JLL Handles Two Divestments for Public REIT
Working on behalf of a publicly traded REIT, Mike Garbers and Cody Tremper of JLL Capital Markets handled the sale of four assisted living/memory care communities across two transactions. The first deal, which closed in October, involved two communities both built in 2000 in affluent Atlanta submarkets. Totaling around 135 assisted living and memory care units, the communities were occupied in the high-70s but were losing money. The undisclosed buyer will replace the current management company with two separate operators. There was no disclosed purchase price. Second, Garbers and Tremper sold two AL/MC communities in the Houston, Texas area on behalf of a publicly traded REIT. This time,... Read More »
Blueprint Facilitates Stand-Alone Memory Care Sale in Oklahoma
Blueprint Healthcare Real Estate Advisors announced the sale of a stand-alone memory care community in Oklahoma City, Oklahoma, on behalf of a national private equity seller. Built in 2010, Town Village Retirement Community comprises 38 units and had always had strong historical occupancy but was negatively impacted by the pandemic. However, it has since been in the early stages of a performance rebound. The community was positioned as a value-add opportunity for buyers to capitalize on the scarcity of stand-alone memory care competitors to build a more high-end offering through a targeted capital improvement plan and the conversion of semi-private units. After receiving multiple... Read More »
Two Assisted Living Communities Sell in Florida
The DeMarco Real Estate Group of RE/MAX 5 Star Realty has announced the sale of two assisted living communities for $12.1 million in the state of Florida. The two communities comprise a total of 131 beds and reside in the greater Miami area in the towns of Margate and Davie. The communities specialize in memory care and operate under the name Caring Village. The seller of the communities was PrivCap Cos, who ultimately sold the assets to a private investment group from New York. At the time of sale the communities held an occupancy of 71% and sold at a 2% cap rate. The Margate asset was previously sold in 2020 for a purchase price of $7 million. However, that sale did not include the... Read More »Proveer Purchases Alabama AL/MC Portfolio
A publicly traded REIT divested a portfolio of three seniors housing communities in Alabama, hiring Brooks Blackmon and Kyle Hallion of Blueprint Healthcare Real Estate Advisors to handle the sale. Originally built in 1999 and 2000, the three communities feature 202 assisted living and memory care units. They are located across Alabama’s three largest metropolitan areas and attracted interest from several potential buyers in the Southeast. Texas-based Proveer Senior Living ended up as the purchaser, paying an undisclosed price to grow its existing footprint in Alabama. Proveer will undertake significant capital projects across the communities. Read More »
Hospital Acquires Alaska SNF
Bartlett Regional Hospital has announced the acquisition of a skilled nursing facility in Juneau, Alaska. The not-for-profit facility is Wildflower Court, which sits adjacent to the hospital and comprises 61 beds. Around the time of acquisition, it held an occupancy between 75% and 80%. Even Alaska isn’t too far to hide from skilled nursing staffing problems. The facility had struggled to hire and retain staff since spring of 2021. At one point, ownership had to close one wing of the nursing facility due to these shortages. Bartlett Regional Hospital also plans to take over the operations of Wildflower Court and use its scale to provide administrative support, better recruit staff and... Read More »Schedule a demo
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