The Zett Group Sells Idaho Portfolio
A trio of small, well-performing assisted living communities in rural Idaho sold with the help of Blake Bozett and Spud Batt of The Zett Group. The pair represented a mom & pop who were looking to retire after nearly 25 years of operating. Terri and Carl Pendleton built the first 16-unit assisted living community in Gooding, Idaho, and added two more 16-unit buildings next to each other in Jerome, one focused on memory care that was built in 2011 and one assisted living building constructed in 2015. Together, they are known as DeSano Place Assisted Living. Occupancy was strong across the board, averaging over 90% across the last two years with a 95% private pay census. Under the... Read More »
JV Buyer Acquires Two Communities From Separate Sellers
Helios Healthcare Advisors structured the sale and arranged joint venture equity for the acquisition of two assisted living/memory care communities in Alabama on behalf of separate sellers. Helios was initially engaged by the Episcopal Diocese of the Central Gulf Coast to identify a buyer that would preserve the legacy of Murray House Assisted Living, a historic assisted living community located in Mobile, Alabama. Helios identified an operator with extensive experience in the industry that had recently established a new operating platform. However, faced with challenges associated with capitalizing the transaction, the buyer engaged Helios to assist in arranging an equity investment from... Read More »
South Denver SNF Finds New Owner
A non-performing skilled nursing facility in South Denver, Colorado, found a new owner thanks to Hap Knowles and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap. Built in 1965, Aspen Siesta features just 34 licensed beds. It was 64% occupied and generated more than $2.8 million of revenues from private pay, VA and other payor sources. But it was losing around $265,000 a year as of the most recent financials in 2023. Being a distressed, older vintage property, the facility could potentially attract interest from alternative-use buyers. So, Knapp-Stahler identified a behavioral health and substance abuse provider to purchase and convert the facility to that new use. That... Read More »
Minnesota AL Community Trades Hands
Senior Living Investment Brokerage was engaged by a Minneapolis-based, repeat client in the disposition of its last assisted living community that is in “very good condition.” The seller is divesting to focus on its remaining active adult and multifamily portfolio. Built in 2013, the community is in St. Anthony, Minnesota (Minneapolis-St. Paul MSA), with 73 units and high-end amenities. It was 74% occupied, generating $4.15 million of revenues. SLIB structured the marketing process around the seller’s desire to transfer ownership to another respected owner/operator that would continue the high standard of care for residents and support the seller’s associates. The ultimate buyer was a real... Read More »
Invesque Completes Commonwealth Portfolio Divestment
Invesque announced that it completed the previously announced sale of 20 seniors housing communities managed by Commonwealth Senior Living, together with its majority ownership stake in Commonwealth. Proceeds from the transaction were used to repay all property-level debt associated with the assets, extinguish all unpaid and accrued preferred equity associated with the portfolio, and to pay other transaction-related costs. Commonwealth no longer manages any Invesque-owned properties. Invesque’s portfolio now consists of 32 assets, 12 of which remain under definitive contract to be sold, subject to satisfaction or waiver of due diligence conditions in favour of the purchasers and other... Read More »Schedule a demo
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