SLIB Handles Senior Care Campus Deal in Missouri
A Maryland-based owner/operator looked to expand its Missouri senior care portfolio with the purchase of Kingdom Care Senior Living in the town of Fulton. Built in 1980, the campus includes four independent living units, 26 assisted living units and 36 skilled nursing beds. It currently holds a five-star rating at the SNF and is the only multi-acuity campus in the surrounding area. But occupancy stood at 67%, and the community was operating just below breakeven on $3.45 million of revenues at the time of marketing.Its local Missouri owner/operator was looking to focus on its primary business, hence the sale, and engaged Nick Cacciabando, Jeff Binder and Lucas Doll of Senior Living... Read More »
Fully-Occupied Assisted Living Community Sells
Joe Shallow of The Prestige Group was engaged by a family owner/operator in their divestment of a seniors housing community in Plymouth, Pennsylvania. Purpose-built in 1985 and well-maintained throughout the years, Metro Wilkes Barre features 20 assisted living units with 40 beds. The community has historically boasted a strong census, and at the time of sale it was 100% occupied. It sits on 1.15 acres and comprises 8,436 square feet. At the time of marketing, the asset was making $222,400 in EBITDA on $812,900 of revenues. Although the community is fully occupied, there is still upside potential for the incoming buyer, with monthly rents sitting below the current market rate. There is... Read More »
REIT Acquires Underoccupied Seniors Housing Portfolio
After acquiring a seniors housing portfolio through a joint venture in 2019, MedCore Partners and Trinity Private Equity Group have decided it was time to divest. Amy Sitzman, Giancarlo Riso and Jake Rice of Blueprint brought the portfolio out to market, and at that time, it was generating $4.5 million in EBITDAR on around $21 million in annual revenue. It comprised a mix of 409 private pay and Medicaid units, and was purpose-built between 2014 and 2016. There is room for upside, with occupancy hovering just above 75%. The four assets sit in primary and secondary markets across Arizona and Utah. After the joint venture seller’s 2019 acquisition, which it completed for $98 million, or... Read More »
Philadelphia AL/MC Community Trades Hands
Brett Gardner, Joshua Jandris and Jason Skalko of Cushman & Wakefield represented an undisclosed seller in its sale of The Terrace at Chestnut Hill, a 62,600-square-foot, 108-unit assisted living and memory care community in northwest Philadelphia, Pennsylvania. The buyer, MVJ Ventures LLC, was represented by Jason Stroiman and Brendan DeSilva of Evans Senior Investments. The community was built in 1987 and renovated in 2012, and at the time of sale, it was 85% occupied. It will be operated by Viva Senior Living, and rebranded as Viva Senior Living at Chestnut Hill. While the asset carried existing agency debt, the buyer elected not to assume the loan and instead paid off the... Read More »
Clarion Partners Expands in Nashville MSA
Clarion Partners, an affiliate of Franklin Templeton Investments, announced that Clarion Partners Real Estate Income Fund Inc. acquired Vitality Living Franklin, a 126-unit seniors housing community in Franklin, Tennessee (Nashville MSA). The community was built in 2014, renovated in 2023 and faced little new competition in the area. It was nearly full as a result. The community sits three miles from Williamson Medical Center and offers both assisted living and memory care services. The community is operated by Vitality Living, a Nashville-based senior living operator with more than 35 communities across the Southeast and Texas. Read More »Schedule a demo
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