SLIB Handles DHC’s Latest Divestment
Diversified Healthcare Trust’s divestment strategy certainly wound down in 2020, but nine more senior living properties have so far sold this year. The most recent closing was for a 137-unit/bed rental CCRC in North Platte, Nebraska, which according to the REIT’s third quarter supplemental report sold for $3.0 million, or $21,900 per unit/bed. Built in stages from 1988 to 1997, the community has grown to include 68 skilled nursing beds in 62 units, 57 assisted living beds in 42 units and 27 independent living one-bedroom units. Occupancy was around 80% in May but began to improve throughout the summer until a COVID outbreak at the end of September. The non-core property was marketed... Read More »
Blueprint Sells Five Skilled Nursing Facilities
The team at Blueprint Healthcare Real Estate Advisors announced a couple of closings, including a skilled nursing portfolio deal in Texas and a SNF sale in Rhode Island. The Texas transaction featured four skilled nursing facilities and a combined 340 beds that were owned by a REIT. Two of the facilities were built in the late-1960s/early-1970s and two in 2000. They are spread out in suburban and rural areas with relatively low average market census. Three of them were also enrolled in QIPP. The REIT was winding down its relationship with the in-place, in-state provider, hence the sale. Two buyers emerged, a growing Texas operator and a large, national owner/operator, which acquired the... Read More »
OH-Based Buyer Purchases Pittsburgh-Area SNF
An Ohio-based owner/operator bought a Pittsburgh-area skilled nursing facility in a deal arranged by Evans Senior Investments. Built in 1995 and maintaining a four-star rating, this 120-bed facility was locally owned and operated. However, this was the seller’s only skilled nursing facility, and occupancy stood at just 72%. High expenses also resulted in barely $50,000 of NOI on about $8.93 million of revenues, and performance was declining. So, Evans ran a confidential marketing process to a group of regional owner/operators and obtained six competitive offers within 30 days. An Ohio-based owner/operator wishing to grow its presence in Pennsylvania ended up as the buyer,... Read More »
Colliers International Handles Two Transactions
Colliers International has been busy this week, closing the sale of a Section 8 senior apartment community in New Jersey and also a trio of HUD mortgages for three market-rate senior co-ops in the Midwest. First, to the sale. Colliers represented Squiretown Properties LLC in its disposition of a 405-unit community in this Newark suburb of East Orange. Built in 1980, but with no major renovations since then, the community’s affordability status was set to expire in 10 years. However, a partnership between Community Preservation Partners and L+M Development Partners has extended that to 30-years with their acquisition of the community. The purchase price totaled $94 million, or $232,100 per... Read More »
National HealthCare Corporation Divests St. Louis-Area SNF
After an attempt to replace its 282-bed skilled nursing facility in Town and Country, Missouri (St. Louis MSA) with a senior living community, and then running into zoning and planning problems earlier this year, National HealthCare Corporation (NHC) decided to sell the facility instead to a St. Louis-based owner/operator. Census challenges and quality of care issues plagued the SNF for several years. Like so many facilities across the country, this was also an older property (built in 1962). So, NHC worked with Ryan Companies to develop a new 187-unit senior living community which would feature independent living, assisted living and memory care services. The cost was estimated to be... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
