• Skilled Nursing: Is There A Market Disconnect?

    On September 29th, 2022, our Editor Ben Swett discussed the skilled nursing M&A market with a couple of industry experts that included Laca Wong-Hammond of Lument and Toby Siefert of Senior Living Investment Brokerage. The conversation ran over an hour and covered SNF values, the current buyer’s mindset, what sellers are thinking and... Read More »
  • Skilled Nursing Facility Sells in Indiana

    A skilled nursing facility in Spencer, Indiana (Bloomington MSA) sold to a group of skilled nursing operators based in Indiana and the Midwest for an undisclosed price. The facility will be renamed Owen Valley Rehabilitation and Healthcare Center. Built in 2006, it has 113 beds, including a 31-bed memory care unit, sitting on 3.52 acres.... Read More »
  • CBRE Refinances Coastal California Community

    California-based owner/operator Westmont and a group of individual investors refinanced their senior living community on the central California coast. Located near San Luis Obispo, The Oaks at Nipomo opened in 2017 with 97 units of independent living, assisted living and memory care. Westmont has operated the community since its opening, and... Read More »
  • Orange County AL Community Finds New Owner

    Scott Frazier of Blueprint Healthcare Real Estate Advisors helped an independent owner/operator exit the seniors housing business with the sale of their only asset in Orange County, California. Built in 1970 and renovated in 2008, the community comprises approximately 70 units of assisted living and memory care. The current owner bought the... Read More »
  • Newmark Sells SNF Portfolio, and a Florida Community Too

    Newmark announced a couple of closings this week. First and most notably, the team sold a portfolio of skilled nursing facilities in New England. Including five facilities in Massachusetts and two in New Hampshire, the portfolio totaled 771 beds, with an average age of more than 50 years. The deal closed at the start of the month. Next, Newmark... Read More »

Hamister Group Acquires Connecticut Community

Cushman & Wakefield arranged the sale of an assisted living community in Glastonbury, Connecticut. Buckingham Heights is a 46-unit, 52-bed memory care community that sits just southeast of Hartford. The property opened in late 2001 and historically operated at 100% occupancy. Longview Senior Housing, an affiliate of Blackstone, the seller, completed renovations in 2021, which included remodeled common areas, expanded dining areas, replacing the roof and sprinkler system, and upgrading furniture, fixtures, equipment, lighting, paint, carpet and flooring throughout the property.  The strong cash flow and good location attracted Hamister Group, a seniors housing investor and operator, to... Read More »

Windriver Companies Acquires South Carolina Community

Evans Senior Investments announced it has arranged the sale of an assisted living community in South Carolina on behalf of a large East Coast private equity firm. The buyer was Windriver Companies, which paid an undisclosed price. Built in 2001, the 52-unit community is located just outside of Greenville. With a 100% private pay census, the community was 40% occupied at the time of marketing and losing money. Occupancy increased to 55% at the time of closing, but there is still a long way to go. Windriver Companies plans to begin renovations as well as add memory care units to the community. Read More »

High-Priced SNF Portfolio Sells in Maryland

Axis Health, an owner/operator of senior care facilities run by Ben Philipson and Abe Kraus, has divested its six skilled nursing facilities in Maryland to two separate buyers. One tranche of four facilities in Montgomery, Carroll and Cecil Counties sold to Autumn Lake Healthcare for $142.5 million, or $276,000 per bed. Those facilities include Oak Manor in Burtonsville, Birch Manor in Sykesville, Calvert Manor in Rising Sun and Long View in Manchester. The other two facilities, including Caroline Center in Denton and Manokin Center in Princess Anne, sold to Key Health Management, which is entering the state with the deal. The two facilities are located on the Eastern Shore. Key Health... Read More »

Dwyer Workforce Development Acquires 50-SNF Portfolio

There was some buzz around a major skilled nursing portfolio deal in Texas closing during the NIC Fall Conference, and indeed, Dwyer Workforce Development (DWD), the 501(c)(3) not-for-profit started by Jack Dwyer (the owner of Capital Funding Group) and his family in 2021, announced its $590 million acquisition of 50 facilities in the Lone Star State. Continued to be operated by Regency Integrated Health Services, the portfolio will transition from for-profit to not-for-profit under the deal.  DWD has tasked itself with three basic missions: solving systemic poverty, creating new career opportunities for those who lack opportunity, and reducing healthcare staff shortages at facilities... Read More »

Utah-Based SNF Owner Enters Assisted Living Sector

A Utah-based developer is exiting the assisted living industry, with Vince Viverito, Brad Goodsell and Jason Punzel of Senior Living Investment Brokerage handling the final sale. Last month, the same SLIB trio sold the company’s other remaining assisted living assets, which were located in the western United States. Located in Lehi, Utah (Provo area), the last assisted living community was vacant, having been built by the seller in 2016 with 62 units on 1.5 acres. It sold for $8.95 million, or $144,400 per unit. The owner was focused on divesting the portfolio in order to focus on its core industries (multifamily and retail) and strategically decided to shut down this building to... Read More »

Blueprint Facilitates Florida Bankruptcy Sale

Blueprint Healthcare Real Estate Advisors announced the sale of an assisted living community in Florida. Vista Lake of Leesburg comprises 74 units of assisted living and memory care in the greater Orlando area. Built in two phases in 1996 and 2000, the community was acquired in 2018 through a portfolio transaction by Eagle Senior Living. However, the community struggled during the pandemic as Eagle Senior Living simultaneously navigated Chapter 11 bankruptcy. Blueprint was engaged by the Eagle Senior Living in the summer of 2021 to run a competitive sale process for the Leesburg community, which included selecting a stalking horse bidder in addition to launching a broader auction process.... Read More »