Not-For-Profit Expands (again) in Ohio
Community First Solutions acquired a seniors housing community in Beavercreek, Ohio. Built in 2019, HarborChase of Beavercreek features 64 assisted living and 46 memory care units across 122,000 square feet. The community will be rebranded as The Patterson. This acquisition expands Community First’s senior living portfolio for the third time in less than one year. It previously acquired the real estate and operations of Anthology of Mason (Mason, Ohio), and the operations of Kettering Health Senior Living (Miamisburg, Ohio) which is owned by Kettering Health. The purchase of HarborChase also brings Community First’s number of senior living residents to 620 and annual operating revenue... Read More »
Ensign’s At It Again
The Ensign Group completed the acquisition of three skilled nursing facilities in three separate transactions. First, Ensign acquired the real estate and operations of Greater Southside Health and Rehabilitation, a 76-bed skilled nursing facility in Des Moines, Iowa. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Ensign’s captive real estate company. In separate transactions on the same day, Ensign acquired Holly Heights Care and Rehabilitation, a 133-bed SNF in Denver Colorado, and City Park Healthcare and Rehabilitation Center, a 125-bed SNF, also in Denver. One of these new facilities will be subject to a long-term, triple net lease and the other will... Read More »
Blueprint Reports Heavy July Volume
July’s M&A results surprised us a bit, with a summer lull in activity perfectly understandable. Instead, dealmakers announced nearly 60 publicly announced transactions, good for fifth place in the all-time monthly record. For some perspective, last July we recorded 42 deals, and July 2022 saw 44 transactions announced, which is more typical of the slow summer months. Some of the credit has to go to the many brokers working tirelessly to get deals across the finish line, often with many bumps along the way. Blueprint had a banner month, closing $310 million in seniors housing and care transaction volume across 10 transactions. The deals consisted of 22 total assets and around... Read More »
SLIB Sells 160th Texas Asset
Matthew Alley of Senior Living Investment Brokerage sold a skilled nursing facility in La Marque, Texas, on behalf of a local family partnership divesting its only senior care asset. The buyer owns and operates several SNFs in the state and expects to take advantage of that regional presence to increase profitability. Built in 1998 and renovated in 2009, the facility has 120 beds. It was 75% occupied but was losing more than $500,000 on $6.74 million of revenues at the time of marketing. However, it was enrolled in QIPP privately, which provides additional revenue not included in the financials. The buyer expects to benefit from an expanded QIPP program beginning on September 1, 2024.... Read More »
Stabilized AL/IL Community Trades in Michigan
Meiser Commercial Real Estate was engaged by DeShano Companies Inc. in its divestment of a seniors housing community in Auburn, Michigan. Built in 2010, Plainview Assisted Living comprises 20 assisted living and 16 independent living units on 2.9 acres. At the time of sale, it was 100% occupied, with 75% private pay and 25% Medicaid. Revenues were $1.04 million, and NOI was $98,000. The assisted living and independent living components shared a parking lot, and DeShano wanted to sell both components as a package. If sold separately there would have had to be a shared-use agreement in place. It was challenging to find a buyer that specialized in both AL and IL, however, the deal... Read More »Schedule a demo
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