Continuum of Care Portfolio Sells in Indiana
Evans Senior Investments sold a portfolio of three senior care assets in Indiana. Built in 1982 and 1995, the properties offered a continuum of care for seniors housing and skilled nursing residents. One property was a CCRC with 34 seniors housing units and 137 licensed skilled nursing beds (operating at 128 beds). The SNF portion was consistently occupied in the low-90s, while the seniors housing portion hovered in the high-80s and low-90s. The other two were located on the same campus and offer a combined 63 independent living, assisted living and memory care units and 127 licensed skilled nursing beds. Again, the SNF portion saw stronger census, from the mid- to high-80s, while the... Read More »
JCH Negotiates Two Leases in the Golden State
JCH Senior Housing Investment Brokerage negotiated a couple of leases for senior care properties in California. First was a new lease for an assisted living community in Alhambra, California. The community, previously operated by a national operator, will now be under the management of a reputable regional operator. There were a myriad of licensing challenges, but JCH identified a resourceful, incoming operator with strong relationships with local licensing agencies which helped facilitate the process. That new regional operator specializes in programs that provide access to care for low-income residents and wellness programs. Next, JCH negotiated a new lease for a skilled nursing facility... Read More »
Maryland Owner/Operator Adds to Its Portfolio
A publicly traded REIT sold Woodlands Assisted Living, an assisted living/memory care community with about 65 units in Middle River, Maryland (Baltimore MSA). Built in 1999, the community boasted historically strong operations prior to the onset of the pandemic, with occupancy north of 90% and operating margins approaching 30%. However, significantly impacted by the pandemic in 2020 and 2021, the community’s performance was just beginning to trend back upwards at the time of marketing. The REIT owner engaged Kory Buzin, Brooks Blackmon, Steve Thomes and Lauren Nagle of Blueprint Healthcare Real Estate Advisors to sell the community, which they marketed as an opportunity to purchase a... Read More »
Northeast Operator Grows Midwest Portfolio
Daniel Geraghty, Vince Viverito and Jason Punzel of Senior Living Investment Brokerage sold a couple of Kentucky seniors housing communities on behalf of the REIT owner that was divesting the properties for strategic consolidation purposes. The buyer, a Northeast-based operator looking to add to its growing Midwest portfolio, purchased Arcadian Cove in Richmond and Willow Creek Senior Living in Elizabethtown, located about 125 miles from each other. Built in 2009, Arcadian Cove features 49 units of assisted living, while Willow Creek, built in 1998, has 65 AL and memory care units. There were multiple offers for the communities from both local and regional buyers before the... Read More »
REIT Divests Two Florida Communities
Grandbridge Real Estate Capital’s Senior Housing Investment Sales team sold two seniors housing communities in Florida on behalf of a national REIT. Totaling 420 units of independent living, assisted living and memory care, the communities include Spring Haven (297 units) in Winter Haven and Lake Morton Plaza (123 units) in Lakeland. Both older-vintage assets are located between Tampa and Orlando. They were deemed to be non-core by the REIT owner, which was able to improve its overall portfolio operating metrics and simultaneously reallocate capital to other initiatives. A Florida-based owner/operator with a growing portfolio in the region was the eventual buyer, purchasing the communities... Read More »Schedule a demo
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