Skilled Nursing Facility Sells in Indiana
A skilled nursing facility in Spencer, Indiana (Bloomington MSA) sold to a group of skilled nursing operators based in Indiana and the Midwest for an undisclosed price. The facility will be renamed Owen Valley Rehabilitation and Healthcare Center. Built in 2006, it has 113 beds, including a 31-bed memory care unit, sitting on 3.52 acres. Occupancy as of July 2022 was just below 70%. Kentucky-based Trilogy Healthcare Services was the seller. While the buyers have significant experience overseeing operations at similar-sized SNFs in rural and suburban communities around the Midwest, they hired Indiana-based Castle Healthcare to run the day-to-day operations of the facility. Read More »Orange County AL Community Finds New Owner
Scott Frazier of Blueprint Healthcare Real Estate Advisors helped an independent owner/operator exit the seniors housing business with the sale of their only asset in Orange County, California. Built in 1970 and renovated in 2008, the community comprises approximately 70 units of assisted living and memory care. The current owner bought the property from Wells Fargo Bank in January 2011 for around $70,000 per unit. Investing in more upgrades to the community in 2011, the owner kept resident monthly rates below market. Occupancy was historically near 100%, but during the pandemic, census had declined steadily due to continued lockdowns to ensure the safety of its residents. Mr. Frazier... Read More »Newmark Sells SNF Portfolio, and a Florida Community Too
Newmark announced a couple of closings this week. First and most notably, the team sold a portfolio of skilled nursing facilities in New England. Including five facilities in Massachusetts and two in New Hampshire, the portfolio totaled 771 beds, with an average age of more than 50 years. The deal closed at the start of the month. Next, Newmark sold Grand Villa of Dunedin, a 119-unit assisted living/memory care community in Dunedin, Florida (Tampa MSA). Built in 1987, this former Emeritus property traded multiple times over the years, mostly recently in 2016 when Brookdale Senior Living sold it as part of a larger portfolio deal to ValStone Partners. ValStone invested in substantial... Read More »SLIB Facilitates Florida Sale
Senior Living Investment Brokerage announced the sale of an assisted living community in Dade City, Florida. Built in 1912 as a hotel and converted to seniors housing in 1988, the community was then substantially renovated in 2016 and 2017. Sitting in between Tampa and Orlando, the community comprises 243 total units, including 116 independent living, 66 assisted living and 61 memory care units. The community also participates in the Florida Diversion (Medicaid) program, and just under 50% of the residents participate. The seller is an established seniors housing operator with a portfolio of over 30 communities. The Dade City asset was sold to a regional operator which partnered with a... Read More »Marcus & Millichap San Francisco Sale
A senior living community in the San Francisco Bay area is heading in a different direction under new ownership, after Rob Reis of Marcus & Millichap arranged the property’s sale. Family-owned and -operated for over 40 years, the 158-unit community featured independent living, assisted living and memory care services, with a total of 194 beds. Built in phases from 1961 to 1980, it was producing substantial cash flow and operated efficiently, but the building was in need of substantial renovations. Set in the city of Hayward, the community was about to face some new high-quality competition from local developments by MorningStar Senior Living and SRM Development. Occupancy was also low... Read More »Schedule a demo
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