Montgomery Selling in Memphis
On the eve of the NIC Conference in Chicago, Andrew Montgomery of Montgomery Intermediary Group facilitated the sale of an assisted living community in Memphis, Tennessee. Built in 1997 with 85 units, the community was bought out of bankruptcy in 2010 by the current owner/seller. It was operational as an assisted living community until October 2022, when ownership decided to shut it down after some tenant difficulties. The property sold vacant, and we would guess given the vintage and the lack of census, the per-unit price could not have surpassed $50,000 per unit. A private investor bought the asset, utilizing an existing lending relationship to obtain bridge debt for the deal. The buyer... Read More »
CCRC Sells out West
Evans Senior Investments successfully sold a CCRC on the West Coast, closing the deal within 35 days of executing the contract. Few details were disclosed, but the community consists of approximately 150 units, with assisted living and memory care making up about 75% of the units and skilled nursing comprising the remainder. The campus was built around 2000, with a renovation completed last year. The winning bidder emerged from four groups, for an undisclosed price. Read More »
SLIB Facilitates Sale of Two NY Seniors Housing Communities
Two assisted living communities in New York with licenses designed to provide higher level care in an AL setting, rather than in a skilled nursing facility, sold with the help of Dave Balow of Senior Living Investment Brokerage. Balow was brought on by a private owner to facilitate the sale (and their exit from seniors housing ownership in order to focus on other ventures within the industry). The two communities, The Cambridge Assisted Living and The Mansion at South Union, are located within a mile of each other in Cambridge, New York. The Cambridge has an enhanced care license, which is all private pay, while The Mansion is an ALP community (Assisted Living Program), which is a... Read More »
AgeWell Solvere Living Acquires Sonata Senior Living
Two senior living operators based in Florida have affiliated, resulting in a portfolio of 34 communities in seven states, and an additional four communities that will open in the near-future. AgeWell Solvere Living acquired Sonata Senior Living, assuming ownership of the operating companies that manage Sonata’s 14 communities starting November 1. This development followed the merger of Solvere Living and AgeWell Living in January, which formed the new entity known as AgeWell Solvere. The newly-acquired communities will continue to operate under Sonata’s branding, and many of these communities currently operate below occupancy stabilization levels. AgeWell Solvere plans to integrate its own... Read More »
Plains Commercial Handles Anaheim Deal
Plains Commercial sold Family Choice Senior Living, a 30-bed residential care (assisted living) community in Anaheim, California. Daniel Morris of Plains was engaged by the private investor seller to do a direct transaction, as they were exiting the seniors housing space. The community had undergone an extensive renovation in the last few years, after which the seller executed a long-term lease with a local seniors housing operator. The buyer is a local investor with existing seniors housing investments that was looking to expand its portfolio as a landlord. The community sold at an attractive cap rate, which helped the parties to be able to navigate the current lending... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
