Private Investment Firm Buys Two Turnaround Assets
A Dallas-based private investment firm purchased a couple of seniors housing communities in Texas and Oklahoma. Both 1990s-built communities were losing nearly $1 million at the time of the sales, so they offered significant upside. The Carrollton, Texas, community was built in 1996 and renovated in both 2009 and 2016. In addition, it received a memory care expansion in 2014 and currently features 62 units. Occupancy was under 30%, and the community generated nearly $900,000 in revenues. Its private equity group seller with a regional seniors housing portfolio looked to divest the community. The buyer partnered with a local operator to take over management of the community. Matthew... Read More »
Spokane Active Adult Community Sells
Whispering Pines Apartments, a Class-A active adult community located in Spokane, Washington, was divested in the first quarter of 2023 in a 1031 exchange event. Built in 2016, the community has 31 units with long-term tenants and sits on two acres. According to the rent roll, in 2022, revenues were roughly $657,060. SVN Cornerstone’s Nate Gant and Guy Byrd were brought on to represent the seller, Whispering Pines LLC. Lee & Associates’ Levi Sterley represented the buyer, Seven Lakes Development, an investor/developer. The purchase price was $10.15 million, or approximately $327,400 per unit. Read More »
SLIB Arranges Two Southeast Deals
Two Senior Living Investment Brokerage teams sold a couple of senior care facilities in the Southeast. Jeff Binder and Nick Cacciabando first represented a local owner/operator in their exit from the skilled nursing industry by selling their 130-bed facility in Hollister, Missouri, near Branson. The facility was built in 1984 on top of a hill and offers views of Lake Taneycomo. It maintained consistent revenue and occupancy throughout the last three years, most recently (in 2022) generating about $6.45 million of revenue, with an 8% margin and 75% occupancy. Emerging from multiple offers, the eventual buyer was a Missouri-based owner/operator of skilled nursing facilities with one of... Read More »
Grandbridge Completes REIT’s Non-Core Portfolio Disposition
Grandbridge was brought on to sell three older seniors housing communities in Florida that were distressed: The Grande, Balmoral and Forest Oaks. The Grande is a 144-unit community in Brooksville with independent living, assisted living and memory care services, and Balmoral is a 125-unit AL/MC community in Lake Placid. Forest Oaks is an 80-unit AL/MC community in Spring Hill. The Grande and Balmoral sold in June to TJM Properties, a regional Florida-based owner/operator. In a separate transaction in August, Forest Oaks sold to a Florida-based buyer that was not disclosed. A national REIT sold the communities, and this sale completed its disposition of a portfolio that consisted of... Read More »
Foundry Commercial Acquires White Springs Senior Living
White Springs Senior Living, a 90-unit assisted living/memory care community built in 2020 in Warrenton, Virginia, was acquired by Foundry Commercial, marking Foundry’s 30th senior living community purchased since its establishment in 2020. Spring Arbor Senior Living, Foundry’s in-house seniors housing operating company, will manage the community going forward. White Springs Senior Living is the newest community in the operator’s portfolio. Acquisition financing was arranged by Capital Funding Group, but no other details were disclosed. Read More »Schedule a demo
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