The Ensign Group Acquires Operations of Three Facilities
The Ensign Group will assume the operations of three skilled nursing facilities across Texas and Idaho. The facilities include the 98-bed River Pointe of Trinity Healthcare and Rehabilitation Center in Trinity, Texas, the 150-bed Park Village Healthcare and Rehabilitation in De Soto, Texas, and Skyline Transitional Care Center, an 80-bed facility in Boise, Idaho. The acquisitions are subject to a long-term, triple net lease. Plus, the deal brings Ensign’s growing portfolio to 245 healthcare operations, 22 of which also include senior living operations, across thirteen states. Read More »
SLIB Facilitates Sale in New York
An assisted living community also enrolled in New York State’s ALP program changed hands from one owner/operator to another, with Patrick Burke and Dave Balow of Senior Living Investment Brokerage handling the deal. Built in 1988 and 1998 in upstate New York, the community features 76 licensed beds in 46 units, with 25 of the beds in the ALP program, which is a Medicaid program that provides high-acuity, skilled nursing care in a lower-cost setting. Historically well occupied above 90%, the community had been able to keep COVID out for most of 2020 but unfortunately had an outbreak at the end of the year. Occupancy and revenues dipped, but the seller was able to get COVID out and improve... Read More »
SLIB Assists on REIT Divestment From Indiana Community
A REIT divested an underperforming outlier from its portfolio with the help of Brad Clousing and Ryan Saul of Senior Living Investment Brokerage. Located in Fort Wayne, Indiana, the 120-unit community was purpose-built for independent living in 1997. However, it was deemed to be non-core by the REIT owner, and a private regional owner with extensive experience in Indiana saw an opportunity to convert the community to a higher-acuity, all-Medicaid facility. The transaction closed in 30 days from start to finish, with no purchase price disclosed. Read More »
DHC Transitions Seven More Five Star Properties
Diversified Healthcare Trust is nearing the complete transition of its operations away from Five Star Senior Living, agreeing to add five assisted living communities in Wisconsin to an existing management agreement with Cedarhurst Senior Living, and two AL communities in Pennsylvania to a new agreement with IntegraCare. The Wisconsin communities total 300 units, while the two Pennsylvania communities have a combined 182 units. Cedarhurst had previously taken over eight properties totaling 486 units in Illinois on behalf of the REIT. Diversified Healthcare Trust originally had 108 communities in its Five Star portfolio, and is now left with about 10.... Read More »
Newmark Facilitates Sale of Two Communities in Georgia
We highlighted a couple of Georgia deals from Newmark last week, but some details have been revealed since then. One seniors housing community in St. Simons Island consisting of 68 assisted living and 24 memory care units sold from one joint venture to another in a deal valued at $18.2 million, or nearly $200,000 per unit. AIG Global Real Estate had developed the property with Thrive Senior Living (also the operator) in 2015. Occupancy had fluctuated between 50% and 70% in the last several years, with some key employee turnover prior to COVID contributing to the sub-par census. Winterpast Capital Partners and its affiliate Vitality Living acquired the property, with Vitality taking over... Read More »Schedule a demo
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