Owner/Operator Purchases in Nevada
Senior Living Investment Brokerage facilitated the sale of a cash-flowing seniors housing community in Las Vegas, Nevada. The seller, a private equity firm, is divesting to exit its fund and the seniors housing industry. The purchase price was $9.5 million, or $77,900 per unit. Built in 1974 and continually renovated as recently as 2023, Sterling Ridge Living comprises 22 independent living units (24 beds), 74 assisted living units (76 beds) and 26 memory care units (52 beds), with a 91% occupancy rate. The community sits on 2.37 acres and spans 89,719 square feet. Revenues were $5.6 million, and EBITDAR was $994,000, resulting in a cap rate of 10.5%. During the marketing period, the... Read More »
Not-For-Profit Divests to Another Not-For-Profit
National Church Residences acquired a 99-year ground lease interest on an affordable seniors housing community in Atlanta, Georgia. This acquisition expands NCR’s affordable seniors housing portfolio to 17 communities in the Atlanta metro area, making it the second largest affordable seniors housing owner in the city. Built in 1979, Cathedral Towers comprises 195 units and will be rebranded as Parish Grove. NCR plans to begin making modest improvements to the community. The seller, Episcopal Cathedral of St. Philip, operated the community for 45 years and will use the proceeds from the transaction to create a fund dedicated to improving access to and the affordability of housing and the... Read More »
Equity Consultants Acquires California Active Adult Asset
Coldwell Banker Commercial West was engaged by a local mom & pop in the divestment of an active adult community in Huntington Park, California. The community is under a building covenant that mandates it be used as 55+ housing with 20% of units rented to low-income seniors until 2038. Built in 1989 with renovations done on 50 of the units in 2005, Seville Gardens Apartment Community comprises 225 units, sits on 1.09 acres and stands four stories tall. Occupancy was hovering around 65%. The community was not stabilized at the time of sale and rents were 25% to 30% below market value. It was making around $675,000 at the time of the sale. Tom Papoulias of Coldwell handled the... Read More »
Private Equity Firm Divests SNF in Pennsylvania
Blueprint was engaged by a nationally recognized institutional private equity firm in its divestment of a skilled nursing facility in Philadelphia, Pennsylvania. Built in the early 2000s with significant renovations in 2022, the facility is certified by CMS for Medicare only. Following the completion of renovation, census continuously climbed towards stabilization. The incumbent operator was a seniors housing-focused manager also providing lower acuity senior care services on the adjacent campus. Michael Segal, Jacob Gehl, Dillon Rudy and Daniel Waldhorn handled the transaction, targeting East Coast investors and skilled nursing-focused owners/operators with existing footprints in... Read More »
Berkadia’s Recent Sales and Financing Activity
Berkadia was engaged by a publicly traded REIT in its divestment of an 85-unit assisted living/memory care community in Alpharetta, Georgia. The property, part of a three-property portfolio, was purchased by a regional owner/operator. The first two properties in the portfolio closed in May and comprise 146 assisted living/memory care units in Atlanta and Marietta, Georgia. The buyer was also a regional owner/operator. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers handled both transactions. Berkadia has completed over $1.7 billion in sales and financings across 49 transactions in the first half of the year. That impressive volume has continued into the second half of the year,... Read More »Schedule a demo
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