SLIB Closes Jacksonville SNF Sale
Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage sold a 120-bed skilled nursing facility in Jacksonville, Florida. They represented the long-time not-for-profit owner/operator that had run into operational difficulty after the pandemic. As is typical of a not-for-profit operation, some expenses could be trimmed, but occupancy could also improve. The 1970s-era building was in decent shape after numerous physical plant improvements over the years, with only private and semiprivate rooms. A national owner emerged as the buyer and brought on a Florida operator to oversee the facility’s turnaround. No price was disclosed. Earlier in the fourth quarter, Mr. Clousing... Read More »
Gold Standard of Care Buys Florida Assisted Living Community
Fort Lauderdale, Florida-based Gold Standard of Care has announced the acquisition of an assisted living community in Bradenton, just south of Tampa Bay. Previously owned by a national REIT and managed by a national operator, the community comprises 135 beds in 112 units, which consist of both assisted living and memory care units. Gold Standard paid $7.25 million, or $64,700 per unit, for the community. The seller provided financing to help get the deal done. There was no cap rate on the deal, as the community was losing about $1 million a year on $2.675 million of revenues. Occupancy was in the low- to mid-80s on a mostly Medicaid census at the time of the deal, after bottoming out in... Read More »
Transitions Healthcare Acquires Pennsylvania SNF
Transitions Healthcare, an owner and operator of five skilled nursing facilities in Maryland and Pennsylvania, has announced the acquisition of a SNF in Duncannon, Pennsylvania, near Harrisburg. Originally built in 1902, Kinkora Pythian Home comprises 60 beds, including some personal care and independent living units, and sits on seven acres. The facility will be renamed Transitions Healthcare of Allen’s Cove. The seller of the facility is Knights of Pythias, a fraternal organization founded in Washington, D.C. In 2008, the facility opened an independent living/personal care wing that features private, semi-private, studio and one-bedroom units. All previous employees were offered... Read More »
SLIB Facilitates Texas Transaction
Senior Living Investment Brokerage has announced the sale of an assisted living community in San Antonio, Texas. Built in 1982, NewForest Estates comprises 234 units (206 IL and 28 AL) and sits on 6.5 acres. Prior to the pandemic the community was successfully posting a 90% occupancy rate, but at the time of transaction occupancy fell to just 67%. The seller was a national owner/operator looking to divest this community as it was their only asset in Texas. The buyer was a regional owner which partnered with a Texas-based operator looking to expand their seniors housing portfolio. Jeff Binder and Matthew Alley of Senior Living Investment Brokerage handled the transaction. Read More »
SLIB Sells Three Assisted Living Communities
Senior Living Investment Brokerage has announced the sale of three assisted living communities with memory care across three separate states. The first transaction occurred with the sale of Parsons House Frisco, in Frisco, Texas. Built in 2001 and renovated in 2007, this assisted living community comprises 64 units and sits on four acres just north of Dallas. The seller is a regional Texas owner/operator that wanted to sell a non-core asset, while the buyer is a family office located in the Western US. Ridgeline Management Company will act as the operator. Matthew Alley and Jason Punzel of Senior Living Investment Brokerage handled the transaction. Next for Mr. Punzel, Vince Viverito, and... Read More »Schedule a demo
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