Milwaukee Senior Care Complex Sells
A large (67,000 square feet) and old (built-in 1964) Residential Care Apartment Complex (“RCAC”) in Milwaukee, Wisconsin sold after falling on hard times. Known as St. Clare Terrace, it is made up of 59 units in a large building that sits on 2.4 acres. At the time of sale, occupancy was just 64%. The property was placed into receivership after the former not-for-profit owner/operator defaulted on their outstanding bonds. The receiver appointed BAKA Enterprises to manage the community until it was sold. Annualized revenues were just under $1.1 million, which would put average monthly rates close to $2,400. Before debt payments, there was a negative cash flow of about $175,000. Next... Read More »
Sabra Health Care REIT’s Private Pay Push
Sabra Health Care REIT has another 10 months to pull the trigger on its purchase option to buy the remaining 51% of Enlivant still owned by private equity giant TPG. Sabra closed on its 49% interest at the beginning of 2018, when occupancy at Enlivant was just 82%. This was a sharp improvement from the 60% census when TPG hired financially and operationally distressed Assisted Living Concepts in 2013. TPG brought in Jack Callison to run it and turn it around. Going from 60% to 82% in less than five years was no small feat, especially after the bridges that the former ALC management burned with several state regulators. When Sabra bought its 49%... Read More »
CareTrust REIT’s Bountiful Acquisition
CareTrust REIT just bought an assisted living community in Bountiful, Utah, leasing it to Bayshire LLC, which will take over operations going forward. Built in 1999, the 62-unit community is well situated on the campus of Lake View Hospital, an affiliate of MountainStar Healthcare and HCA Healthcare. It was previously owned by the not-for-profit South Davis Community Hospital Campus, but was sold so South Davis could focus on its adjacent higher-acuity operations. Bayshire took over the operations, adding the facility to its master lease with CareTrust that has a remaining term just under 15... Read More »
Tryko Partners Marches Into The South
With most of its acquisitions located between Maryland and Massachusetts, New Jersey-based Tryko Partners has expanded its reach into Virginia with the purchase of three skilled nursing facilities with a total of 563 beds. They are located in Alexandria, Richmond and Colonial Beach, and represent the company’s first acquisition in the state. No purchase price was disclosed, but historically Virginia has been a relatively high-priced market, with an average price per bed over the past five years north of $100,000. That kind of state details will be in our soon-to-be-published Senior Care Acquisition Report. Tryko plans on investing close... Read More »
Owner/Operator Makes Big Purchase in North Carolina and Kentucky
An experienced owner/operator just bought a large portfolio of skilled nursing facilities in North Carolina and Kentucky, thanks in part to first-lien debt financing provided by Monticello Asset Management and its affiliates. The acquisition involved 12 SNFs evenly split between the two states. The properties averaged a 1977 vintage, and the gross building area totaled 402,554 square feet. There was also one skilled nursing facility already in the buyer’s portfolio that was refinanced in the deal. Altogether, there were 1,357 beds across the portfolio, bringing the buyer’s total to more than 8,750 licensed beds. Monticello had worked... Read More »Schedule a demo
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