SLIB Handles Upstate New York AL Sale
A small owner/operator added to its upstate New York holdings with the acquisition of a 29-unit assisted living community in the town of Randolph, in between Buffalo and Erie. The buyer, Willow Ridge Senior Living, already owns a small adult home in Albany and an 89-unit assisted living/memory care community in Wellsville that it acquired in August 2021 for $8 million, or $89,900 per unit, at a 7% cap rate. The principal for Willow Ridge is Mike Morris, a former Brookdale Senior Living and Holiday Retirement executive that is now building his own portfolio. The Randolph property was originally built in the 1880s but was converted to assisted living in 1992, with an expansion in 2003.... Read More »
Family Operator Exits SNF Business in Arkansas
Smaller owner/operators are continuing to exit the skilled nursing market, and it’s no wonder considering the increased complexity of the sector, rising labor costs and stagnant Medicaid rates. As such, another family operator looking to retire sold its facility in Brinkley, Arkansas with the help of Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage. The same family has owned and operated the 116-bed facility since its inception in 1962. Called Cla-Cliff Nursing and Rehabilitation Center, it is situated in between Little Rock and Memphis, along I-40. Occupancy was 44%, so the new regional owner will look to use its expanding footprint to help improve operations.... Read More »
Mom & Pop Exits Wisconsin Community
Mark Van Den Broeke of Senior Care Realty closed the sale of a northern Wisconsin memory care community on behalf of the mom & pop seller looking to divest their only asset. Built in 2015 with high-end finishes, the community has 28 beds and 24 units, with rents averaging $7,000 per month. It boasted 92% occupancy, with a majority of residents being private pay. The community also operated at a roughly 38% margin on about $1.65 million of trailing revenues, but the seller was motivated to exit. An out-of-state family buyer with a handful of properties in Texas but ambitions to grow in the Midwest paid $4.4 million, or $183,300 per unit, for the community. Read More »
Plains Commercial Closes Texarkana Transaction
Daniel Morris of Plains Commercial announced the sale of a memory care community in Texarkana, Texas, allowing the seller to exit the memory care business in the process. Built in 2010, the community is licensed for 40 beds and has a high-quality physical plant. However, there was opportunity for upside (occupancy was just above 50%) through management changes and further lease-up. So, the seller chose a regional assisted living/memory care operator as the buyer. The purchase price was not disclosed. Read More »
Blueprint Arranges Private Equity Exit
Chicago-based private equity firm, HAN Capital, engaged Blueprint Healthcare Real Estate Advisors to sell Valleyview of Owatonna, an 86-unit, non-purpose-built assisted living community in Owatonna, Minnesota, about 40 miles west of Rochester. The community was a low-cost provider in the area, mainly accepting residents on Minnesota’s Elderly Waiver and CADI waiver programs that allow for sustainable state reimbursement for income-qualified residents. The community’s occupancy peaked in 2020, when it generated approximately $2.7 million and $640,000 in total revenue and EBITDAR, respectively, on a limited private pay census. Armed with real-time market knowledge of the local... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
