Pennant Releases Q2 Earnings
The Pennant Group, Inc. has announced second quarter earnings for the year, coming out with adjusted diluted earnings of $0.14 per share, which is down from the year-ago quarter’s $0.17 per share but in line with various expectations. It seemed that more focused operations and portfolio pruning offset labor and inflationary headwinds. It also appears that momentum is building in the seniors housing market as strong occupancy and revenue per occupied room growth occurred throughout the quarter. Senior living average occupancy for the second quarter was 76.5%, an increase of 380 basis points over the prior year quarter, and average monthly revenue per occupied room for the second quarter was... Read More »Avanath Acquires Northern California Portfolio
Avanath Capital Management has acquired a six-property multifamily and affordable seniors housing portfolio in the Sacramento, California market. The communities sold for $182 million, or $176,400 per unit, and expand the real estate investment firm’s presence in the Northern California market. The entire portfolio consists of four multifamily and two affordable senior apartment communities totaling 1,032 units. The two seniors housing communities were Corsair Park Senior and Hurley Creek Senior. Built in 2007 and 2009, respectively, both are in the Sacramento MSA, and comprise a total of 320 units. All six communities were stabilized at the time of acquisition and have historically... Read More »Kauhale Health Makes First Acquisition
Kauhale Health has made its first acquisition, adding the assisted living and memory care community Vicinia Gardens of Otsego to its portfolio. Built in 2016, the community comprises 52 units and sits on 5.6 acres just south of Grand Rapids, Michigan. Kauhale Healthcare Real Estate, an affiliate of Kauhale, sponsored the acquisition. Locust Point Capital and Coastal States Bank provided debt for the transaction. Vicinia Gardens will be rebranded as Kauhale Otsego. This is the company’s first acquisition as it advances its seniors housing investment and management strategy. Earlier this year Kauhale also took over management of the CCRC Vista Grande Villa in Jackson, Michigan.... Read More »Kisco Senior Living Adds Walnut Creek Community
Kisco Senior Living, in a joint venture with Welltower, added The Kensington at Walnut Creek in Walnut Creek, California, to its growing portfolio of managed senior living communities. The Kensington will serve as Kisco’s second community in Walnut Creek, along with sister community Byron Park. Built in 1998 on six acres, it offers 184 one- and two-bedroom units for assisted living and memory care, each with its own outdoor space and views of the redwood trees surrounding the property. The community’s amenities and services include landscaped courtyards, walking paths and a putting green. Read More »VIUM Capital Secures Six Bridge Loans and a HUD Refinance
VIUM Capital followed up its $1.3 billion in transaction volume for the first half of 2022 with a healthy $100 million in closed transactions across seven properties in July. The activity comprised six bridge loans and one HUD refinance in six states from Pennsylvania to Washington. The $13.68 million HUD loan was arranged for a 199-bed CCRC in Arizona. A not-for-profit acquired the property in January 2021 with the help of an acquisition bridge loan also secured by VIUM. It features 12 independent living units, 93 assisted living units and 94 skilled nursing beds. The largest loan, totaling $20 million, was arranged for a 120-bed skilled nursing facility in Ohio to refinance $9 million... Read More »Schedule a demo
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