Skilled Nursing Divestments in Texas and Tennessee
Forest Healthcare was enlisted by a large nursing home group in its divestment of a skilled nursing facility in Austin, Texas. The seller has an existing footprint in the state, however, this was its only facility in Austin. The buyer, an owner/operator based near Austin, has other properties in the area and wanted to further grow its footprint. Built in 1985 with recent renovations, the facility comprises 120 licensed skilled nursing beds with occupancy over 82% at the time of closing. There are an additional 45 assisted living beds that the buyer intends to convert to licensed SNF beds. Jeffrey Vegh and Joe Schiff handled the transaction. Vegh and Schiff also recently closed a... Read More »
Bravo Provides $10M Bridge Acquisition Loan
Bravo Property Trust, an affiliate of Bravo Capital, provided a $10.0 million bridge loan to Birchwood Health Care Partners for the acquisition of a skilled nursing facility in Des Moines, Iowa. The building was constructed in 2016 as a senior care campus with 70 skilled nursing beds and 30 assisted living beds. The previous owner converted the AL units to SNF beds in October 2022, and the building was re-licensed as a 100-bed SNF in December 2022. With occupancy based on 100 SNF beds beginning in October 2022, the facility leased up over the next nine months and stabilized in August 2023 at 91%. Read More »
Chicago Pacific Founders Acquires in Sarasota
Chicago Pacific Founders and its subsidiaries, CPF Living Communities and Grace Management, Inc., acquired The Summit of Lakewood Ranch, in Lakewood Ranch, Florida (Sarasota MSA). Grace Management will take over operations and oversee investments made on the campus. The community currently offers assisted living and memory care services. It was previously known as The Sheridan at Lakewood Ranch and was operated by Senior Lifestyle Corp. It opened in 2016 with 121 units, at a cost of approximately $17 million, or $140,000 per unit. Additional terms of the deal were not disclosed. Read More »
Goldman Sachs Asset Management Divests in Midwest
Goldman Sachs Asset Management has recently divested a tranche of seniors housing properties, including Atria at River Trail, an A-quality asset in Chicagoland. Justin Knapp and Nick Stahler of IPA-Marcus & Millichap handled the sale of River Trail. Located in Bolingbrook, the community features 128 units of independent living, assisted living and memory care. It was recently built (in 2018), stabilized and operated by Atria Senior Living. After receiving several offers in the best and final round of bidding and selecting the buyer in December, the property was tied to the portfolio sale of eight assets in total located in Michigan, Pennsylvania and Virginia. That appears to be... Read More »
SLIB Navigates Tricky Maryland Deal
Toby Siefert and Dave Balow of Senior Living Investment Brokerage pulled out all the stops to close the sale of a seniors housing community in Denton, Maryland, on the Eastern Shore. Built in the mid-1980s, Homestead Manor Assisted Living and Heritage Community are a combined assisted living and independent living community on a shared campus, with 24 IL patio homes and 62 AL units. The patio homes have been continually at or near full occupancy with healthy cash flow, while the assisted living portion was still recovering from the pandemic, at 55%. Combined, the campus generated around $3.47 million of revenues, at an 11% margin. Representing a private owner looking to divest their... Read More »Schedule a demo
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