• Blueprint Advises Another SNF Sale

    Blueprint Healthcare Real Estate Advisors’ Ben Firestone and Michael Segal recently facilitated the sale of Magnolia Manor, a skilled nursing facility in Inman, South Carolina. Built in 1967, Magnolia has 176 beds, which represents over 40% of the total licensed beds in the local market and twice the capacity of the next largest competitor. ... Read More »
  • The Ensign Group and CareTrust Acquire Two Texas SNFs

    The Ensign Group and CareTrust REIT have teamed up to acquire the real estate and operations of two skilled nursing facilities in the Austin, Texas metropolitan area. CareTrust purchased the facilities for $32.5 million, or about $135,000 per bed, while The Ensign Group recently took over operations effective August 1, 2021 as part of the... Read More »
  • Walker & Dunlop Originates Financings for Four Communities

    Walker & Dunlop Managing Director Kevin Giusti and Senior Analyst Brian Neal recently originated $37.47 million in financing for four assisted living and memory care facilities: Bloom at Bluffton in Bluffton, South Carolina; Bloom at Hilton Head in Hilton Head, South Carolina; Cascades of Tucson, in Tucson, Arizona; and Regency Jackson in... Read More »
  • Newmark Summer Sales Continue

    Late last week, we profiled several of Newmark’s latest closings, but we also said that we were not finished. One deal was referenced in Welltower’s recent earnings release, as the REIT’s purchase of seven senior living communities from White Oak Healthcare Partners finally closed. The communities, averaging more... Read More »
  • Welltower Announces Big Census Gains

    Welltower released its second quarter earnings results, and its growth strategy was on full display with $1.5 billion in pro-rata gross investments from April to June, at an initial yield of 8.8%. That does not even include the largest deal, which was its proposed $1.58 billion acquisition of 86 independent living communities owned... Read More »
Knapp-Stahler Group Closes Arizona Deal

Knapp-Stahler Group Closes Arizona Deal

Nick Stahler and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap sold a memory care community in an attractive submarket of Scottsdale, Arizona at the end of June. The deal is the first of the newly formed partnership between Mr. Stahler’s and Jim Knapp’s respective broker teams to create a truly national brokerage service. Mr. Stahler brings a focus on the West Coast, while Michigan-based Mr. Knapp will concentrate on East Coast deals, but we imagine the two teams will help each other out whenever needed too.   Back to the Scottsdale deal, a 1031 exchange buyer paid $5.1 million, or $127,500 per unit for the property, which was struggling at the time of the sale. Built in... Read More »
Newmark Handles White Oak Disposition

Newmark Handles White Oak Disposition

Newmark announced that it has completed White Oak Healthcare Partners’ sale of 31 properties all previously operated by Senior Lifestyle Corporation to two different sellers. We heard of the first two tranches last month, with Welltower announcing it would acquire 29 of the properties for approximately $147 million, transitioning the operation of 22 of the communities to Pathway to Living and the other seven communities to Frontier Management.   Totaling 1,103 units, the Pathway portfolio consists of 156 independent living, 835 assisted living and 112 memory care units located in Georgia, California, Washington and Texas. That results in a per-unit price of $87,900 per unit. Welltower had... Read More »
Tutera Purchases Only Health Dept-Owned AL Community in Illinois

Tutera Purchases Only Health Dept-Owned AL Community in Illinois

In 2017, a small town in Illinois took a rare step to build the only county-funded assisted living community in the state. Now, The Lodge at Manito in Manito, Illinois is being sold to Tutera Senior Living & Health Care — a private diversified health care and senior living company providing development and management services to the seniors housing and care industry. No purchase price was disclosed. The Mason County Health Department built this eight-acre community for an approximate cost of $5.5 million, or $115,000 per unit. It contains 24 AL and 24 memory care units across 39,000 square feet. There is also an on-site medical clinic managed by Mason District Hospital that is... Read More »
Welltower Acquires Two Virginia Memory Care Communities

Welltower Acquires Two Virginia Memory Care Communities

Brooks Blackmon and Ben Firestone of Blueprint Healthcare Real Estate Advisors arranged the sale of two memory care communities in Virginia. The communities are in the enviable position of being stabilized with high occupancy and above-market rates. The Richmond location opened in 2015, and the Virginia Beach property was completed in 2008. Both feature 48 units and 35,000 square feet. A local developer/operator built and managed the communities, which command the top rates in their respective markets, but is now exiting the assets. Welltower, in partnership with ProMedica, paid $31 million, or $322,900 per unit, for the communities. That is right below the average price for Virginia... Read More »
Summit Healthcare REIT Buys Three SNFs

Summit Healthcare REIT Buys Three SNFs

A wholly-owned subsidiary of Summit Healthcare REIT purchased three skilled nursing facilities in San Bernardino County, California with a total of 191 beds. The purchase price came to $20,055,000, or $105,000 per bed, higher than the average but well below the highest prices paid in the state.  The facilities will be triple-net leased to California-based Rockwell Healthcare, a new tenant for Summit Healthcare REIT. Summit is a registered non-traded REIT that focuses on seniors housing and care real estate in the U.S. Its current portfolio includes interests in 46 seniors housing facilities in 13 states.  Read More »
Blueprint Gets Top Dollar for Empty Building

Blueprint Gets Top Dollar for Empty Building

Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors just sold a 70- unit empty building (70 beds) in the Texas Panhandle for $10 million, or nearly $143,000 per unit. That is an extraordinary price given that it was empty, was never licensed and never opened.  Built by Mainstreet in 2019 with 49,959 square feet and fully furnished at the time of the sale (probably needed to dust off the furniture), the facility never opened and was eventually foreclosed on by the bank lender. Mainstreet had built many of these transitional care facilities over the years, several of which never opened as competition for high-acuity, post-acute patients soared, as did the... Read More »