Recent Senior Care M&A Deals, Week Ending June 12, 2020
Check out our recent senior care M&A deal chart. Long-Term Care AcquirerTargetPrice Elevation Financial GroupKennington Pointe$2.2 million Kayne Anderson Real Estate AdvisorsThe Watermark at TrinityN/A Best Care Senior Living at St. Pete, LLCLoving Care of St. PetersburgN/A Strawberry Fields REITCharleston Health Care Center$5.4... Read More »
Strawberry Fields REIT Back in Buying Mode
After making seven acquisitions in 2019, Strawberry Fields REIT has finally reentered the acquisition arena in 2020, announcing its purchase of a 107-bed senior care facility in Danville, Kentucky. We imagine some time had to be spent on managing and consolidating its growing portfolio, and the skilled nursing industry has been preoccupied in the last several months with the COVID-19 crisis, but it is good to see them back buying again, bringing their current portfolio to 76 senior care facilities. Previously owned and operated by several individuals (dba Marlin K. Sparks Management Company, Inc.), the Danville facility consists of 90 skilled nursing beds, 16 assisted living beds and one... Read More »
Colliers International Announces Two Closings
Colliers International closed a couple of sales involving assisted living communities that also cared for adults with mental disorders or developmental disabilities. First, the Tampa, Florida team led by Ken and Damien Carriero worked on behalf of Loving Care of St. Petersburg, Inc. to sell a 60-unit/120-bed AL community in St. Petersburg, Florida. It came with a Limited Mental Health Specialty License and was 80% occupied at the time of the sale. Best Care Senior Living at St. Pete, LLC was revealed as the buyer, but no purchase price was disclosed. Then, Elena Bakina of Colliers International represented the seller of a similar community in southwest Houston, Texas. Classified as a Type... Read More »
Kayne Anderson Closes Another Acquisition
Cushman & Wakefield’s Tampa-based seniors housing team led by Allen McMurtry and David Kliewer sold a 117-unit independent living community in Trinity, Florida (about 20 miles northwest of Tampa). The seller, a development group comprised of Walt Chancey of Gulf Coastal Development, Ricky Rookis of Rookis Development and Watermark Retirement Communities, recently built the five-story community adjacent to a 97-unit assisted living/memory care property that they also developed in 2016. There are one-and two-bedroom unit options ranging in size from 737 to 1,162 square feet. Designed by Chancey Architecture and Chancey Interior Design, it also features numerous amenities including... Read More »
Blueprint Finds New Tenant for Kansas City-Area SNF
Working on behalf of a REIT landlord, Blueprint Healthcare Real Estate Advisors found a new tenant for a 140-bed skilled nursing facility in Liberty, Missouri (Kansas City MSA). Built in 1971 with all semi-private units, the facility was approximately 80% occupied. Cash flow was also near stable levels, but rent coverage was limited. Owned by Omega Healthcare Investors, it was the only facility in Missouri for the operator, Consulate Health Care. As a result, Consulate sought an exit in order to focus on other core markets, but previous efforts proved ineffective. However, right after the onset of COVID-19, Michael Segal and Ben Firestone initiated the lease transition to REACH LTC, an... Read More »Schedule a demo
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