JLL Handles Latest Healthpeak Sale
Mike Garbers and Cody Tremper of JLL represented Healthpeak Properties in the sale of an assisted living/memory care community in Kenmore, Washington. This one-off transaction included an 85-unit community that had been underperforming since the end of 2018. The property was also in need of some capex. Sunrise Senior Living previously operated the community, but day-to-day management will be taken over by the new owner, Pacifica Properties, which paid $4.5 million, or $52,900 per unit. There was no cap rate on the deal. The JLL team was also involved in the sale of two seniors housing communities in Florida. Previously owned by Prime... Read More »
Blueprint Arranges Atlanta-Area Transaction
Brooks Blackmon, Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors represented a national owner/operator in its sale of a 160-unit assisted living/memory care community located near Atlanta, Georgia. The large, well-maintained community is set in an affluent suburb and recently underwent a multi-million-dollar renovation. It catered to a more middle-income resident, but occupancy had been lagging for some time before the sale. Blueprint leveraged the asset as an opportunity to buy a community in a major metro area for significantly below replacement cost and yielded seven qualified offers in the bidding process. Ultimately, a buyer with a... Read More »
Greystone Funds Ohio SNF Acquisition
To fund the acquisition of a skilled nursing facility in Youngstown, Ohio, Fred Levine of Greystone arranged bridge financing for the new owner. Built in 1964, the facility features 99 beds and has been owned and operated by Guardian Healthcare. However, going forward, Bal Harbour Management will take over day-to-day management. The bridge loan comes out to $3.98 million, or around $40,200 per bed. Assuming a typical 70% loan-to-value, that puts the purchase price around $57,400 per bed, which is right around the average for facilities built more than 40 years ago of $56,100 per bed, according to the 26th Edition of The Senior Care Acquisition... Read More »
Recent Senior Care M&A Deal Chart, Week Ending March 19, 2021
M&A has certainly slowed in the senior care market, but here are the recent transactions in our weekly deal chart. Long-Term Care AcquirerTargetPrice Joint ventureThe WillowsN/A Aedifica SA4 care homes$31.62 million (approx) Not disclosedPark Center Health and Rehabilitation CenterN/A Cedar CommunitiesMulberry Grove Senior... Read More »
Cedar Communities Acquires Georgia Seniors Housing Community
Daniel Geraghty, Bradley Clousing and Dave Balow of Senior Living Investment Brokerage have sold a seniors housing community in the Georgia town of Statham, which is located in between Atlanta and Athens. A family owner/operator originally developed the community in 1997 and decided early in 2020 to divest their only asset and retire from the business. They are leaving behind a strong operation, as the property has consistently maintained occupancy between 90% and 100% across the 46 personal care units, all of which were studios. There is an opportunity to convert some of those units into two-bedroom options, as well as improve the operating margin. That is what... Read More »Schedule a demo
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