SLIB Facilitates IL Sale in Idaho
Senior Living Investment Brokerage recently facilitated the sale of a successful independent living community in Chubbuck, Idaho. Comprising 82 units and one single-family home, the community was built in 1987 and has 117,828 square feet on five acres. The community, named Cottonwood Cove, was purchased for $3.75 million, or $45,000 per unit, at an 8.75% cap rate. It earned annualized revenues of $1 million and an EBITDA of $328,000. Cottonwood Cove has a 99% occupancy and also has a surplus of land, allowing the new owners to capitalize on their success and expand into this extra space. In fact, the property has consistently performed over the years, even through the pandemic, with an... Read More »
Portfolio of 15 AL Communities in Wisconsin Sells
Senior Care Realty is finishing the year strong with the sale of 15 assisted living communities in Wisconsin for $13.35 million, or about $60,000 per unit and $54,700 per licensed bed. Most of the communities are located in rural, northern Wisconsin towns and were built from the mid-1990s to the early-2000s, with a few newer communities in the mix too. Occupancy was in the low-80s before the pandemic but dropped to around 70%, with a roughly 85% Medicaid census. Nevertheless, the portfolio produced a healthy amount of cash flow, or nearly $1.27 million on $7.4 million of revenues, for a 17% margin. That results in a 9.5% cap rate. The seller owns a number of other communities in the state... Read More »
Former Hospice Facility to Transition to Seniors Housing
After an owner/operator and a group of investors bought a 24-unit hospice facility in Georgetown, South Carolina from a local hospital, then gutted, expanded and converted it to a two-story, 62-unit assisted living/memory care community, the group decided to sell before opening day. There are now all studio units ranging from 255 to 471 square feet, split between 44 assisted living and 18 memory care units. Patrick Burke, Bradley Clousing and Dan Geraghty of Senior Living Investment Brokerage marketed the property, which received a certificate of occupancy and Department of Health and Environmental Control (DHEC) construction approval prior to the sale. A regional operator with a... Read More »
SLIB Sells Struggling SNF in Pennsylvania
The owner of a struggling skilled nursing facility in northwestern Pennsylvania looking to sell has decided to add another performing facility to the deal in order to sweeten the pot. In the end, both sold to a New York-based investor with a growing presence in the Keystone State. Toby Siefert and Ryan Saul of Senior Living Investment Brokerage handled the transaction. The first facility in Erie features 80 beds and was deemed to be non-core due to occupancy being below 50% and cash flow being negative. It was built in 1963 and 1968 and had a union in place. The other facility, located about two and 1/2 hours away in Clearfield, had 240 beds, but only 180 were functional because one floor... Read More »
Bon Secours Exits Senior Care Industry in Virginia
Bon Secours Mercy Health decided to exit the skilled nursing and assisted living business in Virginia, and we learned that they hired Healthcare Transactions Group (HTG) to serve as exclusive M&A advisor. The portfolio includes two nursing facilities located in Suffolk, Virginia (Maryview Nursing Care Center, 120 beds) and Newport News (St. Francis Nursing Center, 115 beds). The acquisition also includes two assisted living communities, consisting of Province Place of DePaul in Norfolk (97 beds) and Province Place Maryview in Portsmouth (78 beds). This represents a nice little cluster for the buyer, a private equity investor based in New Jersey that wanted to expand its existing... Read More »Schedule a demo
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