Ziegler Sells Struggling CCRC in Alabama
Diversicare Healthcare Services purchased a large, independent, not-for-profit CCRC in Homewood, Alabama (east of Birmingham) in a deal handled by Nick Glaisner and Jake Sexton of Ziegler. Called St. Martins of the Pines (SMP), the community had been in significant financial distress, losing nearly $2 million in EBITDA on approximately $13.5 million in revenues. Occupancy was understandably low, as well, across all acuity types. Founded in 1955, the campus features a four-story independent living community with 97 units, a two-story assisted living/memory care community with 40 AL and 51 MC units, and a skilled nursing campus in a greenhouse “cottages” style (which replaced an older... Read More »
Not-For-Profit Divests in Wisconsin
Marcus & Millichap facilitated the divestment of Colfax Health and Rehabilitation Center in Wisconsin on behalf of a local not-for-profit seller. Built in 2013, the facility originally featured 28 skilled nursing beds, 26 assisted living beds and 12 RCAC units within a 52,000-square-foot space, all comprising private rooms. The community underwent a strategic transformation. Post-conversion, the assisted living component expanded by an additional 28 beds, resulting in a total of 66 assisted living and RCAC units. The skilled nursing beds were phased out, with the corresponding license transitioned to a CBRF license. Operating at a substantial loss, with revenues hovering around $1.5... Read More »
Moravian Manor Communities and Morningstar Living Affiliate
Moravian Manor Communities and Morningstar Living finalized their affiliation and will now operate under the umbrella of Unitas Communities. The two faith-based, not-for-profit organizations each operate two CCRCs in Pennsylvania, with Moravian operating two communities in Lititz and Morningstar operating two in the Nazareth area. There was already a loose connection between the organizations before a formal affiliation was established. Under the agreement, both will retain separate corporate identities with separate financial and legal operations. However, they will share services and resources, and J. David Swartley, president and CEO of Moravian, becomes president and CEO of... Read More »
Two Doctors Acquire MC Community
Haven Senior Investments, a faith-based advisory and brokerage firm, sold a long-standing, family-owned memory care community in eastern Kansas. The high-end community features 48 units and 48 beds across four buildings, serving the Lawrence area west of Kansas City. The first building opened in 2012, followed by the remaining three in 2017, 2019 and 2022, respectively. The local owner/operator that developed the community is exiting the industry with the sale in order to retire and wished the community to go to a buyer with similar values. Haven sourced the buyer, MD Memory Care LLC, which is headed by a medical doctor and IT duo, Dr. Chaitanya Musham and Sri Vallak, both of whom were... Read More »
Blueprint Handles Virginia AL/MC Divestment
The owner of two assisted living/memory care communities in central Virginia engaged Blueprint to sell the assets. The deal closed with a buyer seeking to scale a regional management platform paying an undisclosed price. Located about 75 miles apart, one in a densely populated, affluent market and the other in a tertiary submarket, the communities totaled 128 units. They were not stabilized assets. A targeted marketing campaign resulted in multiple offers before the seller chose the eventual buyer due to their incentive to expand into the geographies, their “vigorous” pursuit of the deal, and a demonstrated commitment from their local banking and equity investment partners. Kory Buzin,... Read More »Schedule a demo
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