Gold Standard Grows South Florida Portfolio
Fort Lauderdale, Florida-based healthcare real estate investment group Gold Standard of Care acquired two seniors housing communities in the Sunshine State. The deal consisted of a West Palm Beach campus formerly known as Savannah Courts and Savannah Cove of the Palm Beaches. There are a combined 114 units of assisted living and 30 beds skilled nursing home purchased from National Health Investors. Gold Standard of Care paid $14 million, or $97,200 per bed/unit, with Greystone Capital providing the capital. Foley Lardner & Nelson Mullins Broad Cassel provided legal counsel to Gold Standard in the transaction. There will be $3 million in renovations made to the facilities. Read More »
Knapp-Stahler Group Closes Sale in Northern California
Nick Stahler and Justin Knapp of Marcus & Millichap’s Knapp-Stahler Group recently closed the sale of a 57-unit assisted living/memory care community in rural Northern California. The community struggled through the pandemic, like many other senior care businesses, but it also found itself in a declining demographic market before the pandemic. Owned by a public REIT, the community was leased by a regional operator from its inception. A seasoned regional owner/operator bought it and has plans to complete significant capital upgrades and expand the property with affordable housing units. Read More »
SLIB Handles Two Transactions in Oregon
Senior Living Investment Brokerage closed a slew of sales at the end of September, including two in Oregon. Jason Punzel, Brad Goodsell and Vince Viverito worked on behalf of a local ownership group in Oregon to sell their only two seniors housing properties. There was an 87-unit independent/assisted living community in Grants Pass and a 61-unit AL community in Medford. Both were built in the early 2000s and were around 87.5% occupied. Combined EBITDAR totaled $1.44 million on about $6.77 million of revenues, resulting in a margin around 21%. An Oregon-based owner/operator purchased the communities for $17 million, or $114,900 per unit, at an 8.5% cap rate. Messrs. Punzel, Goodsell and... Read More »
Evans Senior Investments Sells Louisiana SNF
An owner/operator is exiting the long-term care industry with the sale of its 189-bed skilled nursing facility in Lafayette, Louisiana. Selling for $30 million, or $159,000 per bed, this transaction represents the highest per-bed price ever in the state of Louisiana, according to our M&A database, LevinPro LTC. Evans Senior Investments handled the transaction. Built in 1992 and expanded/renovated in 2009 and 2012, the facility has a modern physical plant with 125 private rooms and 32 semiprivate units. Historically, it has been well occupied between 93% and 95%, with a quality mix of 26%. Before the pandemic, in FY2019, the facility generated $14.7 million in revenues, but operations... Read More »
Eclipse Senior Living Is Closing
Eclipse Senior Living will soon be no more, as the company, which was founded in 2017, stated that it plans to permanently shut down its operation, effective (if it goes according to plan) by the end of the first quarter of 2022. Ventas owns a 34% stake in the company and announced that it plans to transition the operations of its 90 communities managed by Eclipse to other providers. In perhaps another way of saying “good riddance,” the REIT stated that the communities “were not contributors to [Ventas’] overall NOI or its SHOP NOI in the second quarter 2021.” Ventas expects to incur certain one-time transition costs as it moves the communities to eight new operators. This will end... Read More »Schedule a demo
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