Welltower’s Third Quarter Results Improve
Three months ago, we reported that Welltower’s CEO, Shankh Mitra, seemed a little depressed on his second quarter earnings call. He was not happy with his portfolio’s performance. He is a little happier today with the third quarter performance, and so are investors, who sent the shares up 8% on the results and other news. Compared with a year ago, Welltower’s same-community SHOP portfolio has seen occupancy increase by 390 basis points, revenues increase by 10.6% and net operating income jump by 17.5%. Now, we are talking about coming from a bad place in the history of the portfolio, so we would expect to see good increases. On the negative side, same-community compensation expense... Read More »
Newmark Announces Arizona Portfolio Acquisition
Newmark kicked off November with a couple of closings, most notably selling the LivGenerations portfolio in Arizona. Located around the Phoenix market, the four properties feature 546 units of independent living, assisted living and memory care, with an average age of just five years. They include a 118-unit community in Gilbert that opened in 2014, a 137-unit community in Phoenix built in 2017, a 110-unit community in Scottsdale that opened in 2017 and a 181-unit community built near the Mayo Clinic hospital in Phoenix in 2021. LIVGenerations, which also develops market-rate apartment communities in Arizona and Michigan, was the seller. These four properties represented LIV’s entire... Read More »
Blueprint Facilitates Arizona Assisted Living Sale
Blueprint Healthcare Real Estate Advisors announced the sale of an assisted living community in Arizona. Built in 1987 as a hotel, the property was converted into an assisted living community in 2016. The community comprises 116 units and was operating at 70% occupancy, but it operated very profitably. The community also has a Medicaid behavioral health license. The 2016 converted community was sold to an Intermountain West private equity firm for a purchase price of $45 million or $271,000 per unit. Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate advisors handled the transaction on behalf of the regional developer/owner/operator. Read More »
Regional Owner Acquires Wisconsin AL Community
The Senior Living Investment Brokerage team of Daniel Geraghty and Ryan Saul sold an assisted living community in central Wisconsin for an undisclosed price. Built in the early-1990s, the community was 92% occupied at the time of marketing, but occupancy reached 100% by the time of the sale. Working on behalf of a Northeast-based REIT that deemed the property to be an operational outlier, as it was their only Wisconsin property, the SLIB team procured multiple offers from interested parties. With occupancy like that, we are not surprised. In the end, the buyer was a private regional company with additional assets in Wisconsin looking to strategically add to their portfolio. They have a... Read More »
Omega Healthcare Sells Two Florida Facilities
Omega Healthcare announced the sale of two Florida skilled nursing facilities in Miami and Jacksonville for a combined purchase price of $37.2 million. The facilities were sold to 1990 South Canal Dr LLC, based in Woodmere, Long Island, New York. The LLC is an affiliate of New York City based Topaz Financial Services. The two facilities are Brookwood Gardens of Homestead and Signature Healthcare of Jacksonville comprising a total of 180 beds. Omega had bought Brookwood in 2016 for $11.1 million and Signature Healthcare in 2010 for $4.8 million. Both sold facilities were operated by Louisville, Kentucky-based Signature HealthCare. Read More »Schedule a demo
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