Recent Senior Care M&A Deals, Week Ending April 23, 2021
Senior care M&A is still chugging along this quarter, check out our recent deal chart. Long-Term Care AcquirerTargetPrice Symmetry Healthcare ManagementSouth Island Assisted Living$2.4 million Standard CompaniesBaltic Plaza Apartments$28 million Local buyerBrittany Manor$850,000 Avanath Capital ManagementOverlook at Anaheim Hills$87.5... Read More »
Chicago Pacific Founders Announces Arizona Acquisition
After three straight acquisitions in Florida, Chicago Pacific Founders has added another Sunbelt property to its portfolio, this time in Arizona. The Tucson community features 107 units of assisted living and memory care and a host of amenities, including a movie theater, bistro, sunrooms, sports lounge, hydro massage therapy, putting green, resident garden and dog park, to name just a few. It also boasts views overlooking the Catalina Mountains. Willis Development, in partnership with Dekel Capital, opened the community in mid-2018. Dekel Strategic Investors provided $8.4 million in equity and East West Bank provided a $17 million... Read More »
Avanath Capital Management Adds Another Orange County Community
Private investment firm Avanath Capital Management made its second acquisition of the year in the senior apartments sector, adding another Orange County, California property to its roster. The deal included a 261-unit community in Anaheim that was built in 2001 with seven garden-style buildings. Occupancy was near 100%. Seattle-based Security Properties purchased the property in 2015 for $52 million, or $199,200 per unit, and 2020 financial documents show net operating income of $3.4 million. Now, they are selling the community for $87.5 million, or $335,250 per unit. Avanath plans on investing in capital improvements, including renovating the clubhouses and community... Read More »
Centra Health Sells Virginia Senior Care Portfolio
After deliberation by its board and senior leadership, Centra Health plans on selling its five Virginia senior care facilities. The Lynchburg, Virginia-based not-for-profit healthcare system decided it was time to focus on its core services and hand over its senior care operations to a more senior care-focused operator. Cascade Capital Group agreed to purchase the four skilled nursing facilities and have its subsidiary, Hill Valley Healthcare, operate them going forward. Then, Centra Health sold its CCRC to not-for-profit LifeSpire of Virginia, which owns and operates four CCRCs in Virginia. All parties have signed letters of intent and plan to close the sale around August... Read More »
Standard Companies Acquires Again
Standard Companies, an apartment and affordable housing real estate investment firm, has been on an acquisition roll lately in the low-income senior apartments sector. The company followed up its acquisition of a large senior apartment building in Chesapeake, Virginia with the purchase of another community located up the coast in Atlantic City, New Jersey. Built in 1982, the community’s 169 units are supported by Section 8 Housing Assisted Payment (HAP) contracts. Standard paid roughly $28 million, or $165,700 per unit, for the property and plans to spend an additional $10 million to renovate it. The project will update the residents’ units, upgrade the common areas and amenity spaces,... Read More »Schedule a demo
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