Recent Senior Care M&A Deals, Week Ending September 20, 2019
Check out our recent senior care M&A deals. Long-Term Care AcquirerTargetPrice Covenant Living Communities and ServicesInverness Village$41 million Schonberg CareSt. Margaret’s at Belleville Assisted LivingN/A Cedar CommunitiesBrookside of Commerce & Brookside of Stone Mountain$9.75 million Opal Senior LivingBristol Terrace Assisted Living$4.05... Read More »
MedCore Wraps Up Southwest Portfolio Acquisition
MedCore Partners finalized its five-property portfolio acquisition of assisted living/memory care assets in the Southwest, originally announced in February. Back then, MedCore together with its joint venture partner Trinity Private Equity Group (TNRG) acquired four newly built communities in Arizona (3) and Utah with 409 total units for approximately $98 million, or $239,600 per unit. Watermark Retirement Communities took over management of each of the properties, which were still in lease-up. SunTrust Bank provided the senior loan for the acquisition. Now, MedCore, Trinity and TNRG Development closed on the fifth property in the portfolio, a just-opened senior living community with 22... Read More »
Schonberg Care Invests in New Orleans
Schonberg Care, a family-owned operator of senior living communities in the Southeast, recently added an assisted living/memory care community in New Orleans to its growing portfolio. Originally built in 1898 as the Belleville Elementary School, the building was converted to senior living in 1989. It currently has 53 assisted living and memory care units ranging from 300 to 800 square feet. Units offer a kitchenette, living room, private bath and separate bedroom. There is also a courtyard patio with fountains and tropical landscaping. Schonberg acquired the community earlier this summer and has been hard at work ever since, overseeing a $1 million renovation of the property that was just... Read More »
Blueprint Sells Successful SNF in Maryland
Despite strong operations, a Maryland skilled nursing facility was deemed to be non-core and slated for sale in a transaction led by Steve Thomes and Joshua Salzman of Blueprint Healthcare Real Estate Advisors. Located just outside of Baltimore in a sought-after market, the 63-bed/34-unit facility was acquired by an experienced skilled nursing investor and operator looking to grow their presence in the state. It was approximately 76% occupied with a 25% quality mix and reported about $5.34 million in revenues. The purchase price came to $6 million, or $100,000 per licensed bed, a high value that reflects both the strong performance and desirable location. Read More »
Elevation Financial Group Acquires Four Properties
Elevation Financial Group is making a name for itself in the affordable seniors housing market, having just announced two acquisitions comprising four properties in two states. First, the Orlando, Florida-based real estate private equity firm entered the Virginia market, acquiring a community in Lynchburg and one in Petersburg for a total of $1.3 million, or just $12,600 per unit. The 56-unit community in Lynchburg was originally a hospital built in 1911 but converted to senior apartments in 1973 and was renovated in 2002. The Petersburg location has 47 units and was originally built in 1918 as a junior high school. It was converted to its current purpose in 2000. The seller, Omni New York... Read More »Schedule a demo
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