CareTrust REIT Establishes SHOP Platform
Three Texas seniors housing communities with 270 assisted living and memory care units were acquired by CareTrust REIT, Inc. The publicly traded REIT purchased the communities for $40 million, or $148,100 per unit. This marks the first investment of CareTrust’s SHOP platform. The communities were 86% occupied at the time of acquisition and will be managed by affiliates of Sinceri Senior Living. The acquisition was funded with cash on hand, and the company expects the portfolio to deliver a going-in yield of approximately 7%. The company now has three avenues to grow, with its SHOP, U.S. skilled nursing and U.K. care home investment platforms. Read More »
Ensign Grows Through Separate Transactions in Three States
The Ensign Group, Inc. increased its portfolio through three separate acquisitions in Kansas, Arizona and Colorado. The publicly traded provider expanded its growing Midwest footprint through its Kansas acquisition of the real estate and operations of Willow Point Rehabilitation and Nursing Center, a 45-bed skilled nursing facility in Kansas City. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company, and the facility is operated by Gateway Healthcare LLC, Ensign’s Kansas-based subsidiary. In another transaction on the same day, Ensign acquired the operations of Santa Rosa Care Center, a 144-bed skilled nursing... Read More »
Developer/Operator Divests to PE Firm
A developer and operator sold Rivertown Ridge, a Class-A seniors housing community in the Grand Rapids suburb of Wyoming, Michigan, to a private equity firm. This community, built in 2020, features 152 units of independent living, assisted living and memory care, and has exhibited strong performance. The seller, Redstone Homes, was represented by Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare. After developing the community in 2020, Redstone took over operations in 2023, with the community quickly achieving high occupancy and strong operating margins. Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld of Berkadia Senior... Read More »
Class-A Community Gets Acquisition Financing
JLL Capital Markets sold and financed The Reserve at North Dallas, a Class-A seniors housing community in Dallas, Texas. Located on a seven-acre site, the community was built in 2000 and offers 247 independent living and 26 assisted living units, primarily in one- and two-bedroom configurations. Arrowmark Partners provided an acquisition loan with a three-year term and two 12-month extension options to the buyer, Unbridled Living. JLL’s Seniors Housing Capital Markets team representing the seller was led by Jay Wagner, Rick Swartz, Aaron Rosenzweig, Jim Dooley and Dan Baker. JLL’s Seniors Housing Debt Advisory team was led by Allison Holland. The building was well-maintained thanks to the... Read More »
Upstate NY Seniors Housing Community Trades
Kory Buzin and Steve Thomes of Blueprint facilitated the sale of a seniors housing community in upstate New York that stakeholders were divesting to take advantage of positive performance trends and a strong M&A market. The Legacy at Cranberry Landing, a 95-unit independent living, assisted living and memory care community in Rochester, was constructed in 2004 and fully renovated in 2015. The community is licensed to accept Enhanced Assisted Living Residents. It experienced recent occupancy increases. Multiple offers for the community were procured, with a growing regional owner based in the Northeast selected as the buyer. There were issues between LOI and closing, but Buzin and... Read More »Schedule a demo
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