Recent Senior Care M&A Deals, Week Ending August 9, 2019
Check out our recent senior care M&A deals. Long-Term Care AcquirerTargetPrice Omega Healthcare Investors, Inc.60 senior care facilities$735 million Omega Healthcare Investors, Inc.3 skilled nursing facilities$24.9 million 1031 Crowdfunding Exchange LLCSunlit Gardens$20.06 million Regional owner/operatorAtrium of Racine & Bay Pointe at the... Read More »
Milwaukee-Based Operator Buys Struggling Wisconsin Community
After being placed into receivership when its not-for-profit owner failed to make its bond payments, a senior living campus in Racine, Wisconsin just sold to a regional owner/operator with the help of Jason Punzel and Ryan Saul of Senior Living Investment Brokerage. Featuring 74 units of independent living (with limited services) and 40 units of assisted living, the community was built in 1989 near the shore of Lake Michigan. Amid the financial difficulties, occupancy fell to 77% for the IL and just 28% for the AL. After SLIB was hired to solicit offers and led the court-approved sale, a Milwaukee-based operator emerged as the buyer, paying $5.5 million, or $48,250 per unit, at an 8.0% cap... Read More »
CBRE Finances Silverstone/Crescent Acquisition
A joint venture between Silverstone Senior Living and Crescent Real Estate LLC turned to Aron Will, Austin Sacco and Tim Root of CBRE to arrange financing for its acquisition of a 120-unit assisted living/memory care community in Palm Beach Gardens, Florida. Opened in 2017, the property was developed by both an affiliate of Silverstone and an institutional equity partner, which is presumably exiting with this deal. It features some desirable amenities, like a virtual bowling alley, an onsite doctor’s office and an art studio. Harbor Retirement Associates was hired to operate the community and will continue to do so. CBRE funded the deal with a non-recourse loan from a regional bank. The... Read More »
Earnings Announcements Feature Major M&A Moves
The mid-summer M&A doldrums abruptly ended this year with the earnings announcements from the publicly traded REITs. They started with Welltower, which announced its $1.8 billion Benchmark Senior Living portfolio sale (for 48 properties) and several major portfolio acquisitions with existing partners Sunrise Senior Living and Discovery Senior Living and new partners Balfour Senior Living and Clover Management, comprising some 94 properties not including a couple of massive development pipeline agreements with Balfour and Discovery. That was just the start. Other big news was in Omega Healthcare Investors’ Q2 press release, in which the REIT announced that it would spend $735 million... Read More »
Blueprint Sells Turnaround Texas Asset
A memory care community in need of a total turnaround just sold in the Turtle Creek neighborhood of Dallas, Texas. Ben Firestone and Joshua Salzman of Blueprint Healthcare Real Estate Advisors represented the seller, a publicly traded REIT whose national operator partner deemed the community to be non-core. The 32-unit community was both too small and too old, in addition to operating with low occupancy and no positive cash flow. It was also in need of significant capital expenditures to allow it to compete in its albeit highly desirable location. Despite operational hurdles throughout the transaction process, the value-add community eventually sold to Iris Senior Living, a growing local... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
