Walker & Dunlop Arranges Several Sales
The Walker & Dunlop Investment Sales team, including Joshua Jandris, Mark Myers, Brett Gardner and Jordyn Berger, is off to a good start to their year, already announcing a few closings with another four set to close in the next six weeks. In total, the team has about $1.0 billion of listings under contract and scheduled closings in its pipeline. They first closed the sale of an independent living portfolio in the Atlanta, Georgia metro area. Operated by The Mansions Group and owned by a group of investors and developers, the four communities are newly built, considered to be “A” quality and combine for 559 units. Most were stabilized with occupancy above 90%, but the newest... Read More »
CareTrust REIT Acquires Rental CCRC Portfolio
CareTrust REIT acquired four former Marriott rental CCRCs in Southern California for a combined purchase price of $125.2 million, or $196,500 per unit. That just about equals the average price per unit for seniors housing properties in the 2020 M&A market, according to 26th Edition of The Senior Care Acquisition Report. Originally developed by Marriott in 1999 and 2000, these communities total 360 assisted living units, 97 memory care units and 180 skilled nursing beds. They are all located in high-income markets in Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. An institutional owner hired Evans Senior Investments to market and sell the... Read More »
Genesis to be Delisted After Welltower Split
When Genesis HealthCare announced last year that it may not make it in the following 12 months, you knew something had to be done. And then at the beginning of this year when its longstanding CEO, George Hager, departed, you knew that replacing one person with another was just not going to cut it. But perhaps it enabled the Board to move on what had to be done to salvage a desperate situation. Late on Tuesday, Welltower announced that it has substantially exited its 10-year operating relationship with Genesis HealthCare. The move cannot be seen as much of a surprise considering Genesis’ “going concern” notice last year, multiple major write downs associated with... Read More »
SLIB Starts March With Six Closings
What a month it has been for Senior Living Investment Brokerage, and it’s only been a few days. After a stellar start to February when the firm announced five transactions comprising eight seniors housing properties across the country, SLIB brokers announced six closings on the first two days of March. Four deals closed in the Southeast, starting with the sale of a 46-unit assisted living/memory care community in Gainesville, Georgia, north of Atlanta. Daniel Geraghty and Bradley Clousing handled the deal on behalf of a group of five TIC investors that originally bought the property in 2006. The TIC sponsor had since filed for bankruptcy and subsequently took control of the... Read More »
A Holiday with Atria
Last week, as part of its earnings release, New Senior Investment Group announced that Atria Senior Living would be taking over management of 21 independent living communities managed by Holiday Retirement Corporation. From a diversification perspective, this makes great sense for New Senior because Holiday had been managing 98 of New Senior’s 103 properties. In the REIT world, that kind of tenant concentration is a no-no. Like most owners across the country, including Atria, the New Senior portfolio has seen its occupancy drop by 690 basis points in the past year. This is much better than the average for assisted living and skilled nursing, but as we... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
