Recent Senior Care M&A Deals, Week Ending November 6, 2020
Senior care M&A continues to chug along, check out our recent chart! Long-Term Care AcquirerTargetPrice NY-based groupCarriage House & Health Care Center & Colonnades Assisted Living$6 million Regional NY-based owner/operatorSpring View Manor$1.125 million Imperial Healthcare GroupMadlyn and Leonard Abramson Center for Jewish LifeN/A The Ensign GroupThe Medical Lodge of... Read More »
Healthpeak Properties Heading Out of Seniors Housing
Healthpeak Properties jolted the senior care industry when it announced it is in the process of unloading its entire seniors housing RIDEA portfolio (135 communities with 15,992 units) as well as its triple net lease portfolio (62 communities with 5,848 units). So far, $1.5 billion of assets are under binding and non-binding letters of intent in eight transactions, while $2 billion is under letter of intent in six deals. The rest of the communities are being actively marketed. The RIDEA assets, if they close, will sell at about a 5.8% cap rate based on trailing 12-months EBITDA ended March 31, 2020 (pre-pandemic), but closer to 3% based on third quarter performance annualized.... Read More »
Senior Living Investment Brokerage Sells Value-Add SNF in Kansas
In a deal that went to market in mid-August and closed at the end of October, Nick Cacciabando of Senior Living Investment Brokerage sold a skilled nursing facility in Conway Springs, Kansas. Situated in the south-central part of the state, the facility was built in 1964, with additions made in 1988 and 1996. It is licensed for 45 beds, with about 27 of those occupied at the time of the sale. This was the only facility owned by the Winter family, who has owned the SNF since opening, but Wichita, Kansas-based Axiom Healthcare Services had been operating it over the last year. As of June 2020, the facility was losing more than $400,000 in EBITDAR on nearly $2.45... Read More »
Senior Care Campus Sells Near Philadelphia
A not-for-profit, faith-based operator of senior care services in the Philadelphia area sold its flagship senior care campus in North Wales, Pennsylvania. That seller, Abramson Senior Care, has over 150 years of experience caring for the Jewish elderly in the area and opened this community in 2001 on 78 acres. The campus includes 324 private skilled nursing beds, 46 personal care (assisted living) units and two independent living units. Well-maintained, it also received over $5 million in renovations since 2008 and carries a five-star rating from CMS. Abramson Senior Care made the decision to sell the campus but still wanted to see a continuation of its mission and religious programming,... Read More »
Ensign Acquires Former Omega Healthcare Investors SNF
The Ensign Group acquired a skilled nursing facility in Amarillo, Texas, picking up both the real estate and operations in the deal. Featuring 82 beds, the facility was formerly owned by Omega Healthcare Investors, which acquired it in a portfolio deal in June 2010. It was part of the 57-facility portfolio operated by Daybreak Venture, LLC that OHI was in the process of divesting after Daybreak paid less than $1 million in rent in the third and fourth quarters of 2019. This Amarillo location was just 45% occupied at the time of the sale. Ensign paid an undisclosed sum for the property and will rename it The Medical Lodge of Amarillo. Its subsidiary Keystone Care LLC will take over... Read More »Schedule a demo
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