Private REIT Divests Non-Core AL/MC Community
Blueprint was engaged by a private REIT in the divestment of its non-core seniors housing community in Wyoming, Michigan. The REIT focuses primarily on private pay seniors housing communities throughout the United States, and was a repeat client of Blueprint’s. Michael Segal, Daniel Waldhorn, Brooks Blackmon and Lauren Nagle handled the transaction. Built in 2015, Commonwealth Senior Living at North Byron is an assisted living/memory care community with 102 units that sits on a two-acre parcel adjacent to the University of Michigan-West Hospital campus. It was developed by Granger Group originally as First & Main at Metro Health Village. Multiple competitive offers were received... Read More »
Marcus & Millichap Closes Medicaid AL Deal
After 20 years of ownership, the operator of a small Medicaid assisted living community in Colorado decided to sell, with the help of Rob Reis of Marcus & Millichap. Over the past several years, the owner had maintained consistently strong occupancy and net income. Plus, as a result of his management style, he experienced low staff turnover. The community was built in the 1960s but recently replaced the roof and was in good shape structurally. The buyer was a local investor with an operating partner, which will run the building at a higher census by bringing unused beds back online. The transaction closed at the agreed-upon price, which was not disclosed. Read More »
SLIB Sprints to Start Q2
Senior Living Investment Brokerage was out of the gates fast at the start of the second quarter, closing a slew of transactions in the first two days of April. The first announcement involved a 90-bed skilled nursing facility in Meriden, Connecticut, being sold by a not-for-profit organization. Miller Memorial Community was built in 1975 and also features 19 active adult cottage-style apartments. The campus operated at a heavy loss during the marketing process, losing more than $1.5 million a year of EBITDAR on $7.63 million of revenues. Plus, occupancy for the SNF fell from 66% during marketing to around 50% by closing. The cottages were around 50% occupied too, and were in need of... Read More »
CareTrust Acquires Three California CCRCs For $60 Million
CareTrust REIT, Inc. announced that it purchased three CCRCs in Los Angeles, Orange and San Diego counties. Together, the communities comprise 475 assisted living, skilled nursing and memory care beds/units. The incoming operator for each is Bayshire Senior Communities, an existing CareTrust tenant based in Southern California. The investments were funded using cash on hand and came to around $60 million, or $126,900 per bed/unit. Torrey Pines Senior Living is in San Diego, California, and was acquired for a total investment amount of approximately $32.3 million, inclusive of transaction costs. Annual cash rent for the first year is about $2.6 million, increasing to around $3.0 million in... Read More »
CBRE Secures Acquisition Financing For Florida SH Community
CBRE Capital Markets secured acquisition financing for a seniors housing community in Ponte Vedra Beach, Florida, on behalf of Starling, a regional senior living development and management company based in Jacksonville, Florida. Built in 2015, Starling at Ponte Vedra features 86 assisted living and memory care units. The borrower will use a portion of loan proceeds to effectuate a capital expenditure program. CBRE secured this three-year, $16.2 million loan through Live Oak Bank. Aron Will, Phil Rachels and Michael Cregan arranged the financing, while Brad Clousing and Daniel Geraghty of Senior Living Investment Brokerage handled the sale. Read More »Schedule a demo
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