Helios Sells Wisconsin SNF Portfolio (and a Home Health Business)
Still less than a year after forming Helios Healthcare Advisors, Bill Janis and Mario Wilson are keeping the closings coming with a skilled nursing sale in Wisconsin, their first in the state (with Helios) but certainly not their last. The deal featured three skilled nursing facilities previously owned by a Wisconsin-based provider who decided to exit the industry after a longstanding presence in the local market. Also included in the sale was a home health company that brings not only solid revenues to the new owner, which is entering the home health business with this deal, but also another care option for their patients. That buyer ended up being a New York-based owner/operator with a... Read More »
De Paul Health Care Divests Three Philly-Area SNFs
De Paul Health Care sold three of its Philadelphia-area skilled nursing facilities, leaving the New Jersey-based provider with four SNFs in its portfolio, in addition to its existing medical office building and residential community businesses. Mark Myers and Joshua Jandris of IPA Seniors Housing represented the De Paul family in the transaction, which included a 49-bed skilled nursing facility and a 120-bed SNF in Philadelphia, and a 162-bed facility in Absecon, New Jersey (adjacent to Atlantic City). These facilities were operating at breakeven, despite solid occupancy, which leaves some room for added value for the new owner, Paramount Care Centers. Christopher Utz of Ziegler Seniors... Read More »
Blueprint Represents Good Samaritan In Arizona Sale
Sioux Falls, South Dakota-based The Evangelical Lutheran Good Samaritan Society exited two of its senior care facilities in the Phoenix area with the help of Amy Sitzman of Blueprint Healthcare Real Estate Advisors. If this deal looks familiar, it’s because The Ensign Group announced early in the May that it was the buyer of the two campuses. Built in various stages from the mid-1970s to the early 2000s, the properties included a Peoria campus with 150 skilled nursing beds and 70 independent living units, and a Mesa campus with 58 SN beds, 88 IL units and 18 assisted living beds. Good Samaritan had recently invested several million dollars in renovations and maintained four- or five-star... Read More »
REITs Are Moving Assets Again
Just when we thought it was safe to go outside again, it was revealed that Welltower had transferred the operations of 20 memory care and Alzheimer’s communities from one of its formerly favored tenants, Silverado Senior Living, to a formerly much smaller tenant, Frontier Management. These 20 properties represent 50% of Silverado’s memory care operations, and the transition is obviously a serious blow. To say that people were shocked by this development would be an understatement. Of the 20 properties, 11 are located in Texas and the rest scattered among four other western and midwestern states. We understand that sometimes a REIT or a lender has to make difficult decisions to protect its... Read More »
Marcus & Millichap’s Mom & Pop Sale
A local mom & pop sold its only skilled nursing facility in Lodi, California, and hired Rob Reis of Marcus & Millichap to seal the deal. Built in stages between 1956 and 1964, the facility features 86 licensed beds in 49 units, split between 14 private rooms, 27 shared rooms and six three-bed wards. There was also a secure dementia ward comprised of 18 beds. Occupancy was consistently in the mid-90s, with an approximate 70% Medi-Cal census, but there was also strong local competition, so cash flow was negative. The new owner should be able to take advantage of the steady income from the dementia unit, the quality physical plant and implementation of PDPM later this year to turn... Read More »Schedule a demo
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