The Stahler Group Sells Monterey County Memory Care Community
The Stahler Group of Marcus & Millichap just closed the sale of a 69-unit assisted living/memory care community in Monterey County, California. Well located with strong demand and limited competition, the 22-year-old community was owned by a not-for-profit healthcare provider and originally leased by Emeritus, then ultimately by Brookdale Senior Living. Brookdale chose to not renew their lease for the community, which brought in sufficient cash flow but also offered significant operational upside with occupancy at 65%. After multiple full-price, competitive offers, a buyer with a strong regional presence stepped in to buy the community, using acquisition debt from a regional... Read More »
Senior Living Investment Brokerage Sells CCRC in Erie
Toby Siefert and Ryan Saul of Senior Living Investment Brokerage handled the sale of a Type C CCRC in Erie, Pennsylvania, working on behalf of the local not-for-profit seller. The original building was constructed in 1929, but the campus has undergone numerous additions and renovations over the years, most recently in 2010. It now has 139 skilled nursing beds and 58 residential/personal care beds in 29 units. Even though there are no independent living units, the CCRC designation is particular to Pennsylvania licensing. Currently, 100 of the skilled beds are used for skilled nursing (and they are dually certified), while 39 beds are in a separate building dedicated to... Read More »
Evans Senior Investments Sells Profitable SNF in Indiana
The transactions keep on coming from Evans Senior Investments, which followed up on its value-add deal in Pennsylvania with a skilled nursing sale in Indiana. This facility was built in three phases in 1964, 1978 and 1998, and now features 204 licensed beds, although 180 are currently functional. The owner/operator has other skilled nursing facilities but primarily on the West Coast. This was its only Indiana facility, the closest facility in its portfolio being 122 miles away. So, it was slated for sale. At the time of marketing, the facility was 60% occupied and profitable, generating $2.2 million of NOI at a 22.1% margin. Helping that strong margin (despite the low census) was the $1.9... Read More »
Evans Senior Investments Sells Value-Add Property in Pennsylvania
The team at Evans Senior Investments represented an independent owner/operator in the sale of its value-add senior care campus in Rochester, Pennsylvania. Numbering 122 skilled nursing beds and 22 operational personal care units (out of a total of 62), the property sold for $9.2 million, or $63,900 per functional bed/unit. Originally built in 1965, the campus received a $2.5 million renovation from 2015 to 2019, leaving it with a modern physical plant and all rooms being either private or semiprivate. However, it was not profitable at the time of marketing, with occupancy averaging 69% and the community generating an NOI loss of over $1.0 million on $10.45 million of revenues. High... Read More »
Newmark Announces Closing in Kansas
The Newmark team has been quite active lately, and an early May closing recently rose to the surface. The deal included an 89-unit seniors housing community in Wichita, Kansas. Built in 1997 with 22 independent living, 51 assisted living and 16 memory care units, the community was around 80% occupied, and there was land available for expansion. It also brought in nearly $500,000 of NOI. The purchase price was not disclosed, but the buyer was a Kansas-based regional operator. The seller was also not known. We learned of some other closings from the Newmark team, which we will detail in the June issue of The SeniorCare Investor. Read More »Schedule a demo
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