Strawberry Fields Acquires Six SNFs in Kentucky and Tennessee
Strawberry Fields REIT, a large owner and lessor of long-term acute care hospitals, skilled nursing facilities and assisted living communities across the country, added six more SNFs to its portfolio, at a cost of nearly $81 million. The portfolio totals 521 beds and are located in two states. The one Kentucky facility has 65 beds and was built in 1968 in Kuttawa. It will join the REIT’s Landmark portfolio, which has locations throughout Kentucky, as well as in Texas, Oklahoma, Illinois and Michigan. The other five properties are spread across Tennessee and will be branded as “The Waters” facilities, with Infinity Healthcare of Tennessee providing consulting services. Two of the... Read More »
SLIB Handles Seniors Housing Sale in Upstate New York
The only licensed seniors housing community in Alleghany County, New York found a new owner, with Dave Balow of Senior Living Investment Brokerage handling the sale. Located in New York’s southern tier, this community was built in 1989 with 89 units and 137 beds of assisted living and memory care. It was the last asset owned by a private individual looking to retire, and operations were decent in 2019, with occupancy in the 80s and a 17% margin on under $3.38 million of revenues. However, COVID hit the community at the end of 2020, and although the owner cleared the building of COVID roughly six to eight weeks afterward, he was not able to move any new admissions until March 2021 because... Read More »
Diversicare Healthcare Services Deal Signed
When the news first broke several days ago that an investor had offered to buy Diversicare Healthcare Services for $10.10 per share when it was trading below $3.00, well, we said it was an offer that would be hard to turn down. The board did not, and it appears to be a nice windfall for shareholders. But, the due diligence has to pan out, and it is always an out to find a reason for a lower price. We still are not sure why they offered such a high price in this market, and such a generous premium. The buyer is DAC Acquisition LLC, run by Ephram “Mordy” Lahasky. The price represents a very healthy premium of 256% over the closing price of $2.84 on August 19. The merger agreement includes a... Read More »
Veritas Senior Living Assumes Operations of Two Communities
Veritas Senior Living recently assumed the operations of two seniors housing communities in Tennessee and Georgia, along with purchasing one of them. Vantage Point Village in Ashland City, Tennessee is an assisted living and memory care community that can provide care for up to 80 residents. Gaines Park Senior Living, which Veritas just purchased with a group of other investors, is located in Kennesaw, Georgia with 60 units. This assisted living community has been family-owned since 1997 and features all-inclusive pricing. The new communities will bring the Veritas portfolio total to six overall. Read More »
REIT Partnership Picks Up Tennessee Properties
A regional operator partnered with a REIT to purchase two assisted living/memory care communities in Tennessee. The two identical 87-unit communities were built in 2000 and have maintained a strong reputation in their respective markets of Knoxville and Chattanooga. Occupancy was in the low-80s, and the buyers saw an opportunity to enter two targeted markets and improve performance at the sites. The operating margin could also improve from the current 20% on more than $7.35 million of revenues. Plus, there is adjacent land next to each community, which enables the new owner to expand services in the future. According to the panelists on our recent webinar “Assisted Living: Where are... Read More »Schedule a demo
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