Invesque Divests Two New York Communities
Invesque Inc. divested a number of non-core assets in the seniors housing and medical office building sectors, including its interest in two active adult communities in Wheatfield, New York (Buffalo MSA). Originally acquired in 2018 as part of Invesque’s acquisition of Care Investment Trust, the communities were operated by Calamar (which is based in Wheatfield) under a joint venture structure. They were both built in the late-2000s. The purchase price comes to approximately $29.3 million, or $145,000 per unit, with a cap rate of 5.7% based on trailing NOI. Invesque received net cash proceeds of $10 million at closing, which it plans to use to de-lever and simplify its balance... Read More »Blueprint Hits a Double in Indiana
Blueprint Healthcare Real Estate Advisors has successfully completed its second Indiana-based transaction in July alone. The deal involved a late 1990s-built assisted living community located in South Bend that saw its operations decline during the pandemic. Its national owner/operator wished to focus on other assets and slotted the struggling community for sale. The winning bidder was a new relationship between a well-capitalized private owner and a new operator seeking to establish a market presence with its first deal. They plan to reposition the asset as an affordable option in the South Bend MSA by utilizing the Indiana Assisted Living Waiver Program. Connor Doherty, Ryan Kelly, Amy... Read More »Upstate New York Community Seeks HUD Take-Out
One year on from acquiring an assisted living/memory care community in Wellsville, New York, ownership is refinancing its acquisition debt with intent of going to HUD within the next year. Built in 1989 with 89 units and 137 beds, this community was the only licensed seniors housing community in Alleghany County. Occupancy was around 80% before COVID-19 struck the community and caused census to fall to 70%. The seller, a private individual looking to retire and divest his last asset, engaged Senior Living Investment Brokerage to sell the property but was not able to move any new admissions in until March 2021 because of the state-mandated admission freeze. COVID caused trailing-12-month... Read More »Scribner Capital Works on Two Southeast Transactions
Scribner Capital and William James Group (WJG) have joint ventured to acquire two assisted living/memory care communities in Georgia from a local owner/operator looking to exit the industry. Scribner provided co-sponsor equity and leveraged its network of high-net-worth investors to provide the limited partner equity. WJG provided co-sponsor equity as well and will operate the communities on behalf of the venture. The purchase price was not disclosed, but the communities sold for a cap rate in the mid-8s, slightly higher than the sector’s average in the last few years. Daniel Geraghty and Brad Clousing of Senior Living Investment Brokerage handled the transaction. Built in 2007, Sunny... Read More »SLIB Closes Land Sale
Senior Living Investment Brokerage has closed the land sale of an 8.9-acre parcel entitled for 98 seniors housing units, in Woodburn, Oregon. The land sold for $1.7 million, just south of Portland. The buyer was an Oregon-based development group. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction. Read More »Schedule a demo
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