Sonida Announces Nine-Figure Acquisition
On the heels of its second quarter earnings announcement, Sonida Senior Living revealed it’s making a new nine-figure acquisition in the Southeast. The deal involves eight assisted living/memory care communities owned by Batson-Cook Construction (a development/construction company based in Georgia) and Principal Senior Living Group, and operated under Principal’s Benton House brand. They total 555 units, split between 383 assisted living and 172 memory care units, and averaged five years old, as opposed to the 19-years-old average for properties in the surrounding 10 miles of each asset. Five of the assets are located in Florida (Jacksonville, Orlando and Daytona Beach MSAs), while three... Read More »
Green Courte Partners Acquires Active Adult
CBRE handled the sale of Chesapeake Bay, an active adult community with 348 apartments and cottages in Seabrook, Texas. The community’s initial phase leased quickly and maintained strong occupancy, prompting the developer to add 90 cottages in late 2023 to meet market demand. Green Courte Partners, a private equity real estate investment firm, announced that its fifth investment fund, Green Courte Real Estate Partners V, and its affiliates acquired the community. The seller was a private real estate investment firm. Port-acquisition, the community will be managed by True Connection Communities, GCP’s wholly-owned seniors housing operating company. John Sweeny, Aron Will and Garrett Sacco... Read More »
Not-For-Profit Divests to Compass Healthcare in Minnesota
Saint Therese, a Minnesota-based not-for-profit senior care organization, engaged Blueprint in its divestment of its CCRC in a northwest Minneapolis submarket. Originally built in 1967, Saint Therese of New Hope comprises 221 independent and assisted living units and 168 skilled nursing beds in New Hope, Minnesota. Starting in 1979, the community underwent extensive senior living expansion and renovation projects over the years. In 2003, it also became the first in the Midwest to offer a palliative care unit. Michael Segal and Daniel Waldhorn handled the transaction. The marketing process generated a competitive bidding environment among investors and operators within the state and the... Read More »
60 Seconds with Swett: M&A and Financing Markets Breaking Loose
We have to say that there seems to be a good amount of optimism out there, despite an uncertain economy, an unsettling election cycle and constant pressure on operators to increase census and cash flow. Rates have a lot to do with it, as the 10-Year Treasury rate appears to have settled below 4% and expectations of one and more likely two rate cuts are increasingly becoming consensus. That is far from a sure thing, but we have heard that even one rate cut could be enough to bring a lot of buyers, sellers and lenders back into the fold, with the reasonable assurance that rates have started their descent. We also spoke with a couple of lenders who described a much healthier debt and equity... Read More »
SLIB’s Summer of Sales Continues
It’s been a record-setting year, so far, for M&A activity, and 2024 could mark a record for Senior Living Investment Brokerage, as well. After a little more than half the year, the firm has so far closed 42 transactions, split between 28 seniors housing and 14 skilled nursing deals, comprising 62 total properties across 30 states. Sellers spanned the not-for-profit world, private owners seeking retirement, and institutional players right-sizing their portfolios, while buyers ranged from individual private owners to regional companies to institutional capital partnering with quality operators for growth. All told, those deals were worth more than $370 million. SLIB’s 2023 activity... Read More »Schedule a demo
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