Central Illinois SNF Sells
Ryan Saul and Jeff Binder of Senior Living Investment Brokerage closed on the sale of a 70-bed skilled nursing facility in central Illinois at the start of November. Built in 1970 but with an effective age of 25 years, the facility was in good condition at the time of the sale. Occupancy was trending positively at 75% (hopefully that continues heading into winter) and the quality mix was 30%. But stabilized occupancy was around 87%, with margins in the mid-teens. Its regional owner/operator, which had operated the facility for several years, was looking to exit a non-core asset, while the undisclosed buyer was looking to expand their presence in central Illinois. No other details were... Read More »
Evans Senior Investments Facilitates Sale of AL Community
Evans Senior Investments is continuing its busy month, representing a private equity company for the $6.5 million sale of Quail Creek, a 103-unit assisted living and memory care community. Built in 1999, this community in Quail Creek, Oklahoma is in the Oklahoma City metropolitan area. The community averaged 41% occupancy at the time of marketing (100% private pay) and had revenues of $1.76 million. However, it was not profitable due to the low census and lost over $1 million of net operating income in the last 12 months. Quail Creek also had below-average rental rates compared to competing communities in the area, trailing their competitors by over 40% and contributing to the negative... Read More »
Livingston Street Adds to Dallas-Area Portfolio
Livingston Street Capital continued its active adult community buying streak by adding a 183-unit community in Prestonwood to its growing portfolio. The purchase brings Livingston Street’s active adult investment in the Dallas-Fort Worth area to $150 million across four properties in just six months. This also represents the firm’s fourth acquisition of the year, and seventh since the start of 2020. In that time, Livingston Street has picked up seven communities in Texas, Illinois, Maryland and Florida. Built in 2017, Atlas Point at Prestonwood contains 183 units with one-, two-, and three-bedroom options that feature walk-in closets, granite countertops, hardwood-style flooring, and... Read More »
The Goodman Group Assumes Operations of Montana Community
Montana-based seniors housing operator The Goodman Group has assumed the operations of Discovery Care Centre in Hamilton, Montana. The community offers 58 licensed skilled nursing beds and 35 assisted living and memory care units. While Discovery Care Centre is The Goodman Group’s newest addition to its Montana portfolio, it also currently operates Valley View Estates Health & Rehabilitation in Hamilton, Hillside Health & Rehabilitation, Riverside Health & Rehabilitation, The Village Senior Residence and The Village Health & Rehabilitation in Missoula, and Westpark Village in Billings. Read More »
Grandbridge Sells Portfolio
Grandbridge Real Estate Capital’s seniors housing sales team in the Tampa office closed on a portfolio of three newly-constructed senior living communities, known as the Woodland Terrace portfolio. The properties offer independent living, assisted living and memory care services in the Indianapolis, Indiana market area. They were developed, owned and operated by The Justus Companies, which is a well-established multifamily and residential building family business in the local market that has been in business for 100 years. The buyer a partnership between a “national investor” and Purpose First Partners, a venture between New Perspective Senior Living and Boldt... Read More »Schedule a demo
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