South Denver SNF Finds New Owner
A non-performing skilled nursing facility in South Denver, Colorado, found a new owner thanks to Hap Knowles and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap. Built in 1965, Aspen Siesta features just 34 licensed beds. It was 64% occupied and generated more than $2.8 million of revenues from private pay, VA and other payor sources. But it was losing around $265,000 a year as of the most recent financials in 2023. Being a distressed, older vintage property, the facility could potentially attract interest from alternative-use buyers. So, Knapp-Stahler identified a behavioral health and substance abuse provider to purchase and convert the facility to that new use. That... Read More »
Minnesota AL Community Trades Hands
Senior Living Investment Brokerage was engaged by a Minneapolis-based, repeat client in the disposition of its last assisted living community that is in “very good condition.” The seller is divesting to focus on its remaining active adult and multifamily portfolio. Built in 2013, the community is in St. Anthony, Minnesota (Minneapolis-St. Paul MSA), with 73 units and high-end amenities. It was 74% occupied, generating $4.15 million of revenues. SLIB structured the marketing process around the seller’s desire to transfer ownership to another respected owner/operator that would continue the high standard of care for residents and support the seller’s associates. The ultimate buyer was a real... Read More »
Invesque Completes Commonwealth Portfolio Divestment
Invesque announced that it completed the previously announced sale of 20 seniors housing communities managed by Commonwealth Senior Living, together with its majority ownership stake in Commonwealth. Proceeds from the transaction were used to repay all property-level debt associated with the assets, extinguish all unpaid and accrued preferred equity associated with the portfolio, and to pay other transaction-related costs. Commonwealth no longer manages any Invesque-owned properties. Invesque’s portfolio now consists of 32 assets, 12 of which remain under definitive contract to be sold, subject to satisfaction or waiver of due diligence conditions in favour of the purchasers and other... Read More »
Medicare-Only Facility Sells to Midwest-Based Skilled Nursing Investor
A Texas-based regional developer of skilled nursing facilities throughout the central and southern U.S. engaged Blueprint to advise and oversee the confidential sale of Accel at Longmont, a Medicare-only skilled nursing facility located just north of Boulder, Colorado. Michael Segal and Daniel Waldhorn handled the transaction. Built in 2017, totaling 76 skilled nursing beds with 36 private rooms and 20 semi-private rooms, the facility was leased to a Texas-based provider. Following the pandemic the facility faced challenges maintaining its high census levels, primarily attributable to the shorter length of stay typical in Medicare-only, transitional care settings. Showcasing upside... Read More »
Ensign Makes Another Move
The Ensign Group acquired the operations of Toluca Lake Transitional Care, a 52-bed skilled nursing facility in North Hollywood, California. The real estate will be acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company, following receipt of state regulatory approvals. The acquisition was part of the larger acquisition of seven other facilities from Providence Home and Community Care, which was announced in December. The acquisition was effective June 1. In a separate transaction on the same day, Ensign announced that it acquired the operations of Ironwood Rehabilitation and Care Center, an 80-bed SNF in Coeur d’Alene, Idaho, and Lakeside... Read More »Schedule a demo
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