valley. The transition will take place immediately. This is Legend’s ninth property under management in Pennsylvania and its second in the Philadelphia area. Over the past year, Legend has added 12 buildings to its portfolio. The company’s portfolio now comprises 60 senior living properties under management across six states (Florida, Colorado, Texas, Kansas, Oklahoma and Pennsylvania). Read More »
PE Firm Goes from Development to Acquisitions
A private equity firm previously focused on development made the switch to M&A in acquiring a newer-vintage but value-add memory care community in an affluent suburb of Chicago, Illinois. The move makes sense, given the opportunities to acquire quality physical plants for below the cost to build, and usually far below that cost. Built in 2015, Gurnee Place Memory Care features 42 units in the town of Gurnee. The community was 90% occupied and had positive cash flow, but a receiver engaged Blueprint to maximize proceeds for the bank and stakeholders involved. They received five offers from private equity groups, real estate investment firms and regional owner/operators before a... Read More »
Newmark Sells Virginia Community
Newmark’s Seniors Housing Team facilitated the sale of a seniors housing community in Virginia. Built in 1988 and renovated in 2017, The Devonshire comprises 159 independent and assisted living units across two stories in the town of Hampton, near Newport News and Norfolk. Details surrounding the seller, buyer and financials were not disclosed. The transaction closed on August 21. Read More »Schedule a demo
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