Scarp Ridge Real Estate Partners Is Launched
If you believe that the worst of the pandemic is behind us, and that after all the distress of the past 15 months opportunity abounds, then you want to be an investor in seniors housing. That is just part of the thinking of the partners in a new $300 million fund, Scarp Ridge Real Estate Partners, that will be looking at value-add, opportunistic and distressed real estate investment opportunities in seniors housing and hospitality. We hope it is more on the seniors housing side. The fund will acquire non-performing loans to help both the lender and provider move a project along, and will purchase individual properties and portfolios. Partner Rick Shamberg has a few decades of... Read More »
The Mogharebi Group Handles Seniors Housing Sale
Bryan LaBar and Otto Ozen of The Mogharebi Group arranged the sale of an independent living community in San Bernardino, California. Built in 1984, the four-story building has 71 one-bedroom units and a total of 36,200 square feet on a one-acre site. Messrs. LaBar and Ozen represented the seller, a Los Angeles-based private investment group, in the deal. Another private investment group based in the San Gabriel Valley paid $7.24 million, or $102,000 per unit, for the property. The Mogharebi Group specializes in multifamily property sales throughout California, but it is not often we see them in seniors housing. Read More »
Blueprint Closes SNF Sale in Virginia
Blueprint Healthcare Real Estate Advisors continued its recent surge in closings with the sale of a rural Virginia skilled nursing facility. Located just off I-81 in the southwest Virginia town of Rural Retreat, the 120-bed facility was built in 2015 with 20 private and 50 semiprivate units. Shortly after it achieved stabilization, its operator, Traditions Senior Management, decided to execute its below-market purchase option on the facility’s real estate. Occupancy remained strong until the pandemic when the facility like many others saw census dip. Being one of the newest facilities in the area, it was still able to attract a healthy quality mix. But financials could certainly be... Read More »
Diversified Healthcare Trust Transitioning 66 Communities
A few months ago, Diversified Healthcare Trust announced it would transition 108 of 228 senior living communities managed by Five Star Senior Living to new operators. It has now found three operators to take over management of 66 of them with 4,084 units, or 62 units per community. The 108 communities have approximately 7,500 units, while the remaining 120 communities have about 18,000 units. So, the communities being transitioned to new operators are much smaller (average of 69 units) compared to the retained communities, with an average of 150 units. Naperville, Illinois-based Charter Senior Living will be taking over management of communities in... Read More »
Blueprint Facilitates SNF Divestment in Michigan
Mike Segal and Dan Mahoney of Blueprint Healthcare Real Estate Advisors helped a Detroit-area owner/operator of skilled nursing facilities divest a geographical outlier in Battle Creek, Michigan. Built in 1967 and renovated in 1985, the 82-bed facility was owned and operated by Advantage Living Center. It was underperforming, leading the owner to bring in the Blueprint team to market and sell the asset. The buyer ended up being a New York-based equity group interested in expanding its Midwest presence into Michigan with a new operating partner. There were some physical plant issues that required additional inspections and some delays with the CON approval. But even with bringing on a new... Read More »Schedule a demo
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