PE Firm Sells Community in Texas
A seniors housing community in the Dallas-Fort Worth MSA recently traded with the help of Nick Stahler, Austin Diamond and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap. The large community, which features more than 200 units and 230,000 square feet, includes 163 independent living, 42 assisted living 15 and memory care units. Built in 1982, it had recently benefitted from physical improvements, and while occupancy was improving and recently surpassed 50%, there is still work to do to stabilize the asset. It was sold by a mid-sized private equity firm that had operated the community through a third party management platform. Hap Knowles served as the referring... Read More »
DST Investor Buys Idaho MC Community
A leading DST investor recently acquired a memory care community in northern Idaho. Set in the town of Rathdrum, about 25 miles northeast of Spokane, Washington, Generations Memory Care features 48 private units and is managed by Senior Services of America, an experienced regional operator with 15 properties in Washington, Oregon and Idaho. It was built in 2005 with expansions in 2007 and 2013. It had previously sold in 2017 for $8 million, or $166,700 per unit, to an investment group based in northern California. 1031 CF Properties acquired the community for an undisclosed amount and plans to invest in operational enhancements and capital improvements intended to optimize occupancy,... Read More »
Thrive Adds Three Assets in Georgia
Thrive Senior Living grew its presence in its home state of Georgia, with the addition of three seniors housing communities. Developed by the Sawyer family between 2019 and 2022, the communities operated under the At Home Senior Living brand and are located in Cochran, Thomson and Jesup. Beginning in 2024, Thrive partnered with the Sawyer family to operate the communities, with the idea of eventually bringing the communities into the Thrive portfolio. All three communities were strong performers, with occupancy around 94%. Prior to Thrive’s operational partnership, Shanna Dupree led operations for At Home Senior Living, and was a principal and owner in the communities. Dupree has now... Read More »
West Coast and Northeast Skilled Nursing Facilities Sell
Walker & Dunlop’s Gideon Orion has announced several recent skilled nursing sales on the West Coast and the Northeast. First, he teamed up with Tony Cassie to sell a 69-bed skilled nursing facility in Bellevue, Washington, on behalf of a family office seller. The facility could use some operational improvements. An undisclosed buyer paid $12.5 million, or $181,200 per bed. Next, Orion sold a 99-bed skilled nursing facility in Northern California, in another value-add transaction. He represented an owner/operator, which sold the facility for $11.4 million, or $115,200 per bed. Also, in California, Orion arranged a land sale featuring 2.2 acres in Reseda to Meta Housing for $9.35... Read More »
Investor Acquires Community Out of Receivership
Fortress Investment Group acquired an assisted living/memory care community in Palm Coast, Florida, in a court-approved sale process. Built in 2018 just a mile from the Atlantic Ocean, the community features 130 units on an 11.4-acre site. There are 86 assisted living units and 22 memory care units, along with 22 “enhanced” assisted living units. Tuscan Gardens of Palm Coast, LLC was placed in receivership as of June 2023 after its owner, Tuscan Gardens Senior Living Communities, Inc. (run by CEO Larry Pino, Esq.), failed to establish an approximately $1.55 million reserve fund, as formally requested by the master trustee (U.S. Bank Trust Company, National Association) in February... Read More »Schedule a demo
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