Kansas Senior Care Facilities Trade Hands
Nick Cacciabando and Jeff Binder of Senior Living Investment Brokerage closed a couple of Kansas deals in early May. First was the sale of two senior care facilities plus the leasehold interest of a third facility in southeast Kansas. A regional investment group consisting of three investors experienced in the industry had owned the real estate of two properties and leased the third facility from the eventual buyer, a Kansas-based operator with a large presence in the state. The acquired facilities included Assisted Living at Windsor Place in Coffeyville with 32 units (licensed for 36 assisted living beds) and Windsor Place of Iola with 45 dually licensed skilled nursing beds. They were... Read More »
Another Mom & Pop Retires from SNF Business
An older skilled nursing facility sold in Vincennes, Indiana, with multiple offers ultimately yielding an Indiana-based owner/operator as the buyer. Built in 1965, GentleCare of Vincennes features 60 licensed and 52 functional beds. It boasted one of the longest-running five-star ratings from CMS, and occupancy was around 80% with a 70% quality mix. Those kinds of numbers would intrigue many investors. The facility also operated at a decent 11% margin on nearly $3.95 million of revenues, based on 2020 figures. However, its mom & pop owners were looking to retire, bringing on Ryan Saul of Senior Living Investment Brokerage to sell the property. The Strategies, an Indiana-based provider... Read More »
Montgomery Intermediary Group Sells in the Southeast
Andrew Montgomery, Co-Founder and Vice President of Montgomery Intermediary Group, announced a couple of senior care sales in the Southeast. First, in Georgia, Mr. Montgomery represented the buyer of a 96-unit assisted living/memory care community that was previously owned by a mom & pop organization. Built in 2016, the community was 85% occupied when the LOI was signed. The buyer, made up of a new seniors housing management company based in Dallas, Empower Living, and its private equity capital partner, Aspire Ventures, also based in Dallas, acquired the community at a mid-7% cap rate based on 2021 figures. Both Mark Reisman (Empower Living) and Ramana Korada (Aspire Ventures) have... Read More »
Rood Investments Sells Washington State Portfolio
Cushman & Wakefield served as exclusive advisor to Rood Investments, LLC to sell its three high quality seniors housing communities in Vancouver, Washington. Totaling 703 units, the portfolio spans the care continuum with active adult apartments, independent living, assisted living and memory care services. Rood Investments developed all three communities between 2001 and 2017, which are located in urban areas surrounded by plenty of amenities. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Jack Griffin represented the seller in the transaction. The buyer and purchase price were not disclosed. Read More »