Access Industries Acquires JEA Senior Living
Access Industries, a private industrial group also with a focus on institutional real estate announced its acquisition of a long-time owner/operator in the senior living space, JEA Senior Living. While the companies have combined, their relationship began earlier this year when Access purchased 10 of JEA’s senior living communities in Washington, Oregon, Texas, Tennessee and Indiana. JEA’s current portfolio numbers some 50 properties across the U.S., with a focus on memory care. Other properties are still in various stages of development. The Access/JEA combination should prime JEA for further expansion (primarily through acquisitions but some developments, as well) and allow the operator... Read More »
Northwind Group and KeyBank Finance Peace Capital Acquisition
Peace Capital and its affiliated operator Complete Care Management acquired a senior care portfolio number some 930 beds in Ocean County, New Jersey, for approximately $169 million, or about $181,700 per bed. The financing for the deal came from a couple different sources. As part of its effort to deploy up to $1 billion into senior living and healthcare properties, New York City-based private equity firm Northwind Group provided a $26 million mezzanine loan for the acquisition. Meanwhile, KeyBank Real Estate Capital underwrote and closed the $131 million in senior financing and expects to lead the refinance of the portfolio with HUD debt. Jonathan Slusher and Ran Eliasaf led the mezzanine... Read More »
Cushman & Wakefield Sells Stand-Alone Memory Care
Allen McMurtry, David Kliewer and Paul Carr of Cushman & Wakefield sold a 78-bed stand-alone memory care community on Florida’s east coast for $19.5 million, or $250,000 per bed. The community originally opened with 66 MC beds in 2015 and then recently added 12 more beds to bring the total to 78 beds. Occupancy is over 95% and there is additional land to add assisted or independent living. Who says stand-alone memory care does not work? This one clearly does. The buyer was a Florida-based private equity investor. Read More »
Healthcare Trust Buys in San Diego
It’s been a while since we’ve seen Healthcare Trust Inc. as a buyer in the seniors housing market. Well, the public, non-traded REIT has acquired a 91-unit/117-bed senior living community in San Diego, California, for an undisclosed price. There are 53 assisted living and 38 memory care units (64 beds) in the two-story building, which was built in 2015 on a 4.3-acre site. The quality of the building is apparently quite high, and the community was over 90% occupied. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker, Tim Hosmer and Bailey Nygard made up the Cushman & Wakefield team that served as exclusive advisor to the seller, Torrey Pines Development Group. Read More »
Recent Senior Care M&A Deals, Week Ending September 6, 2019
Check out our recent senior care M&A deals. Long-Term Care AcquirerTargetPrice Westmont LivingAltavita Village$58 million The Ensign Group, Inc.Temple View Transitional Care CenterN/A New York owner/operatorSundance Inn Health Center & Park Valley Inn Health Center$20.5 million Cascade Capital Group, LLCLexington of Streamwood & Lexington of... Read More »Schedule a demo
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