MIG Closes Five Separate Transactions
Andrew Montgomery of Montgomery Intermediary Group has reported a strong start to the year, closing four separate transactions, so far, and announcing an additional deal from October of last year. That one involved a 130-bed skilled nursing facility in St. Louis, Missouri. Built in the early 1900s, the facility was cash flowing with occupancy trending around 60% to 65% at the time of sale. The seller was an owner/operator that had been in the business for decades. Medicaid rates in Missouri are still on the lower end, but it was performing well for some time. The buyer was an owner/operator with SNFs across Missouri. Next were three transactions in rural Missouri that closed in late... Read More »
Sunny Hills Management Purchases in California
A couple of California seniors housing communities changed hands as part of a larger divestment strategy for the national developer/investor seller. Before the pandemic, that entity had purchased more than a dozen geographically disparate, older-vintage communities. But operational headwinds prompted a portfolio re-prioritization and de-levering effort. The owner engaged Kevin Lukehart, Alex Florea and Scott Frazier of Blueprint to create an exit strategy for the assets. The latest two communities to sell consisted of a 1986-vintage, 157-unit assisted living community in Corona, California, and a 1998-vintage, 101-unit assisted living and memory care community in Roseville,... Read More »
Illinois Owner/Operator Acquires AL Community
Daniel Morris of Plains Commercial Real Estate facilitated the sale of a seniors housing community in Sterling, Illinois. Built in 2001, Avonlea Cottage Assisted Living comprises 30 assisted living units and was being sold as part of a receivership process. The facility has been well maintained physically, but was in need of operational adjustments. Plains was engaged by the receiver, Mike Flanagan, to market and sell the facility. The buyer is Shepherd Senior Living, an Illinois-based owner/operator with a specialty focus on smaller, residential-feel assisted living communities with operations in Illinois and Wisconsin. Read More »
Majestic Care Acquires Ohio SNF Portfolio
Jeffrey Vegh and Joe Schiff of Forest Healthcare Properties sold a skilled nursing portfolio in Ohio before the end of January. This brings the team’s total number of facilities sold in the month of January to 20. The portfolio features six SNFs comprising 536 beds, all built around the 1980s. Average occupancy hovered between 85% and 90%. The buyer was Majestic Care, which has an already-established footprint in Ohio but was looking to expand in the state. Both the seller and the buyer were repeat clients. The purchase price was not disclosed. Read More »
Ensign Grows in Texas
The Ensign Group, through subsidiaries of Standard Bearer Healthcare REIT, acquired the real estate of five skilled nursing facilities in Texas, plus the operations of one of the facilities in Lubbock. That facility was Mesquite Post Acute Care, a 120-bed skilled nursing facility that was acquired effective February 1. In a separate transaction effective January 31, Ensign announced that through Standard Bearer, it acquired the real estate of four other SNFs in Texas: Beacon Harbor Healthcare & Rehabilitation (190 beds in Rockwall), Pleasant Manor Healthcare & Rehabilitation (126 beds in Waxahachie), Crestwood Health & Rehabilitation Center (112 SNF beds and 36... Read More »Schedule a demo
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