Colony Capital Sells Connecticut Memory Care Community
A 48-unit memory care community in Clinton, Connecticut (New Haven MSA) has a new, New York-based owner/operator, thanks to the work of Steve Thomes, Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors. According to our M&A database Deal Search Online, this property previously sold in 2013 for $10.5 million, or $218,750 per unit. Previously owned by the private equity firm Westport Capital, it was operating at roughly a 30% margin on approximately $3.2 million of revenues. Occupancy was also close to 100%, with rents ranging from $5,000 to $6,000 per month. So, things were going well. Not only that, the 10-year old community was substantially renovated in... Read More »
Recent Senior Care M&A Deals, Week Ending August 14, 2020
There were a few deals announced this week in the seniors housing and care market, check them out here! Long-Term Care AcquirerTargetPrice New York-based owner/operatorThe Shoreline of ClintonN/A Summit LTC ManagementSouth Place Rehabilitation & Skilled NursingN/A ValStone PartnersHermitage Gardens of Oxford & Hermitage Gardens of SouthavenN/A Michigan-based companyRidgeCrest Health... Read More »
Summit LTC Management Acquires East Texas SNF
The Blueprint Healthcare Real Estate Advisors team worked together to sell a 112-bed skilled nursing facility located near the University of Texas Health, East Texas campus in Athens, Texas. Built in 1987, the facility has mostly semi-private rooms. It historically operated well while enrolled in QIPP, but a new local competitor put downward pressure on the facility’s quality mix, and surely on its operating margins too. The undisclosed REIT seller decided to divest, and after five competitive offers, Summit LTC Management, a Fort Worth-based owner/operator, was selected as the buyer. It has an existing presence in East Texas, which should help in the operational turnaround. The... Read More »
Senior Living Investment Brokerage Sells Michigan Senior Care Campus
Ryan Saul, Joe Young and Brad Clousing of Senior Living Investment Brokerage successfully sold a senior care campus in Jackson, Michigan. Originally built in 2010, the property comprises 90 total units, split between 50 private skilled nursing beds and 40 assisted living units. Historically, it operated well with occupancy consistently around 95%. Census was impacted during the Michigan stay at home mandate, but it quickly recovered above 90% again. The campus also boasted a quality mix above 50%, making it an attractive acquisition prospect, we are sure. The seller was Trilogy Health Services, which owns and operates communities across Michigan, Indiana, Ohio and Kentucky. With an... Read More »
Diversified Healthcare Trust Divests Two Managed Communities
Diversified Healthcare Trust (DHC) divested a couple of its SHOP assets, both located in Mississippi and operated by Five Star Senior Living under the Hermitage Gardens name. Built around 2000 and renovated in 2005, the properties include a 57-unit assisted living community in Oxford and a 59-unit AL community in Southaven. DHC acquired them in 2006 for a combined $12.4 million, or $112,700 per unit, and at a 7.5% cap rate. The current purchase price is not known, but in DHC’s second quarter earnings report, the company mentioned selling two managed senior living properties and two MOBs subsequent to the quarter for a combined $5.197 million. An undisclosed private equity firm was the... Read More »Schedule a demo
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