SLIB Hits Q4 Running
Senior Living Investment Brokerage burst out of the gates in the fourth quarter, announcing three skilled nursing sales in just the first couple of days. Patrick Byrne, Jeff Binder and Ryan Saul first represented the not-for-profit Christian Horizons in the sale four skilled nursing facilities in central and southern Illinois for $20 million, or $37,500 per bed. Three of the facilities (in Decatur, Herrin and Washington) were built in the early-1970s with more recent renovations, while the fourth in Neoga was originally built in 1992. They total 506 skilled nursing beds and 12 independent living duplexes, or 27 units. Occupancy ranged from 68% to 85% for the three older facilities and was... Read More »
Evans Senior Investments Sells New Nashville Property
Having just wrapped up its initial lease-up, a senior living community in Nashville, Tennessee just sold to a regional owner/operator based in North Carolina. Evans Senior Investments handled the transaction, which came with a $20.05 million, or $213,000 per unit, purchase price. Built in 2017, the community features 94 units of assisted living and memory care, with a 100% private pay census. Occupancy was a strong 94% at the time of the sale. It operated at around a 20% margin on $3.57 million of revenues. The seller was an independent owner/operator. Read More »
CareTrust REIT’s Central Valley Expansion
CareTrust REIT made a major expansion into California’s Central Valley, acquiring two senior care facilities in a pair of off-market transactions. The targets were a 70-bed skilled nursing facility in Modesto, and a senior care campus in Sacramento with 99 skilled nursing bed and 72 assisted living units. Both were leased to an existing CareTrust tenant, Kalesta Healthcare, LLC, under a master lease with about 14 years left on the initial term. There are also two five-year renewal options. Scheduled cash rent for the first two years is expected to be about $3.9 million with CPI-based escalators thereafter. CareTrust also committed to provide a revenue-producing $1.0 million fund for... Read More »
The Brookdale Restructuring Continues
No one can say that Brookdale Senior Living hasn’t been hard at work restructuring its assets and balance sheet as it tries to steady the operational ship. Well, maybe we can think of a couple of people. Nevertheless, Brookdale announced that it reached a series of agreements with its landlord HCP Inc. to hopefully put the company on surer financial and operational footing. First, BKD will sell its unconsolidated JV interests amounting to 51% of a portfolio of 13 CCRCs and 5,641 total units to HCP for $510 million, or about $177,000 per unit assuming 100% interest. The deal nets Brookdale about $277 million in cash proceeds after pro rata debt on the properties. The transaction is expected... Read More »
SLIB Handles Small Pennsylvania Portfolio Sale
Ryan Saul and Toby Siefert of Senior Living Investment Brokerage handled the sale of two senior care facilities in Wilkes-Barre, Pennsylvania. Local media reported the acquisition in March, naming Allied Services Integrated Health System, a locally based not-for-profit health system, as the buyer. Located less than one mile apart, these were the only skilled nursing/seniors housing assets owned by the not-for-profit seller, the Diocese of Scranton, which cited the industry’s increased complexity as its reason to exit. One of the properties was built in 1975 and 1998 with 133 skilled nursing beds and an attached 60-unit personal care community. The other property was built in the mid-1970s... Read More »Schedule a demo
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