Meridian Senior Living Acquires CO Property
Meridian Senior Living acquired a seniors housing community in Parker, Colorado, through a joint venture with a state pension fund investor. This transaction represents the 11th acquisition within the partnership and introduces Meridian to the Colorado market. Meridian’s portfolio now comprises more than 46 communities in 16 states. Built in 2018 with a strong rebound in occupancy post-pandemic, Pine Grove Crossing comprises 100 assisted living and 27 memory care units on 4.41 acres. Meridian intends to implement capital improvements to enhance resident amenities, including upgrading dining areas and outdoor spaces. Read More »
National Owner/Operator Acquires in Texas
Matthew Alley and Ryan Saul of Senior Living Investment Brokerage were engaged by a local independent owner in Texas in the divestment of its only skilled nursing facility, as he looks to exit the industry. He was leasing the property to a regional operator. Built in 1961 and renovated in 1994, Bender Terrace is in Lubbock, with 120 beds. It sits on 2.65 acres and comprises 45,664 square feet. It was 43% occupied at the time of sale. Under the previous ownership, the facility was making $4.19 million in revenues and $270,000 of EBITDAR, not including additional QIPP revenue. The buyer, a national owner/operator that operates several Texas SNFs, paid $5.85 million, or $49,000 per bed. ... Read More »
MIG Closes Five Separate Transactions
Andrew Montgomery of Montgomery Intermediary Group has reported a strong start to the year, closing four separate transactions, so far, and announcing an additional deal from October of last year. That one involved a 130-bed skilled nursing facility in St. Louis, Missouri. Built in the early 1900s, the facility was cash flowing with occupancy trending around 60% to 65% at the time of sale. The seller was an owner/operator that had been in the business for decades. Medicaid rates in Missouri are still on the lower end, but it was performing well for some time. The buyer was an owner/operator with SNFs across Missouri. Next were three transactions in rural Missouri that closed in late... Read More »
Sunny Hills Management Purchases in California
A couple of California seniors housing communities changed hands as part of a larger divestment strategy for the national developer/investor seller. Before the pandemic, that entity had purchased more than a dozen geographically disparate, older-vintage communities. But operational headwinds prompted a portfolio re-prioritization and de-levering effort. The owner engaged Kevin Lukehart, Alex Florea and Scott Frazier of Blueprint to create an exit strategy for the assets. The latest two communities to sell consisted of a 1986-vintage, 157-unit assisted living community in Corona, California, and a 1998-vintage, 101-unit assisted living and memory care community in Roseville,... Read More »
Illinois Owner/Operator Acquires AL Community
Daniel Morris of Plains Commercial Real Estate facilitated the sale of a seniors housing community in Sterling, Illinois. Built in 2001, Avonlea Cottage Assisted Living comprises 30 assisted living units and was being sold as part of a receivership process. The facility has been well maintained physically, but was in need of operational adjustments. Plains was engaged by the receiver, Mike Flanagan, to market and sell the facility. The buyer is Shepherd Senior Living, an Illinois-based owner/operator with a specialty focus on smaller, residential-feel assisted living communities with operations in Illinois and Wisconsin. Read More »Schedule a demo
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