Ohio Owner/Operator Exits the Senior Care Industry
After more than 30 years in the business, a local owner/operator in Ohio exited the senior care industry with the help of Connor Doherty and Ryan Kelly of Blueprint Healthcare Real Estate Advisors. Located in the northeast part of the state, the property features 152 total units, with 99 for skilled nursing and 53 for assisted living. It was built in 1976, with a major renovation in 2002. Operations had been declining during the due diligence period, with occupancy falling 15% from the time it was put under LOI. So, Blueprint worked with the incoming owner, a private equity owner/operator with extensive operating experience in the local market, to limit those declines. In the end, the... Read More »
JLL Sells Chicago Senior Care Campus
Mike Garbers and Cody Tremper of JLL Seniors Housing Capital Markets represented Lutheran Life Communities in its sale of a 171-licensed bed senior care campus in Chicago, Illinois. Originally built in 1921 with additions of the East Wing in 1956 and the West Wing 1970, the property features 55 sheltered care units and a skilled nursing portion that operates with 96 beds. It is situated on a 2.38-acre site in Chicago’s Irving Park neighborhood just northwest of downtown. The buyer ended up being an experienced operator of long-term care facilities in Illinois. They paid an undisclosed price and have renamed the building to Paul House and Healthcare Center. After the deal, Lutheran Life... Read More »
Blueprint Handles Large Alabama Deal
Brooks Blackmon of Blueprint Healthcare Real Estate Advisors arranged the sale of a portfolio of seven skilled nursing facilities located in Alabama. The properties presented an opportunity for a buyer to expand an existing footprint in the state, as well as to improve the operations across the portfolio. Totaling more than 800 beds, the facilities averaged close to 50 years old. Two campuses were renovated in the late-1990s, and one more recently in 2018. They were cash flow neutral at the time of the sale. A long-term care operator in the state stepped in the buy them. Having closed plenty of deals in Alabama, Mr. Blackmon utilized his knowledge of the local market and of the state’s... Read More »
Recent Senior Care M&A Deals, Week Ended January 24, 2020
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Experienced owner/operatorSkilled nursing facility in Rural Retreat, VAN/A Illinois-based SNF operatorSt. Pauls HouseN/A Private equity owner/operatorSkilled nursing/assisted living facility in OH$8.5 million Not disclosedElmcroft of... Read More »
Brookdale Buys Eight NHI-Owned Communities
Brookdale Senior Living exercised its purchase option on eight assisted living communities that it operated on behalf of the owner, National Health Investors. The transaction was hinted at in NHI’s third quarter earnings report, which noted the properties as being held for sale. And Eric Mendelsohn, President and CEO, confirmed in the Q3 earnings call that the purchase price would start at a base of $37 million, with a fair market value component as high as $5 million which NHI and Brookdale would split 50-50. In the end, Brookdale paid $39.26 million, or $116,845 per unit. The eight communities, which were located in three states and totaled 336 units, contributed 2019 GAAP revenue of... Read More »Schedule a demo
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