Mom & Pop Exits SNF Business in Iowa
A mom & pop sold their only skilled nursing facility in Anita, Iowa (between Omaha, Nebraska and Des Moines, Iowa), after 10 years of ownership. Featuring 46 licensed beds, the facility was built in 1965 with an addition in 1971. It was 82% occupied based on 44 effective beds, but ownership was able to operate efficiently and very profitably at an above-average margin while keeping staffing agency expenses out of the facility. Being their only facility, ownership could also focus on creating a positive culture that helps with staff retention and quality of care. An East Coast partnership that plans to lease the facility to a growing Midwest operator based in Missouri emerged as the... Read More »
Healthpeak Properties Open to Sale of CCRC Portfolio
Healthpeak Properties already made a near-complete exit of the seniors housing market after divesting about $4 billion of its seniors housing communities in 2020 and 2021, but the CEO Scott Brinker commented that a full-exit could be on the table with the sale of its remaining 15 CCRCs. In his opening comment, Mr. Brinker said “Our capital allocation priorities are focused on life science and medical office. So we’ll be opportunistic about our CCRC position.” That prompted a question from Stephen Sakwa from Evercore ISI: “…does that mean that you could potentially exit CCRCs over time if the pricing was right?” To which, Mr. Brinker responded, “Yes, I think you heard exactly... Read More »
Cogir Acquires Cadence Living to Form Top-25 Operator
Cogir Management (Cogir), the United States-based subsidiary of Montreal-based real estate company Cogir Services, has acquired Scottsdale, Arizona-based Cadence Living, creating a combined company that operates 60 seniors housing communities and almost 8,000 units across nine states. That qualifies the new company for ASHA’s top-25 list of operators in the country based on units, placing it near Merrill Gardens and Sonida Senior Living on the rankings. Cogir bought out Cadence Living’s shareholders, but further terms were not disclosed. Cogir CEO David Eskenazy remains CEO of the new company, while Cadence co-founders Rob Leinbach and Eric Gruber will transition to senior vice... Read More »
Blaze Capital Partners Enters Active Adult Market
Multifamily investor Blaze Capital Partners purchased the 149-unit Hardy Springs active adult community in Dallas, Georgia, marking the first acquisition in the active adult sector for Blaze. With this acquisition Blaze will now own six properties within the state of Georgia. Hardy Springs is a cottage-style, rental community with 53 buildings on 31 acres. It was completed in May 2022, and the interiors of the one- and two-bedroom units feature granite countertops, stainless-steel appliances and front and rear porches with exterior lighting. Community amenities include a personal training studio, pickleball and bocce ball courts, a fishing pond with dock, fitness center and a dog... Read More »
Buvermo Acquires Myrtle Beach 55+ Apartment Community
Bethesda, Maryland-based Buvermo Investments, a commercial real estate investment company, announced the acquisition of Inspire Coastal Grand, an active adult community in Myrtle Beach, South Carolina. The property will be renamed The Grove at Coastal Grand and stands four stories tall while comprising 194 units. The community offers residents one-, two- and three-bedroom floor plans with private balconies and patios. Within close proximity to the beach, the community sits on nine acres and features a resort-style pool, fitness center, yoga studio, creative arts room, theater room, billiards room, dog park, outdoor courtyards, pickleball and bocce ball courts. First National Bank provided... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
