Small Oregon Facility Sells At High Price
An old-fashioned 40-bed intermediate care facility (ICF) with 16 residential care facility beds (assisted living) located in the Willamette Valley region in Portland, Oregon was just sold for $9.65 million, or $172,300 per bed ($253,900 per unit). The relatively high per-bed price has all to do with performance, despite an old age. The facility was originally built in 1955 with a renovation/addition in 2006. It has 29,000 square feet on 1.7 acres. Despite the pandemic, occupancy is a robust 98%, which we presume has been driving the financial performance. Based on three months annualized from September to November 2021, revenues and EBITDA were $6,053,500 and $983,300, respectively. That... Read More »
SLIB Closes on Montana Sale
Montana is not the most active acquisition market, but buyers still want to invest there. A regional owner/operator with just one community in Montana decided to exit the state, and hired Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage to handle the sale. Located in Butte, the community has 159 units with 164 licensed beds and was built in 1997 with 87,086 square feet on 11.26 acres. There are 42 independent living units, 102 assisted living units and 15 memory care units. Occupancy suffered in 2021 at 60%, which resulted in lower revenues and EBITDA than one would normally expect. For the first six months of 2021 annualized, revenues and EBITDA were... Read More »
Illinois Memory Care Portfolio Transacts
Jeff Binder of Senior Living Investment Brokerage closed on the sale of a portfolio of small memory care communities in early May known as the Lavender Ridge portfolio. Located in Effingham, Jacksonville, Mt. Vernon and Olney, Illinois, all four communities are within a 150-mile radius of the St. Louis, Missouri metropolitan area. There are a total of 112 units (118 beds) that were built in 2009, 2010, 2013 and 2017. They average about 28 units each, and also average about 15,500 square feet per building. All but one of the communities have space to build a 14-unit wing, which the buyer just may consider given that occupancy averages 92%. Annualized revenues for the three months... Read More »
Memory Care Coming Back
Stand-alone memory care communities were much maligned several years ago, partly because too many of them were built, and partly just because you said you were a memory care operator didn’t mean that you knew what you were doing (we can just see Loren Shook nodding in agreement). Exactly two years ago, at the initial height of the pandemic, a group of investors bought a small memory care community in Clinton, Connecticut with the goal of holding it for a short period of time, investing capex and stabilizing it through the pandemic. It looks like they succeeded. Dave Balow of Senior Living Investment Brokerage just sold this 48-unit community for $7.1 million, or about $148,000... Read More »
Ziegler Arranges $35.25 Million In Acquisition Financing
Hill Valley Healthcare acquired a rental CCRC located in Farmville, Virginia, and the $35.25 million in acquisition financing was arranged by Christopher Utz, Managing Director of Ziegler. The Woodland has 60 independent living units, 85 assisted living units and 120 skilled nursing beds. The financing comes to $133,000 per unit/bed. Based in Flushing, New York, Hill Valley Healthcare has been active on the acquisition front, having acquired three senior care facilities in Virginia in 2021, and a three-property portfolio of two SNFs and one assisted living community in 2019. This current acquisition expands their presence in the Virginia market to 10 properties and 20 overall, with other... Read More »Schedule a demo
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