Evans Senior Investments Facilitates Sale in West Virginia
Hamister Group, a Buffalo, New York-based owner/operator, entered the West Virginia seniors housing market with the acquisition of a 65-unit assisted living/memory care community located outside of Charleston in the town of Dunbar. Originally built in 1990 but with expansions in 1999, 2003 and 2007, community has 75 functional beds and 85 licensed beds, with a 100% private pay census. At the time of marketing, occupancy averaged 95% based on functional beds, but the pandemic caused census to plummet to 69%. However, at the time of the sale, occupancy had rebounded to 87%. In the trailing-12-month period before the sale, the community operated at a roughly 10% margin on more... Read More »
Diversicare Healthcare Services Acquired by DAC Acquisition LLC
Several months after the deal was first announced, Diversicare Healthcare Services has now been acquired (through a merger) by DAC Acquisition LLC, a privately held Delaware limited liability company managed by Ephram Lahasky. Mr. Lahasky has significant affiliations with in excess of 100 owned and/or leased skilled nursing and similar facilities in over 20 states. Per the deal, Diversicare’s stockholders will receive an amount of cash equal to $10.10 per share of Diversicare common stock, which represents a premium of approximately 256% from Diversicare’s closing share price of $2.84 on August 19, the last trading day prior to... Read More »
Five Star Senior Living Exits the SNF Business
Five Star Senior Living has completed its planned exit from the skilled nursing business by transitioning the operations of 107 properties owned by Diversified Healthcare Trust. Originally, there were 108 properties in the transition, but the parties decided to close one. Five Star will also work with Diversified to close one more property in Delaware. The RMR Group, an alternative asset management company, provides management services to both Diversified and Five Star. The amended management arrangement with Diversified, first announced this April, will leave Five Star with 140 senior living communities (120 of which are owned by Diversified) and approximately 20,000 units under... Read More »
Legacy Senior Living Acquires Tennesee Community
Legacy Senior Living announced its acquisition of a 58-unit assisted living/memory care community in Hendersonville, Tennessee for $5 million, or $86,000 per unit. The deal brings Cleveland-based Legacy’s portfolio to 16 senior living communities across the eastern United States. We learned about the sale earlier this month when Evans Senior Investments announced its role in brokering the deal, although the private equity seller has still not been disclosed. Built in 2000, the community was just 62% occupied at the time of market and losing over $900,000 in NOI on revenues of $1.525 million. Once it turns operations around, Legacy will then expand the community into the excess land... Read More »
SLIB Facilitates AL Sale in Nevada
Senior Living Investment Brokerage’s Vince Viverito, Jason Punzel and Brad Goodsell have facilitated the $13.9 million sale of an assisted living and memory care community in Gardnerville, Nevada. Built in 1997, the 65-unit community, priced per bed at $214,615, had annualized revenue of $3.39 million, an EBITDA of $1.04 million and a cap rate of 7.4%. Named Carson Valley, the community had a slight occupancy decrease in 2020 but eventually increased to 92%. The property is 40,610 square feet and sits on 2.54 acres. The buyer is a Western U.S.-based private equity firm and the seller was undisclosed. Read More »Schedule a demo
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