Recent Senior Care M&A Deals, Week Ending April 12, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Owner/operatorSkilled nursing facility in Newark, OH$6.8 million Owner/operator5 NC skilled nursing facilitiesN/A The Springs LivingThe Springs at Carman Oaks & The Springs WilsonvilleN/A Partnership buyerWaterton Plaza at Cowhorn... Read More »
Harrison Street Exits Oregon Assets
The Springs Living successfully recapitalized its exiting equity partner, Harrison Street Real Estate Capital, in a couple of senior living communities with the help of a bank loan secured by Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing. Originally acquired as part of larger $65 million four-property portfolio in 2012, these two properties are located within the Portland, Oregon MSA. With an average age of about 15 years, they currently feature a total of 145 independent living, 82 assisted living and 41 memory care units. The Springs (TSL) and Harrison Street had invested a significant amount of capital into the properties to make them the top competitors in... Read More »
Two Sales Closed by the Knapp Group
Knapp Group Seniors Housing Advisors of Marcus & Millichap closed a couple of sales around the Great Lakes. First, Jim and Justin Knapp teamed up to represent a local owner in their sale of an assisted living community in southeast Michigan, exactly 11 years after helping them initially acquire it. Built in 1987 and recently receiving significant upgrades, the 50-unit community was well occupied (over 90%) and operated at a 20.5% margin. With the new improvements, that margin should only improve. Another local owner/operator paid $6.5 million, or $130,000 per unit (at an 8.4% cap rate), for the property. Then Justin Knapp was the lead advisor in the sale of a 55-unit assisted... Read More »Recent Senior Care M&A Deals, Week Ending April 5, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice CareTrust REIT, Inc.Skilled nursing portfolio$211 million Private equity groupVista Gardens$22.8 million Strawberry Fields REIT LLCThe Waters of White Hall$6.85 million Regional owner/operatorRosewood Care Center of Galesburg$3.3 million Avamere Family of CompaniesMountain Ridge Assisted... Read More »
The Most-Active Acquirers of 2019, So Far
This may sound familiar, but CareTrust REIT and The Ensign Group have been the two most prolific acquirers of senior care assets so far this year, with four announced acquisitions each since January 1. This comes at a time with public operators and REITs are very publicly trimming their portfolios of either non-performing or non-core businesses. But, this isn’t simply a 2019 trend for CareTrust and Ensign, which announced 18 and 17 acquisitions, respectively, from 2017 to 2018. Neither company has shied away from a turnaround opportunity either, but they are clearly doing something well, as both are trading near their historical high share prices. CareTrust made the biggest splash in April... Read More »Schedule a demo
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