Will Brookdale Sell Its Home Health Business?
Rumors were afloat this week that Brookdale Senior Living might be running a sales process for its home health and hospice business. Quietly, it became one of the largest home health providers in the country, with revenues of $447 million in 2019, inclusive of hospice and a very small therapy business. We happen to think home health and hospice is a natural for large senior living providers with a built-in customer base off of which to leverage growth outside their communities. It is also a nice lead-in for full time residence into some of their communities. Today, about 50% of the home health and hospice revenues are “in-house,” while 50% are outside of Brookdale’s... Read More »
SLIB Handles Oregon Memory Care Sale
An Oregon-based senior living operator is leaning into the COVID crisis by acquiring a 29-unit memory care community in Portland and temporarily converting it to a COVID recovery facility for the state. We imagine the rates for taking care of COVID patients are much higher than traditional SNF Medicare rates, so it could be a very profitable operation. Originally built in 1999 and remodeled in 2013, the community features 55 beds in the 29 units. It is located in a high traffic corridor of Portland and had historically enjoyed high occupancy. But census recently dropped to 71%. Cash flow was also dropping from around $580,000 from January to June 2020 (annualized) on over $3.22... Read More »
Diversicare Healthcare Services Exits Florida Market
Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors handled the sale of a skilled nursing facility in Wauchula, Florida (about 40 miles southeast of Tampa). Consisting of 79 beds, the facility was originally built in 1980 and expanded in 1990. Owned by a REIT, this was the last facility operated by Diversicare Healthcare Services in the state, according to public records. Historically, it had consistent operations, which were trending positively before COVID-19 hit and did not deteriorate during the pandemic. But being a non-core asset in Diversicare’s portfolio, the facility was slated for sale to a pre-identified buyer looking to... Read More »
Newmark Sells Major SNF Portfolio
Last week we wrote that Newmark (formerly Newmark Knight Frank) was going to have a big fourth quarter. And they have, with five sales transactions worth well in excess of $400 million, plus a few financings, and we still have a few weeks to go before the end of the year. The largest sale, which we previously reported on, was the six communities in Massachusetts that sold for about $200 million in a recap of the portfolio previously owned by Welltower. Most recently (early December), however, was one of the larger skilled nursing portfolio sales of the year. With nine facilities and 1,014 beds in Virginia, this portfolio was sold for just over $150,000 per... Read More »
Iowa CCRC Finds New Not-For-Profit Owner
A struggling CCRC in Perry, Iowa traded from one not-for-profit owner to another, with Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors facilitating the sale. Set on over 20 acres about 40 miles northwest of Des Moines, the campus was originally built in the late 1950s, with eight independent living cottages added in the 1980s. A more recent $20 million expansion/replacement project in 2014 added 16 assisted living units and 57 new skilled nursing and transitional care beds, plus an eight-unit memory care unit in 2015. It was owned by a Board of Directors through the Grand Lodge of Iowa, with a trust agreement administered by the District Court of Dallas... Read More »Schedule a demo
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