National Developer/Investor Divests in Kentucky
In a pre-COVID, value-add portfolio transaction, a national developer/investor acquired over 12 geographically disparate, older-vintage communities. The combined impact of COVID and an unforeseen rise in interest rates prompted a strategic portfolio re-prioritization, rationalization and de-levering effort, leading to the divestment of a seniors housing community in Fort Mitchell, Kentucky, that was a geographic outlier and deemed non-core. Built in the late 1990s, the community comprises 95 units of assisted living and memory care. Although it was performing, it was not fully stable from an occupancy or margin perspective, necessitating capital enhancements to achieve its full potential. ... Read More »
Coastal California Community Finds New Owner
Location, location, location. A seniors housing community sitting on the oceanfront in San Clemente, California, found a new owner with the help of Brad Goodsell and Jason Punzel of Senior Living Investment Brokerage. The 140-unit assisted living/memory care community was built in 2002 and comprises 131,765 square feet on 3.3 acres. Some improvements could be made to maximize the property’s scenic location and customer appeal. Occupancy was 82% at the time of the sale. Its owner chose to divest with the ultimate goal of exiting the seniors housing space. The seller’s family had developed it and managed the property through the sale. A joint venture between a private equity group... Read More »
SLIB Sells Emerald City
Senior Living Investment Brokerage was brought on by an out-of-state private equity group with a third-party operator to divest an assisted living/memory care community in Seattle, Washington. Emerald City was built in 2006, renovated in 2017, and comprises 119 units with 51% occupancy. There is also a 11,102-square-foot parking garage included in the deal. Looking to improve that occupancy and the value of the community will be a regional owner/operator that is expanding its Washington State portfolio. The purchase price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson handled the transaction. Read More »
Class-A, Stabilized Sarasota Property Sells
A new and full seniors housing community sold in southwest Florida, garnering multiple offers and bidding rounds. Built in 2019, Grand Living at Lakewood Ranch is a Class-A community with 172 units of independent living, assisted living and memory care in Sarasota. Occupancy reached 99% with a substantial waiting list. As such, the community boasted a strong operating margin, sometimes a rarity in today’s M&A marketing. Ryan Companies US led the selling joint venture, which ultimately chose an institutional core fund as the buyer. Joshua Jandris, Tom Falkenberg and Nick Hall of Walker & Dunlop’s Chicago Seniors Housing team handled the transaction. Read More »
Health Dimensions Group Acquires Managed Property
After already operating an 80-unit assisted living/memory care community in Appleton, Wisconsin, Health Dimensions Group emerged as its eventual buyer when its national investor/owner decided to divest the non-core asset. Built in the late-1990s, the community had been purchased as part of a larger, geographically diverse portfolio before the pandemic, with a “value-add thesis” that included operator transitions to create regional groupings and significant renovation and repositioning projects. The pandemic and ensuing high capital costs made that thesis untenable, prompting a re-prioritization and de-levering of the portfolio. This older Appleton asset was also a strong performer,... Read More »Schedule a demo
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