SLIB Sells Three Southeast Seniors Housing Communities
Three seniors housing communities in the Southeast sold to a private equity group partnering with a management company that was looking to enter the region. The Tennessee community is located in the town of Madison, while the two Georgia communities are in Marietta and Jonesboro. Built in 1999 and 2000, they consist of 228 units of assisted living and memory care. These were outliers for the outgoing owner/operator, which is based in the western United States and has its core operations in the region. The properties were also struggling operationally, which probably added to the seller’s motivation. Vince Viverito, Brad Clousing, Jason Punzel and Brad Goodsell of Senior Living... Read More »
Major Medicaid Waiver AL Portfolio Sells in Midwest
A major portfolio of Medicaid waiver assisted living communities sold in the Midwest, with Connor Doherty, Ryan Kelly and Alex Florea of Blueprint Healthcare Real Estate Advisors handling the transaction. The portfolio, which has seven locations in Indiana and four in Ohio all built around 2000, consists of 1,400 total units. Altogether, the communities earned approximately $56 million and $12 million in revenues and EBITDAR, respectively, for a strong 21% margin. Not too many Medicaid waiver portfolios of this size hit the market, let alone stabilized portfolios, but ownership desired to execute a succession plan and engaged Blueprint to create a competitive bidding process. Apart from... Read More »
Owner/Operator Grows Midwest Portfolio
A Midwest-based owner/operator bought an 81-unit assisted living/memory care community in Mason, Ohio, about 20 miles north of Cincinnati. No purchase price was disclosed, but the buyer plans to make significant upgrades to the community that should help improve the operations. Built in 2011, the community features 61 assisted living and 20 memory care units. It has been well maintained over the years, but some renovations were needed. The seller chose to divest the asset to focus on its current operational footprint, while the buyer saw the community fitting into its growing footprint in the Midwest. Dan Geraghty, Bradley Clousing and Ryan Saul of Senior Living Investment Brokerage... Read More »
SLIB Handles Rocky Mountain Deal
A couple of assisted living/memory care communities located in tertiary markets in Rocky Mountain states sold to a large, regional owner/operator for $12 million, or around $92,300 per unit. Jason Punzel, Vince Viverito, Matthew Alley and Brad Goodsell of Senior Living Investment Brokerage handled the transaction. Totaling 130 units, the communities were both built in the late-1990s. They were previously owned by a group of investors who are now exiting the industry. The new California-based owner, which owns more than 30 communities across the country, plans to invest in capital improvements and continue the strong operational performance. No other details were disclosed. Read More »
Blueprint Sells in San Angelo
A publicly traded REIT sold its cash-flowing, 30-unit assisted living/memory care community in San Angelo, Texas, hiring Amy Sitzman, Giancarlo Riso and Michael Segal of Blueprint Healthcare Real Estate Advisors to handle the sale. Built in 2012, the community consists of two adjacent standalone buildings, in addition to excess land for expansion with a lot size of 2.82 acres. It was the newest seniors housing community in town, and the community historically performed well with occupancy exceeding 85% in 2019, while generating cash flows of $1.5 million at a 34% margin in the same period. After experiencing an occupancy disruption in 2021 from weather-related damages, the community... Read More »Schedule a demo
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