Did Blackstone Sell Too Soon?
According to recent media reports, real estate investor The Blackstone Group has sold and is in the process of selling about $1.8 billion in seniors housing assets. It wants to completely exit the seniors housing business which they claim has been a disaster for them. One report stated that they have lost upwards of $600 million across the portfolio. Apparently, they were a bit befuddled that seniors housing is not a simple real estate business, that it has a lot of moving parts, is management intensive and that you need good managers. Oh, and then there was that problem with the pandemic. All we have heard, from one source, is how seniors housing has outperformed all other real... Read More »
National Health Investors Adjusts Its SHOP Portfolio
National Health Investors, Inc. announced some adjustments to its SHOP portfolio, raising its full-year guidance for the third consecutive quarter due to the contribution of recently transitioned and newly acquired SHOP properties, along with continued strength in its investment pipeline. The REIT also had an update on its lease agreement with National HealthCare Corporation. First, NHI transitioned seven properties from the real estate investments segment to its SHOP portfolio, which resulted in consolidated SHOP NOI year-over-year growth of roughly 63%. However, the REIT’s same-store SHOP portfolio, comprising 15 legacy Holiday Retirement properties, saw NOI decline 2.2% with lower... Read More »
Strawberry Fields’ Three Separate SNF Transactions
Strawberry Fields REIT, Inc. announced three separate skilled nursing transactions that closed during the third quarter. Two previously announced acquisitions were in Missouri, and the recently announced purchase was in Oklahoma. In July, the REIT completed the acquisition of nine skilled nursing facilities with 686 beds in Missouri. The acquisition was for $59.0 million and the company funded it utilizing working capital. Eight of the facilities were leased to Tide Group and were added to their existing master lease that Strawberry Fields entered into in August 2024. This acquisition increased Tide Group’s annual rents by $5.5 million with rents structured to rise 3% per year. The... Read More »
Receivership Estate Sells in Alabama
Kory Buzin and Steve Thomes of Blueprint handled another successful sale on behalf of a lender and special servicer, this time involving a receivership estate in Mobile, Alabama. Knollwood Point, a 2001-vintage, 46-unit assisted living and memory care community, struggled in recent years as a result of challenged occupancy and volatile staffing. The deal was positioned as an opportunity for an incoming regional owner/operator to acquire a well-maintained community, with the potential to stabilize the community’s operating cash flow through the implementation of expense control measures. Multiple competitive offers were procured, with the ultimate buyer being an owner/operator with an... Read More »
Joint Venture Seller Divests CCRC to Not-for-Profit
Ziegler sold Asbury Place Maryville, an entrance fee community in Maryville, Tennessee, on behalf of McFarlin Group and Artisan Capital Partners. The 177-unit community sits on 40 acres and consists of 73 independent living apartments and cottages, and two 22-unit assisted living and memory care buildings that were built in 2017. There is also a 43,000 square foot decommissioned assisted living building that the new owner intends to redevelop. After Ziegler’s focus on a select group of qualified buyers, HutsonWood, a not-for-profit, mission-driven senior-living and housing organization, purchased the property and took over operations on November 1. Based in Nashville, the organization... Read More »Schedule a demo
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