Radiant Senior Living Sells AL Community in Washington
Ziegler announced its role as exclusive sell-side advisor to Radiant Senior Living in the sale of South Pointe Assisted Living, a 42-unit independent living and assisted living community located in Everett, Washington. Radiant, a West-Coast-based family-owner and operator of senior care communities, acquired the community in 2020 as part of a larger portfolio transaction including one other community in the Greater Seattle area as well as another community in Bozeman, Montana. The portfolio, which featured a majority of assisted living units, reportedly sold for just under $200,000 per unit. Prior to acquiring the community from the previous lessor, Radiant... Read More »
Blueprint Closes Sale of Rural Washington Community
Blueprint Real Estate Advisors is closing 2021 with a slew of deals, including Blake Bozett’s sale of a 40-unit assisted living community in Prosser, Washington. Built in 1999, Amber Hills Assisted Living underwent a $2 million expansion in 2016. It has a nearly 30% Medicaid census, and the community was positioned as a value-add opportunity, with occupancy fluctuating during the transaction process. The seller is a local group who has been in the senior living industry for decades but will focus their energy on different business endeavors, and the buyer is a regional owner/operator, which will look to increase the assisted living unit count through a... Read More »
AL Sale in Arizona Closed By The Knapp-Stahler Group
Nick Stahler and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap recently closed on the sale of an 83-unit assisted living/memory care community in the Phoenix, Arizona MSA. Built in 2017, the property includes more than 120 beds. A national private equity firm that originally developed the community also managed the property, but ran into challenges throughout the pandemic. They selected an experienced, western-based owner/operator to acquire the community, with a closing price falling significantly below replacement cost. No other details were disclosed. Read More »
Portfolio Sale in the Carolinas Receives Financing
LTC Properties has more than doubled its loan origination volume for the year with a unitranche loan provided to fund the purchase of 13 seniors housing communities in the Carolinas. The $52.5 million loan bears interest at 7.25% for a term of four years, with an IRR of 8%. It also provides for additional commitments of $6.1 million for capital improvements and $650,000 for working capital needs, bringing the total investment commitment to approximately $60 million. We learned that Patrick Burke of Senior Living Investment Brokerage handled the portfolio sale. Totaling 523 units and 967 beds, the properties include a mix of independent living (2%), assisted... Read More »
Evans Senior Investments Facilitates SNF Sale in New Mexico
Evans Senior Investments represented the seller of a 100-bed skilled nursing facility in New Mexico for an undisclosed amount. A Chicago-based skilled nursing facility owner bought the facility from a regional owner/operator based in Louisiana. The acquisition presented an opportunity for a new operator to grow its presence in New Mexico. The facility, which was built in the late 1990s, is approximately 50 miles away from the nearest nursing home in New Mexico. Shortly before going to market, it experienced an outbreak of COVID-19, which led to the loss of over 25 residents and lowered occupancy to an all-time low of 46% (after averaging 93% in fiscal year 2019). However, census... Read More »Schedule a demo
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