Another Mom & Pop Retires from SNF Business
An older skilled nursing facility sold in Vincennes, Indiana, with multiple offers ultimately yielding an Indiana-based owner/operator as the buyer. Built in 1965, GentleCare of Vincennes features 60 licensed and 52 functional beds. It boasted one of the longest-running five-star ratings from CMS, and occupancy was around 80% with a 70% quality mix. Those kinds of numbers would intrigue many investors. The facility also operated at a decent 11% margin on nearly $3.95 million of revenues, based on 2020 figures. However, its mom & pop owners were looking to retire, bringing on Ryan Saul of Senior Living Investment Brokerage to sell the property. The Strategies, an Indiana-based provider... Read More »
Montgomery Intermediary Group Sells in the Southeast
Andrew Montgomery, Co-Founder and Vice President of Montgomery Intermediary Group, announced a couple of senior care sales in the Southeast. First, in Georgia, Mr. Montgomery represented the buyer of a 96-unit assisted living/memory care community that was previously owned by a mom & pop organization. Built in 2016, the community was 85% occupied when the LOI was signed. The buyer, made up of a new seniors housing management company based in Dallas, Empower Living, and its private equity capital partner, Aspire Ventures, also based in Dallas, acquired the community at a mid-7% cap rate based on 2021 figures. Both Mark Reisman (Empower Living) and Ramana Korada (Aspire Ventures) have... Read More »
Rood Investments Sells Washington State Portfolio
Cushman & Wakefield served as exclusive advisor to Rood Investments, LLC to sell its three high quality seniors housing communities in Vancouver, Washington. Totaling 703 units, the portfolio spans the care continuum with active adult apartments, independent living, assisted living and memory care services. Rood Investments developed all three communities between 2001 and 2017, which are located in urban areas surrounded by plenty of amenities. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Jack Griffin represented the seller in the transaction. The buyer and purchase price were not disclosed. Read More »
SLIB Handles Two Peach State Purchases
Bradley Clousing and Dan Geraghty of Senior Living Investment Brokerage announced a couple of deals in the Peach State involving four total properties. First was the sale of Oaks Senior Living Portfolio, which included two assisted living/memory care communities about 90 miles apart in Leesburg and Columbus. Built in 2019 and 2018, respectively, they total 154 units and are operating well with 91% combined occupancy. The owner, Oaks Senior Living, also operated the properties, and will continue to do so under new ownership. The buyer was revealed to be a 1031 exchange called 1031 Crowdfunding LLC, which represents investors with 1031 exchange-qualified properties through Delaware... Read More »
Merrill Arranges Large Arizona Acquisition
Merrill Commercial Real Estate arranged the sale of a 301-unit seniors housing community in Phoenix, Arizona with a unique history. Originally built in 1986 as a hotel, the 300,000-square foot building had 168 guestrooms where every unit was a two-room suite. After a $20 million capital improvements/conversion project by an independent owner/operator, it now features 301 units of independent living and assisted living. It is billed as a “resort-style” community with two outdoor pools, tennis courts and other amenities. A development group motivated to increase their footprint in Arizona paid $45 million, or $149,500 per unit, at a 4.5% cap rate, for the community. Tyler Merrill led the... Read More »Schedule a demo
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