Berkadia Closes Sales in Florida and Virginia
Berkadia’s Tim Cobb and Brooks Minford have announced the closing of two seniors housing communities in Florida and Virginia. First was the sale of Homestead Village Retirement Community, a 176-unit community in Pensacola, Florida. Built in 1993, the community consists of independent, assisted living and memory care units. Twin Light Capital purchased the property from an Alabama-based not-for-profit, and the company intends to implement capital and operational improvements. The not-for-profit decided to sell the community after deciding to focus its efforts on their communities within Alabama. The other deal saw Virginia-based Robertson Liebler sell Edgeworth Park at New Town, an... Read More »
SLIB Facilitates Sale of Two Communities
Senior Living Investment Brokerage’s Brad Goodsell, Jason Punzel and Vince Viverito recently closed the sale of a 150-unit active adult community in Memphis, Tennessee. Built in 1985 and sold for $8.55 million, or $57,000 per unit, this community exchanged hands with a 94% occupancy rate. The undisclosed seller of Tranquility at Hickory Hill offered to rebuild 10 extra units destroyed by a fire, bringing the total unit count to 160. Tranquility, sitting on 13 acres with 162,000 square feet, had an annualized revenue of $1.25 million and $500,000 of EBITDA, resulting in a 5.9% cap rate at the time of closing. The buyer is a multifamily-focused investment group based in southern... Read More »
NHI’s Occupancy and Rent Deferrals Rise
Another month gone and another month of occupancy gains for National Health Investors’ major tenants, according to the REIT’s latest business update. The largest operating partner, Bickford Senior Living with 42 properties in NHI’s portfolio, saw occupancy rise from 80.3% in August 2021 to 80.7% in September, for a 40-basis point increase. Holiday Retirement saw a month-to-month gain of 140 basis points from 77.5% to 78.9%, which was restated retroactively to reflect the sale of its Fort Wayne, Indiana property. Occupancy for the 18 properties still rose to 78.2% in September. And Senior Living Communities, across nine properties, saw occupancy increase 50 basis points from 80.4% to 80.9%.... Read More »
Knapp-Stahler Group Announce Three Closings
The Knapp-Stahler Group at Marcus & Millichap is heating up heading into NIC’s Fall Conference, announcing three closings across the country. Nick Stahler and Jeff Gabele first sold a 120-bed skilled nursing facility in Lexington, Kentucky on behalf of a large publicly traded operator. Built in 1986 and renovated/expanded in 2011, the property is in good physical condition. Operationally, however, it experienced significant setbacks during the pandemic, but census rebounded somewhat by the end of the sales process at 70%. That allowed the original offering price to stand, but it remains undisclosed. Dwight Capital arranged acquisition financing for the buyer, a high-net-worth... Read More »
Tryko Partners Grows in the Garden State
Tryko Partners is adding to its Northeast portfolio with the acquisition of a large skilled nursing/assisted living facility in Allendale, New Jersey. Family-owned for more than 50 years, The Allendale Community for Senior Living features 299 beds and 146,000 square feet of skilled nursing, assisted living and memory care services. It primarily drew referrals from Hackensack University Medical Center in Hackensack and Hackensack University – Pascack Valley Medical Center. Tryko is planning a significant capital improvement project for the community, which should increase its appeal and hospitality focus. Tryko also has several nearby operations that give it a local scale, including Oakland... Read More »Schedule a demo
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