Solid Price Achieved for Struggling Seniors Housing Community
The guys at Senior Living Investment Brokerage have been on a roll lately, announcing nine transactions in the month of May and another four in the first week of June. And there are more to come this month. The latest was the sale of The Waterford in Smyrna, a 92-unit assisted living/memory care community in Smyrna, Tennessee. Dave Balow and Patrick Burke sold the community on behalf of a local ownership group/operator that decided to exit the asset to deploy capital into other real estate ventures. Built in 2009 about 25 miles southeast of Nashville, the community was 57% occupied around the time of marketing. It generated nearly $2.48 million of revenues but lost $57,000 in EBITDAR... Read More »
Allen McMurtry Retires
After an exceptional 35-year career representing seniors housing owners and operators, our good friend Allen McMurtry has finally decided to retire and enjoy life in North Carolina, where he has been biking and hiking for years. Most recently he was head of seniors housing investment sales at Grandbridge Real Estate Capital, but had been passing the torch to Dave Kliewer and Jay Jordan for the past several years. Hmm, sound familiar? He also spent time at Cushman & Wakefield (13 years) and CLW Realty Group (17 years). I first got to know Allen in the late 1980s when we competed against him to represent Barnett Banks of Florida in the sale of two retirement communities in default in... Read More »
Blueprint Finds a Behavioral Health Buyer for Texas Transaction
Sometimes in seniors housing, the better buyer comes from behavioral health. That was the case in Blueprint Healthcare Real Estate Advisors’ sale of an assisted living/memory care community near Dallas, Texas. Featuring 65 units, the community was originally developed in 1996 but received substantial renovations in 2020. It consisted of large units, amenity spaces and outdoor areas. However, intense market competition and surrounding labor pressures negatively impacted the community. Although occupancy was decent, RevPOR was still low (albeit improving) and the community (while profitable) was not covering its debt payments. So, Blueprint implemented a tiered marketing campaign... Read More »
Meridian Capital Group Reports Latest Activity
Meridian Capital Group’s Senior Housing and Healthcare Team closed $310 million in transaction volume in May for a combination of 17 facilities in six states. These transactions were negotiated by Meridian’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson. The team’s recent closings include a $169 million acquisition loan from a commercial bank and mezzanine lender for seven skilled nursing facilities comprising 1,112 beds in Maryland and New Jersey; a $34.2 million acquisition loan from a commercial bank for three skilled nursing facilities in Illinois totaling 515 beds; and a $31 million acquisition loan from a commercial bank along with a $3.5 million A/R... Read More »
PE Firm Buys Senior Living Community in Oregon
Jason Punzel, Vince Viverito, Brad Goodsell and Jake Anderson of Senior Living Investment Brokerage handled the sale of an assisted living/memory care community in Portland, Oregon. They represented the local owner/operator who was seeking to retire from the industry. Built in 1961 and renovated in 2021, the community features 72 units of assisted living and memory care. Occupancy was around 67%, and the community operated at a 12% margin on approximately $2.725 million of revenues. A new owner with some scale may be able to improve operations pretty quickly. A Salt Lake City-based private equity firm emerged as the buyer, adding its second community in the Portland market. The purchase... Read More »Schedule a demo
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