Senior Living Investment Brokerage Ends April With Three SNF Sales
Senior care M&A activity may be tepid right now, but Senior Living Investment Brokerage ended April with a bang, announcing several skilled nursing closings and several seniors housing ones too. We’ll start with the skilled nursing sales, and you can read about the seniors housing transactions here. Brad Clousing and Matthew Alley kicked it off with the sale of a 170-bed skilled nursing facility in Mobile, Alabama. Built in 1968 and 1982, the facility was subject to a long-term ground lease with the adjacent hospital. An entire floor with over 30 beds was out of service, but the facility was just around 60% occupied at the time of the sale and historically operated between that mark... Read More »
SLIB Arranges Three Seniors Housing Transactions
Bradley Clousing and Matthew Alley of Senior Living Investment Brokerage continued the firm’s impressive run into the seniors housing M&A market (read about their skilled nursing deals here), selling a 170-unit independent living community in Dallas, Texas. The property actually traded at the end of 2020, with CareTrust REIT (NASDAQ: CTRE) selling to Valstone Partners. Built in 1987 and thoroughly renovated in 2013 with additional capital improvements made in 2016, CareTrust had previously converted the remaining assisted living units to independent living. Occupancy had declined as a result, but it was steadily improving to the low-80s with a... Read More »
Welltower Acquires Philly-Area Community
The Newmark team was busy in the Mid-Atlantic last month, having earlier closed the sale of a seniors housing community in Chesapeake, Virginia (Virginia Beach MSA). Newmark also headed up the coast to sell a 76-unit assisted living/memory care community in a suburb of Philadelphia. A private equity fund had purchased the property several years before but experienced slightly declining census before the pandemic caused occupancy to drop to 71%. Built in 2013, the community was bringing in no positive NOI at the time of the sale to Welltower for a purchase price of $19.5 million, or $256,600 per unit. Sunrise Senior Living will take over... Read More »
American Senior Communities Acquires Terre Haute Community
Dan Revie and Tedd Van Gorden of Ziegler handled Bethesda Senior Living Communities’ sale of its community of 20 years in Terre Haute, Indiana, to the largest senior care operator in that state, American Senior Communities. In April 2019, ownership agreed to discontinue its memory care units for the next two years to resolve a civil complaint filed by the Indiana State Department of Health following the death of a memory care resident. According to the new community website, there are still no memory care services. No price was disclosed in the ownership transition. Read More »
Merrill Commercial Real Estate Handles Two-Community Deal in California
It took over a year, but Tyler Merrill of Merrill Commercial Real Estate successfully closed the sale of two assisted living communities in Redding, California. One of the communities in particular was hit hard by COVID-19, and occupancy dropped by a combined 20% across the two properties. Despite that, the same private equity buyer remained interested throughout the difficult year and kept to the same agreed-upon purchase price of $18 million, albeit with an approximate $1 million holdback in escrow until the new owner reaches pre-COVID NOI levels and 75% occupancy. Before the pandemic, the communities maintained around 88% occupancy, but there is a lot of upside in expense management.... Read More »Schedule a demo
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