PACS Group Expands in Four States
After Senior Living Investment Brokerage announced the sale of three assets in Soldotna and Kenai, Alaska, and Caldwell, Idaho, PACS Group announced its addition of three seniors housing communities in the same locations. The Utah-based provider purchased the real estate and operations of the Alaska properties, and closed on a lease option for the Caldwell property. Vince Viverito, Jason Punzel, Jake Anderson and Taylor Graham of SLIB represented the seller, an experienced seniors housing owner/operator looking to focus on its alternative real estate investments. Occupancy varied across the assets, with Aspen Hills Senior Living in Soldonta at 73%, Forest Hills Senior Living in Kenai at... Read More »
Welltower Acquires St. Augustine Property
A seniors housing community in St. Augustine sold to Welltower in December. Silver Creek was built in 2016 with 138 units and 120,000 square feet on over 21 acres. According to the Jacksonville Daily Record, ValStone Partners sold the community to Welltower. We heard that the process was run by Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia. But no other details were disclosed. Read More »
Blueprint Handles Selectis Health Divestment
Selectis Health announced the sale of two skilled nursing facilities in Georgia. The deal included the 71-bed Providence of Sparta Health and Rehab in Sparta and the 110-bed Warrenton Health and Rehabilitation in Warrenton. They sold for $13.175 million, subject to customary prorations, holdbacks and adjustments, including a $1.3 million escrow. We understand that Michael Segal and Daniel Waldhorn of Blueprint handled the transaction. Shortly after closing, Selectis used a substantial portion of the net proceeds to pay in full certain transaction costs, an existing facility mortgage, existing note obligations, an existing contractual obligation and other miscellaneous expenses. The company... Read More »
Joint Venture Acquires Texas IL Community
12 Oaks Senior Living announced that it will assume management of a seniors housing community in a strong secondary Texas market. The company partnered with Silver Wave Capital and Capsight Investments to acquire the property. Purpose-built in 1998, Royal Estates of Wichita Falls is a well-maintained independent living community in Wichita Falls. Totaling 141 units, the community demonstrated strong historical performance and durable cash flow. However, 12 Oaks noted that one of its goals is to improve occupancy. The company also stated that it will enhance staffing support and training, upgrade care services and amenities, improve dining and hospitality operations and enrich... Read More »
Investment Firm Acquires in Missouri
Investment firm Lapis Advisers purchased a seniors housing asset out of state receivership in Kansas City, Missouri. The CCRC was distressed, having struggled with COVID-related challenges as well as a limited access to capital in recent years. Kingswood Senior Living features 185 independent living (65 of which are large duplex cottages), 34 assisted living, 23 memory care and 65 skilled nursing units. The independent living portion was built in 1995, and the assisted living section is newer. Memory care was added, and the SNF portion was heavily renovated. The campus was 87% occupied, with the independent living apartments weighing down overall occupancy. The assisted living... Read More »Schedule a demo
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