Sabra Health Care REIT Resets With Major Tenant
The healthcare REITs and their triple net lease tenants, as well as their RIDEA managers, have had a tough two years. Some companies have been forced out of business completely, others have lost a portion of their portfolio, but many others have been able to work things out with their landlords. Such appears to be the case with Sabra Health Care REIT and Avamere Group. Our feeling has always been if you like your provider and do not think someone else could have done a better job, especially during this pandemic, then stick with them and work out a plan. Avamere is a substantial company, with 62 properties in eight states and a combination of skilled nursing facilities and... Read More »
Lloyd Jones Expands Senior Living Portfolio
Lloyd Jones announced the acquisition of River Bend Assisted Living and Memory Care, an 89-unit Class-A senior living community in Rochester, Minnesota (Minneapolis MSA). The Miami-based real estate investment firm will enlist their senior care management division, Lloyd Jones Senior Living, to manage the property under their proprietary AVIVA brand. The sale closed on January 31 at a purchase price of $26.5 million, or just shy of $300,000 per unit. The community sits on 2.8 acres and includes landscaped walking paths with direct access to scenic Zumbro River trails. Lloyd Jones plans to enhance the property through technology and amenity improvements. In addition, it will implement an... Read More »
Blackstone Sells Class-A Property in Florida
Newmark recently announced a closing on Mangrove Bay in Jupiter, Florida, and while we’ve heard of some high per-unit prices over the last year, this purchase is rumored to set a new state record for per-unit price. Blackstone divested the Class-A community to an undisclosed buyer. The Mangrove opened in the early 2000s and has 160 assisted living, independent living, and memory care units in six stories. The community is reportedly in high demand among potential residents and was doing very well at the time of sale, with occupancy near 100%. We hope to disclose the purchase price soon, but we know that according to public records, the property originally sold for $49.5 million to Health... Read More »
Illinois-Based Owner/Operators Exchange Underperforming SNF
An undisclosed Illinois owner/operator recently purchased Cotillion Ridge in Robinson, Illinois. Located three hours east of St. Louis and two hours west of Indianapolis, this smaller, 67-bed skilled nursing facility was an outlier for its previous owner, also an Illinois-based owner/operator. The property was built on two acres in 1972 with additions in 1982 and 2001, and was 54% occupied at the time of sale. The buyer plans to bring ancillary services into the facility and focus on building census. Whereas the seller was focused on quality mix (29% private pay and 24% Medicare), the buyer specializes in operating with all types of payors and should be able to improve occupancy though... Read More »
Lloyd Jones Buys Community in Nebraska
Lloyd Jones, a real estate investment firm, recently announced the acquisition of Woodlands at Hillcrest, an 89-unit/107-bed assisted living and memory care community in Lincoln, Nebraska. The property is the latest in the company’s growing portfolio of senior housing assets, with several additional senior housing acquisitions set to close in the coming weeks. Built in 2018, the Class-A community sports a cafe and bistro, activity rooms, fitness area and putting green, and has a separate wing for its memory care residents. The property will be operated by Lloyd Jones Senior Living, the firm’s senior housing management division, and rebranded as AVIVA Woodlands. AVIVA is Lloyd Jones’... Read More »Schedule a demo
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