Cushman & Wakefield Sells Oregon Memory Care Community
Cushman & Wakefield’s Senior Housing Capital Markets team completed the off-market sale of a 99-unit memory care community in Oregon for $25 million, or $252,500 per unit. The seller, a California-based national operator, had acquired the property as part of a larger portfolio of non-core assets that a public REIT was divesting in 2019. This community also did not fit into that buyer’s plans moving forward, hence the current sale. So, a growing Portland area-based owner/operator with a local and regional presence stepped in to acquire the well-run property. Cushman’s Rick Swartz, Jay Wagner, Aaron Rosenzweig and Dan Baker handled the deal. Read More »
Joint Venture Acquires The Villages-Adjacent Senior Living Community
The Seniors Housing and Healthcare Group at Berkadia arranged the sale of a 126-unit assisted living/memory care community in Oxford, Florida. Tim Cobb and Brooks Minford handled the transaction on behalf of the undisclosed seller. Built in 2015, the high-quality community has 134 beds and is set on a four-acre campus adjacent to The Villages. It was formerly operated by Leisure Care. A joint venture between Inspirit Senior Living (which will operate) and two New York City-based investment and asset management firms, Venue Capital and Drake Real Estate Partners, acquired the property for $15 million, or $119,000 per... Read More »
SLIB Sells Underperforming Missouri Skilled Nursing Facility
Jeff Binder and Ryan Saul of Senior Living Investment Brokerage started March with the sale of a 137-bed nursing facility in Missouri. It was relatively large at 137 beds, but occupancy was near 50%. It was not too old, having been built in stages in 1984, 1989 and 1994, but 25 to 35 years old is still old. Located in Ballwin (St. Louis MSA), it was sold because of the facility’s underperformance, despite its good location, by a large Missouri operator. The buyer plans on doing significant renovations and refreshing of some common areas, as it wants to expand its services into the St. Louis MSA. The buyer was selected in September from a pool of five... Read More »
CareTrust REIT Acquires Again
On the back of its purchase of four CCRCs in California last week, CareTrust REIT jumped back in the buyer pool to acquire a 150-bed skilled nursing facility in Santa Barbara. In the off-market transaction, CareTrust also retained the operator, California-based Covenant Care, under an assumed long-term lease. That brings CareTrust and Covenant’s relationship to eight facilities. The REIT spent approximately $15.86 million (excluding around $40,000 of transaction costs), or $105,700 per bed on the facility. The existing lease, which has approximately four years left on its term, with two five-year renewal options, produces about $1.5... Read More »
Recent Senior Care M&A Deal Chart, Week Ending March 5, 2021
March began with a bevy of seniors housing and care M&A transaction announcements. Here are some highlights in our deal chart. Long-Term Care AcquirerTargetPrice Owner/operatorAmber Glen Assisted Living & Memory Care$2.325 million CareTrust REIT, Inc.4 CCRCs$125.2 million Partnership buyerBeach House Assisted Living & Memory CareN/A Local not-for-profitColonial Place Assisted Living & Memory CareN/A Partnership buyerBrookdale Muscle... Read More »Schedule a demo
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