29th Street Capital Enters Senior Living Market
There’s a new private equity investor in the senior living market. 29th Street Capital, a firm focused on value-add purchases in the multifamily space, partnered with Knoxville, Tennessee-based developer/operator Solinity to make its first acquisition in the metro Atlanta area. The target was a 25-unit assisted living community in Norcross. Built 32 years ago, it is currently receiving renovations to its exterior, units and common areas to improve operations (and add value). 29th Street and Solinity renamed the community under their new brand, Enrich Senior Living. Look for the partners to grow their holdings across the Southeast. Read More »
Recent Senior Care M&A Deals, Week Ending June 28, 2019
Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice Partnership buyerSavannah Commons$13.22 million Elmington Senior Living2 assisted living communitiesN/A Vincentian Collaborative SystemSchenley Gardens$7.5 million Senior Living CommunitiesWildewood Downs$35... Read More »
First Half of 2019 Hits Record M&A Pace
Signs of a potential economic slowdown, a tight labor market and operational difficulties in the senior living industry did not stop buyers from announcing a whopping 228 transactions in the first half of 2019, according to our M&A database DealSearchOnline. That doesn’t even include deals that will eventually rise to the surface or remain undisclosed altogether. The total beats the second half of 2018, which recorded 223 deals, and the first six months of 2018, when 204 deals were made. What’s significant is that 2018 was already a record year in terms of M&A, soaring above 2017’s total of 307 publicly announced deals with an incredible 427 transactions. Now, at 228 deals so far... Read More »
New Senior Divests Struggling Pittsburgh Property
With its Pittsburgh, Pennsylvania senior living community in danger of losing its license, New Senior Investment Group decided to divest the troubled asset, selling to an area not-for-profit for nearly half of what it originally paid for the property in 2013. The community’s operator, Oregon-based Blue Harbor Senior Living, had received a number of violations and operated it on a provisional license that meant that only 80 of its 164 units could be occupied. That could make anyone a motivated seller. So, six years after SNR acquired the community from the original developer for approximately $15.6 million, they decided to sell to Vincentian Collaborative System, a faith-based... Read More »
Blueprint Arranges Two Assisted Living Transactions
Caring for higher acuity residents in assisted living comes with added risks, staffing needs and costs. That goes without saying. But, by accepting those residents, owners and operators also charge higher rents and expect a higher level of cash flow to compensate them. That is at least what the new owner of two assisted living communities in the Dallas-Fort Worth area is banking on. Amy Sitzman and Joshua Salzman of Blueprint Healthcare Real Estate Advisors represented the seller, a national seniors housing owner/operator, in the transaction. Totaling 114 units, their communities were purpose-built in the late-1990s in established and affluent suburban neighborhoods. Now, Elmington Senior... Read More »Schedule a demo
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