Blueprint handling the sale of four senior care communities
Blueprint Healthcare Real Estate Advisors represented a public REIT in the sale of two skilled nursing facilities in the Atlanta, Georgia area. The sale is part of a larger portfolio with staggered closings. Totaling 333 licensed beds, the two facilities are located in the affluent suburbs of Buckhead and Marietta near two regional hospitals and other referral sources. Despite the labor challenges impacting the local market and the current state of the economy, the facilities maintained a steadily improving census and revenue coming out of the pandemic. As we have seen in the SNF market all year, Blueprint received a slew of competitive offers resulting in the selection of an East... Read More »
New Jersey Buyer Plans MC Conversion for PA Personal Care Home
A small personal care home in Allentown, Pennsylvania, will transition to 100% memory care after a New Jersey-based operator acquired the community for $2.25 million, or $112,500 per unit. The purchase included an adjacent home that was used by the community for various purposes, which pushed the final price up in the end. Built in 1948 and expanded in 2002, the community had around 19 residents at the time of marketing, with monthly rents ranging between $1,800 and $2,500. It operated at a healthy margin around 28%, but new ownership saw an opportunity to convert the community to 100% memory care and command rents closer to $4,000 per month. Some cosmetic renovations will also be... Read More »
Sabra Putting Enlivant Stake On Sale This Year
Sabra Health Care REIT’s CEO Rick Matros announced in the company’s third quarter earnings call that its 49% stake in the Enlivant joint venture with TPG Real Estate, the real estate platform of TPG, would start to be marketed for sale by the end of 2022. The news comes more than a year after the company evaluated the JV and determined that the carrying value exceeded the estimated fair value of its investment, and that the decline was not temporary. Things have not gotten significantly better since the evaluation, with occupancy at around 75% and 76%, according to Mr. Matros. On approximately $237 million of revenues for the nine months ended September 2022, the portfolio also registered... Read More »
The Prestige Group Facilitates Pennsylvania Sale
The Prestige Group announced the sale of an assisted living community in Allentown, Pennsylvania. Above & Beyond Senior Living comprises 40 beds on half of an acre. The community also offers both memory care and independent living units. Amenities include outdoor patios and gardens, common areas with TVs, and studio, one-bedroom and two-bedroom unit options. Joe Shallow of The Prestige Group handled the transaction. Read More »
Sabra Transitions 24 SNFs To Ensign & Avamere Portfolios
Sabra Health Care REIT is transitioning 24 previously leased properties to North American Health Care, Inc. to two existing tenants, The Ensign Group and the Avamere Family of Companies. With the agreement, Ensign added 20 properties in California to two master leases with initial terms of 18 and 20 years, respectively, and Ensign provided a corporate guarantee. Avamere will add four properties in Washington to its existing master lease with Sabra, which includes nine other properties in Washington, with an initial term of 13 years. The state recently increased its Medicaid rates by nearly 20%, and Avamere’s existing presence in the state could help them maximize revenue there going... Read More »Schedule a demo
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