Monarch Advisors Sources Acquisition Financing for SLIB Deal
Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage sold a 71-unit memory care community in Vista, California for $22.8 million, or about $321,000 per unit. Helping to push up that price was first, the location in the high-barrier-to-entry market of San Diego County, and second, its solid operations with a 29% margin on $5.85 million of revenues and an 88% occupancy rate. It was built in the last 10 years too, which helps. The single-asset, local owner decided to exit the industry, prompting the sale to a private equity group located in Colorado that owns several other senior living properties and some commercial assets around the country. SLIB’s affiliated... Read More »
Moving on in Milwaukee
Ray Giannini and John Klement of Marcus & Millichap helped the private owner of an assisted living community in Wisconsin exit the industry with its sale. Located minutes from downtown Milwaukee, Wisconsin in the town of Oak Creek, this 20-year old community has 36 private units, each with a bathroom and kitchenette. Occupancy was nearly full but mostly featured Wisconsin waiver residents, limiting the community’s potential cash flow. Aided by $500,000 of seller financing with a slightly-above-conventional interest rate, the buyer, a Chicago-based land entity, paid $3.8 million, or $105,600 per unit, at an approximate 9% cap rate. Read More »
SLIB’s Solid Start to April
Senior Living Investment Brokerage kicked off its Q2 with two transactions announced on the first on the month. First, Brad Clousing and Jeff Binder headed to Cape Coral, Florida to sell an 80-unit assisted living community that was a geographical outlier for the previous owner. The seller was also looking to redeploy capital to its other communities and to fund future growth. Built in 1968 with a substantial renovation in 1995, the community was well-occupied at 94% at the time of marketing. However, it was also operating at a 19% margin on just under $3.2 million of revenues, so there is a value-add opportunity for the new regional owner/operator, which paid $6.275 million, or $78,400... Read More »Recent Senior Care M&A Deals, Week Ending March 29, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Regional operatorSkilled nursing facility in Jackson, MS$10.1 million Institutional investorArbor Springs of West Des MoinesN/A Skilled nursing operatorTownview Health and Rehabilitation CenterN/A Post Acute Partners6 Brookdale seniors housing... Read More »
KeyBank Funds ReNew Acquisitions
Private REITs may have taken a significant step back from their heady M&A days around 2014 and 2015, but one private REIT has been pursuing a growth strategy lately. Founded last February by George Chapman (former CEO of Health Care REIT, now Welltower), ReNew REIT (or ReNew Investors) now has 61 seniors housing communities and 5,645 units in 11 states in its portfolio thanks to several large portfolio acquisitions, including a 16-property purchase in Michigan and a RIDEA agreement with Southeast-based operator Phoenix Senior Living. So far in 2019, the company has closed four more acquisitions, adding eight additional communities and 813 units in Michigan, Pennsylvania and Virginia to... Read More »Schedule a demo
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