Owner Divests Eight-Property Ohio Portfolio
The team at Evans Senior Investments ended their 2021 with a bang, closing the sale of an eight-property senior care portfolio in Ohio for $70 million, or about $90,000 per functional bed/unit. Across the eight properties, there were 623 licensed skilled nursing beds, of which 614 were functional, 176 licensed assisted living beds (140 functional) and 22 independent living units. Located in tertiary markets, they were determined to be non-core by the Ohio-based owner/operator seller, which decided to strategically divest the entire portfolio. While under contract, however, the portfolio received a large Medicaid rate increase of almost $30 per patient day, which was projected to add an... Read More »Carlyle Exits High-Quality Portfolio
The Carlyle Group is finishing the year by exiting seven properties that it held with several joint venture partners for proceeds totaling nearly $474 million, or more than $385,000 per unit. Carlyle also grew its active adult holdings, acquiring three newly-built properties under the Solea brand for more than $103 million, or $222,000 per unit. Newmark helped arrange the transactions. Starting with the Carlyle sales, the seven properties are located in Pennsylvania, Washington, Texas, Florida and Virginia. They were jointly owned by a number of separate partners, including Bozzuto, Alliance Residential, Greystar, United Group and EPOCH Residential. Several investors emerged as buyers of... Read More »2021 Ends With Another Owner Exit From Senior Care
Whether it is increased complexity, falling margins, staffing problems or just fatigue from dealing with the last two years, senior care owners hit the exits in droves in 2021. Plenty had already planned to get out before the pandemic ever struck, and this was just the last straw, but there are still many waiting to leave until values rise again, or federal and state aid ends. So, we can expect smaller owners and mom & pops to continue seeking exits in 2022. Ending their 2021, Jason Punzel, Vince Viverito and Brad Goodsell of Senior Living Investment Brokerage have spent the last 12 months helping a Portland, Oregon-based group exit the seniors housing industry, wrapping up the... Read More »Two CCRCs Sell in Great Lakes Region
Ray Giannini of Marcus & Millichap reported a strong second half of 2021, with a couple more deals to report on. First, he sold a 110-bed CCRC in Ladysmith, Wisconsin. Called Ladysmith Care Community, the property was built in stages from the 1950s and 60s to 1991 and most recently in 2012. It features 62 skilled nursing beds and 20 residential care (assisted living) units with 48 beds. Occupancy was good at closing, helped in part by the community’s proximity to Marshfield Clinic, part of the regional Marshfield Clinic Health System. The original owner sold the community for $6 million, or $54,500 per bed. Then before New Years Eve, Mr. Giannini sold a CCRC in Gaylord, Minnesota... Read More »
Ten-Property Portfolio Sells in the Southeast
As the year comes to an end, many companies are announcing big portfolio deals, including Evans Senior Investments representing a regional owner/operator in their sale of a ten-property seniors housing portfolio located in Louisiana, Mississippi and South Carolina. The communities, which were built between 1972 and 2016 with a median year-built of 2007, comprise 590 seniors housing units (117 independent living, 293 assisted living and 180 memory care) and 666 functional beds. All of the communities have undergone significant renovations and capital improvements over recent years. The portfolio had an average bed occupancy of 91% in 2019 and produced a net operating income margin of 34%.... Read More »Schedule a demo
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