Blueprint Sells in San Angelo
A publicly traded REIT sold its cash-flowing, 30-unit assisted living/memory care community in San Angelo, Texas, hiring Amy Sitzman, Giancarlo Riso and Michael Segal of Blueprint Healthcare Real Estate Advisors to handle the sale. Built in 2012, the community consists of two adjacent standalone buildings, in addition to excess land for expansion with a lot size of 2.82 acres. It was the newest seniors housing community in town, and the community historically performed well with occupancy exceeding 85% in 2019, while generating cash flows of $1.5 million at a 34% margin in the same period. After experiencing an occupancy disruption in 2021 from weather-related damages, the community... Read More »
Evans Facilitates CareTrust REIT’s Georgia Acquisition
An older skilled nursing facility that recently underwent a major renovation sold to CareTrust REIT in a deal valued at $12 million, or $81,000 per bed. Located about 40 miles south of Atlanta, Georgia, in the town of Spalding, the 148-bed facility was originally built in 1968 and was recently put on the special focus facility list. A recent renovation modernized the amenities, which added to the facility’s appeal and helped boost occupancy. At the time of marketing, it was around 95% occupied, and according to CareTrust’s press release, the facility is expected to generate first-year annual cash rent of $1.17 million. A regional owner/operator hired Evans Senior Investments to... Read More »
Blueprint Sells South Florida AL Community
Blueprint Healthcare Real Estate Advisors sold a 54-unit assisted living community located in between Boca Raton and Fort Lauderdale, Florida. Brooks Blackmon and Lauren Nagle were engaged by a regional owner/operator to run a confidential marketing process of the property, which was positioned as an opportunity for an incoming investor with regional expertise to bolster their Florida footprint, implement a strong business plan, and capitalize on economies of scale. A local-owner operator emerged from two other offers to buy the community for an undisclosed price. Read More »
SLIB Handles Two REIT Divestments
A REIT divested a couple of assisted living/memory care communities in Iowa with the help of Ryan Saul, Vince Viverito, Jason Punzel and Nick Cacciabando of Senior Living Investment Brokerage. Built in the late-2000s, the communities combined for 96 units. They were located in Ottumwa and Fort Madison, both in southeastern Iowa. Their REIT owner wished to liquidate capital for other investments, so an Iowa-based owner/operator stepped in to buy the communities for an undisclosed amount. They plan to invest heavily in remodeling the community and improving overall performance. Punzel and Viverito were then joined by Brad Goodsell and Jake Anderson to work on behalf of another REIT to sell... Read More »
SLIB Announces Deals in Washington and West Virginia
Two teams at Senior Living Investment Brokerage announced deals this week, including one in Washington state and another in West Virginia. First, in Washington, Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson sold a 54-unit assisted living community in the town of Shelton (on the Olympic peninsula). Built in 2000, it was previously owned by an investment group that was looking to divest its out-of-state assets. Occupancy was decent at 80%, but that could be improved. In the end, a Pacific Northwest owner/operator paid $4.9 million, or $90,700 per unit, for the community and plans to spend more on capital improvements and to increase the number of licensed beds. Next,... Read More »Schedule a demo
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