Behavioral Health Buyer Takes Over Georgia Community
Bull Realty, a commercial regional real estate company, was engaged by Gryphon Senior Living in its divestment of a seniors housing community in Dacula, Georgia. Built in 2011, Hope Memory Care Community features 64 memory care units across 37,432 square feet on 3.44 acres. Gryphon originally bought the community a few years back for around $9.5 million, or $148,000 per unit. The community struggled with occupancy, despite good demographics. After Bull Realty was brought on to market the property, the bank sold the note. A potential CON sale was explored but did not pan out. When the note holder had control of the property, a separate potential buyer was brought in. The noteholder... Read More »
Joint Venture Divests to Private Owner/Operator
Blueprint was engaged by a joint venture between two national investors in the divestment of its seniors housing community in Pickerington, Ohio, that was acquired as part of a larger transaction. The buyer, which intends to reposition the asset as affordable seniors housing, was a well-capitalized private owner/operator seeking to expand and increase operational leverage in the Midwest. Built in 2009, the community comprises 86 assisted living and memory care units in a growing, but supply-constrained, suburb of Columbus. The community’s occupancy challenges post-COVID, in combination with its outlier geography and care mix, made it a non-core component of the broader transaction... Read More »
Minnesota AL/MC Community Changes Hands
An assisted living/memory care community in rural southern Minnesota found a new owner with the help of Ray Giannini of Marcus & Millichap. Built in 2017, Bridgwater at Janesville features 24 units. It featured a 90% waiver census and was fully occupied at the time of closing, generating strong cash flow, as well. The undisclosed buyer paid $4.2 million, or $175,000 per unit, for the asset. Read More »
SNF Operator Makes First Purchase in MA
An institutional owner decided to divest its skilled nursing facility in East Boston, Massachusetts, in order to recycle capital and shift its investment focus. Evans Senior Investments marketed the facility to a group of regional and national buyers before an experienced regional operator stepped in to make its first purchase of a facility, for an undisclosed price. Evans helped the new owner by facilitating a regional capital partner for the deal. Built more than 50 years ago, the facility featured 165 beds, including a number of three-bed wards. It was 83% occupied but held a two-star CMS rating with an abuse icon from CMS. Other operational challenges included high agency staffing... Read More »
Regional Owner/Operator Acquires in Arizona
Blueprint facilitated the sale of a seniors housing community in Phoenix, Arizona. Amy Sitzman, Giancarlo Riso, Jacob Gehl and Dillon Rudy handled the transaction, which closed 112 days from LOI signing. Developed in phases between 2015 and 2017, the community encompasses nine residential homes arranged in a neighborhood setting in Litchfield Park. There are 89 total assisted living/memory care units. The community accepts private pay and ALTC (Arizona Medicaid) residents and was approaching stabilized occupancy at the time of marketing. It is projected to experience favorable year-over-year rate growth given the lack of new or planned competing developments within the local market.... Read More »Schedule a demo
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