Evans Senior Investments Arranges Sale in Indiana
Evans Senior Investments arranged the sale of a non-performing assisted living community in Indiana on behalf of the publicly traded REIT seller. The buyer, a regional owner/operator with an existing footprint in Indiana, bought the property below replacement costs, but the exact purchase price was not disclosed. The community was previously stabilized, with occupancy levels in 2018 hovering around 95%. However at the time of the sale, occupancy dropped to 60%, and it was operating with negative cash flow margins due to new competition in the surrounding area. Read More »
SLIB and Monarch Advisors Collaborate on Kentucky Closing
Alec Blanc of Monarch Advisors announced an acquisition financing for a couple of assisted living communities in Kentucky. Located in Bardstown and Elizabethtown, just under 30 miles from each other, the communities combine for 84 units. Occupancy was around 80% in 2020. They were previously owned by a California-based owner/operator, but the buyer/borrower, WalkLight Senior Living, was looking to make its first-ever acquisition, although the owners are experienced in operations. They also saw an opportunity to potentially raise rates at the locations to improve operations. Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage handled the sale. Monarch secured a... Read More »
SLIB Facilitates SNF Transaction in Missouri
A Midwest-based private equity firm sold a skilled nursing facility in Farmington, Missouri to a regional owner/operator based an hour away in St. Louis. Built in stages from 1982 to 2008, the facility has 97 beds, with a combination of private and semiprivate rooms. It also provides outpatient therapy in addition to in-house rehab and skilled nursing services. It was around 83% occupied in 2020, with a healthy 12% operating margin on over $6 million of Q4:2020 annualized revenues. The previous owner decided to capitalize on those strong financials to strategically divest the facility. Nick Cacciabando and Jeff Binder of Senior Living Investment Brokerage handled the transaction, which did... Read More »
JLL Sells 55+ Community in Minneapolis Market
JLL Capital Markets sold a newly-built, 107-unit 55+ housing community in Maplewood, Minnesota known as Frost English Silver. The purchase price was $27.3 million, or about $255,140 per unit. The community has a variety of one- and two-bedroom apartments averaging 876 square feet. The community features a fitness center, outdoor patio with grilling stations, community room, salon, indoor lap pool and heated underground parking. The seller was Sherman Associates and an affiliate of Axial Real Estate Advisors LLC acquired the community. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Ken Dayton of JLL represented the... Read More »
SLIB Handles Sale of Florida Community
Senior Living Investment Brokerage’s Bradley Clousing and Daniel Geraghty handled the sale of a 64-unit assisted living and memory care community in Pace, Florida. The community opened in December 2019 and immediately faced the challenges of Covid-19. Nonetheless, the property achieved stabilized occupancy in less than a year. The seller was a partnership led by a Florida-based developer, Rimrock Companies. Arcadia Communities bought the property in an effort to expand their presence in the Southeast and enter the Florida market. They have seven existing communities in Michigan, Kentucky and Tennessee. Read More »Schedule a demo
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