Recent Senior Care M&A Deals, Week Ending June 5, 2020
Senior care M&A came roaring back this week, with two major sales by Welltower totaling more than $1 billion. Check out our recent deal chart. Long-Term Care AcquirerTargetPrice Joint venture6 senior living communities$300 million Kayne Anderson Real Estate AdvisorsSeniors housing & medical office building portfolio$1 billion FairsteadFederation Sunrise Apartments$29.5 million Front... Read More »
Foundry Commercial and Foster Senior Living Form JV
Orlando, Florida-based Foundry Commercial has formed a new joint venture with Missouri-based Foster Senior Living to manage, acquire and develop seniors housing communities. The JV will be known as FSL Senior Living Ventures, LLC, and Kevin Maddron, CFO of Foundry Commercial and long-term player in the senior living market (most recently with CNL Retirement) will be leading the charge for the JV. He is well positioned for the role given his CNL background and some work he did with Foster after leaving CNL three years ago. Foundry Commercial is a real estate services and investment firm that was founded in 2007 and has grown to 350 employees and more... Read More »
Evans Senior Investments Wraps Up Michigan Portfolio Sale
Evans Senior Investments kicked off June with the sale of a seniors housing/skilled nursing portfolio in Michigan. With Welltower’s major sale also coming to light at the start of the month, hopefully that’s a sign of a more fruitful summer for the industry as a whole. The portfolio consisted of two seniors housing/skilled nursing campuses and one stand-alone skilled nursing facility, with a total of 88 assisted living units, 36 memory care units and 270 skilled nursing beds. Built in 1997, 2007 and 2008, the senior living portion of the portfolio was 100% private pay, while the skilled nursing census boasted a high mix of Medicare patients. The transaction represented the second closing... Read More »
Blueprint Facilitates Royal Senior Care’s Invesque Exit
Blueprint Healthcare Real Estate Advisors helped Invesque exit its entire Royal Senior Care portfolio. That included the sale of two properties and transition of the other four properties to another existing operating partner. One of the sold properties was a 60-unit assisted living/memory care community in Eatonton, Georgia. Built in 2014 with 42 AL and 18 MC units, this community was originally purchased by Care Investment Trust for $15.5 million, which was then taken over by Invesque. Royal also owned a 35% interest in the property and is acquiring the remaining interest for an undisclosed price. The other property was located in Florida and sold to a third party. The four... Read More »
Newmark Knight Frank Handles Welltower’s $1.3 Billion Sale
There were rumors circulating last month of a major portfolio sale by one of the healthcare REITs, and given the dearth of deals in May, we clung on to the promise of it. Well, on June 1, Welltower announced not one, but two large seniors housing portfolio dispositions, along with a major medical office building sale, all combined for a roughly $1.3 billion purchase price. Ryan Maconachy and Chad Lavender of Newmark Knight Frank handled the transactions, bringing one of them from NDA to closing in just 45 days, including securing agency financing to fund it. To close any deal these days is exceedingly difficult, not only one of this scale, so well done to the Newmark team. It certainly... Read More »