Not-For-Profit Indiana Community Sells to For-Profit Owner
A not-for-profit assisted living community in Georgetown, Indiana is set to sell to a for-profit owner at the end of this year. Few details were released, but we learned that Senior Living Investment Brokerage was involved in the sale. A New Jersey-based firm, with Joseph Glatzer serving as one of the principals, was revealed as the buyer. The community opened in 2008 under the ownership of Providence Self Sufficiency Ministries, providing “small house” senior care services. Each 7,100-square-feet villa contains 10 private bedrooms, private bathrooms, a large living room with fireplace, an open kitchen and dining room, a therapeutic spa, a den, a patio/garden and a small office... Read More »
Operator Exits Texas Skilled Nursing Facility
Senior Living Investment Brokerage’s Matthew Alley handled the sale of Retama Manor Nursing Home, a 142-bed SNF in Victoria, Texas. Built in 1969, the 29,510-square-foot facility sits on three acres and has a 50% occupancy. Its revenue came close to $4.7 million, which does not include additional QIPP revenue, but the facility was not profitable. A healthy bidding environment for the facility pushed the price above asking, or more than $25,000 per bed. The seller is an independent owner that had a lease in place with an operator that chose to exit when its agreement expires on December 31, 2021. The buyer is an owner/operator that will be taking over operations on January 1, 2022. The... Read More »
Capitol Seniors Housing Sells High-End Portfolio
REITs and private equity firms were responsible for the largest transactions recorded in November, and most recently, an institutional private equity fund first spent approximately $250 million in cash on a portfolio of six seniors housing communities owned by Capitol Seniors Housing. Four of the communities, including three operated by Arbor Company and one by Chelsea Senior Living, were developed in the last few years in Maryland (2) and New Jersey (2). There was also a 92-unit assisted living/memory care community in Tampa, Florida acquired in 2015 (upon certificate of occupancy) for $20 million, or $217,400 per unit, and an 80-unit independent living community in... Read More »
Savannah Senior Living Community Sells
Brad Clousing and Dan Geraghty of Senior Living Investment Brokerage sold a 59-unit independent/assisted living community in Savannah, Georgia for an undisclosed price. Built in 1991 and 1992, the community had a well-maintained physical plant and recently converted from a personal care license to assisted living. Occupancy was in the 60s. The seller was looking to divest the property in order to focus on the development of their larger campus-style assets and decided to sell to Mainstay Senior Living. Read More »
Edgemark Communities Acquires Affordable Housing Project
Edgemark Communities, the affordable housing division of Edgemark Development, has acquired the Residences at Franklin Park in Denver, Colorado. The Residences is a 92-unit affordable seniors housing project, and was purchased for $22 million, or $239,100 per unit, as Edgemark Communities’ first acquisition in Colorado. The 10-story building currently has 98% occupancy and features studio and one-bedroom apartments across its 55,493 square feet. HUD provides subsidies to the community, and Edgemark renewed the property’s housing assistance payments contract for 20 years. Built in 2008, the community was sold by Minnesota-based not-for-profit American Baptist Homes of the... Read More »Schedule a demo
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