Confluent Senior Living Sells, and Grows
Confluent Senior Living announced the sale of three of its senior living communities in Iowa, Oregon and New Mexico, hiring CBRE to close the deal. All three communities were, and will continue to be, operated by MorningStar Senior Living. The West Des Moines, Iowa property opened in March 2018 with 85 assisted living and memory care units, and the Beaverton, Oregon (Portland MSA) property opened later that year in November with 104 AL and MC units. In January 2019, the Santa Fe, New Mexico community was completed with 85 AL/MC units. All three were still in lease-up, but with no change in operator, that should continue unabated. Just last month, Confluent also sold its 66-unit assisted... Read More »
Another Pennsylvania Personal Care Sale From Prestige Group
Jim Baranello of The Prestige Group closed yet another personal care deal in Pennsylvania, following up on his two-facility sale in the state earlier this month. In that previous deal, he represented a seller divesting their last two communities: a 56-unit personal care community in Montoursville and a 59-unit community in Danville, both located in north central Pennsylvania. While the Danville community was operating well with healthy cash flow and occupancy, the Montoursville community was more of a turnaround opportunity. Licensed for a combined 126 beds, the communities featured a 100% private pay census. The private buyer, who was looking to expand their operations in the area, paid... Read More »
Titan SenQuest Acquires Ohio Property
Helios Healthcare Advisors has been on a roll in the last month, closing several acquisitions and financings since mid-November. After about a year in operation, it appears Bill Janis and Mario Wilson have really hit their stride. Most recently, the pair represented an Ohio owner in the sale of their last senior living property (a common theme of 2019) in Summit County (Cleveland area). Since buying the 117-unit community in the 1990s, the previous owner invested capex in the 1980s-vintage property in the late-1990s and again in 2016. And despite occupancy in the low- to mid-80s, with nearly all private pay residents, cash flow was healthy at nearly $1 million in EBITDAR with a roughly 25%... Read More »
Chartwell REIT Primes for Growth
Canadian REIT Chartwell Retirement Residences made a couple of moves that both expanded its portfolio and strengthened its liquidity, priming the company for further growth in 2020. Chartwell first announced the closing of its acquisition of a recently completed retirement community in the Alberta town of Sherwood Park (Edmonton MSA). The deal goes back to 2017, when Chartwell acquired a portfolio of four Edmonton-area senior living communities for CAD$298 million and a purchase option for the to-be-built Sherwood Park community for CAD$120 million, or about US$91 million and US$355,500 per unit. RBC Capital Markets advised Chartwell in that deal, while TD Securities and Greystone Real... Read More »
Helios Handles Wisconsin SNF Sale
Helios Healthcare Advisors handled the sale of an 87-bed skilled nursing facility in West Salem, Wisconsin. Originally built in 1963 with additions in 1968 and 1994, the facility is 100% Medicare-certified and provides physical, speech, occupancy and recreational therapy, as well as short-term rehab and traditional long-term care. It was previously owned by a Lakewood, New Jersey investor but was divested as part of a multi-stage strategy to exit the state and focus on markets closer to their headquarters. Mario Wilson and Bill Janis positioned the facility as a value-add opportunity and a found a buyer in a Midwest operator of nearly 30 skilled nursing facilities in four Midwest states.... Read More »Schedule a demo
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