Liberty Senior Living Adds New Property in South Carolina
JLL Capital Markets closed the sale of Discovery Village at Sandhill, a 187-unit independent living community in Columbia, South Carolina. Developer South Bay Partners, LLC (now a part of the Harbert Management Corporation) divested the property to Liberty Senior Living, LLC, which took over operations following the closing of the transaction. The property has been rebranded as Inspire Sandhill. Completed in 2019, Inspire Sandhill features one-, two- and three-bedroom units averaging 981 square feet. Located on 8.39 acres, Inspire Sandhill sits near local entertainment hubs and an extensive number of local educational institutions. Charles Bissell and Cody Tremper of JLL led the... Read More »
McFarlin Group Buys Value-Add Florida Community
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Parkside Assisted Living and Memory Cottage, a three-story 65-unit/94-bed seniors housing community in Port Charlotte, Florida. The community was developed by a local neurologist and managed by his family upon his untimely death in early 2017. Nevertheless, it opened in October 2017 and reached 62% occupancy prior to the pandemic. However, occupancy decreased through 2020 and reached its low at the end of 2021. The buyer is an affiliate of Dallas-based McFarlin Group, which develops, owns, and asset manages senior housing communities throughout the Sun Belt. For an undisclosed price,... Read More »
Low Census SNFs Trade Hands in Illinois
CIBC Bank USA closed on a $12.44 million acquisition loan for two skilled nursing facilities totaling 253 beds in northern and central Illinois. An absentee manager had operated the facilities for several years, and occupancy was low as a result. Both facilities had an effective age of roughly 20 years, which is not too old in the SNF market. So, the borrower/buyer saw an opportunity to reduce expenses and bring occupancy to a stabilized level, thereby generating a margin in the mid-teens. One facility will be owner-operated, and the second will be leased to a regional operator. CIBC’s financing included a three-year term loan arranged at 80% loan-to-value, with earn-out... Read More »
New SNF Sells in Texas
A brand-new skilled nursing facility changed hands in central Texas, with the help of Nick Stahler and Austin Diamond of The Knapp-Stahler Group at Marcus & Millichap. Opened in 2019, the 88-bed facility was built as a replacement property by its regional owner. The pandemic took a toll on operations. Occupancy was 50%, and there was some positive cash flow, but the facility was heading towards stabilization. Given its newer vintage and lack of new competition in the area, we imagine once stabilized, it could operate at a healthy margin. The facility is also enrolled in QIPP, which should help. Another regional owner with a presence in the state bought the facility for $7.0 million,... Read More »
Sonida Makes First Purchase Since 2016
We learned last month of Sonida Senior Living’s first acquisition since November 2016, when it purchased two independent living communities around Indianapolis, Indiana. But, a few more details have come out on the deal since then. First, it was revealed that Walker & Dunlop Investment Sales’ Alex Vice was the lead broker on the deal. He represented the seller, Core Redevelopment, a local multifamily developer/manager that acquired the communities (in distress) in 2019. Core embarked on a significant renovation to the community’s interior and exterior in addition to rebranding and repositioning the communities. Totaling 157 units, the IL communities were not well occupied at the time... Read More »Schedule a demo
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