Memory Care SNF Sold to Institutional Investor
Senior Living Investment Brokerage flocked to Iowa (no, not to launch a bid for the Presidency) to sell a 56-bed skilled nursing facility in West Des Moines. This facility stands out in that it exclusively serves Alzheimer’s and dementia patients. Occupancy at the time of the sale was 86% with a 94% private pay and 6% Medicare census. We don’t hear of figures like that often for a skilled nursing facility. The selling group of investors had realized their investment objectives and decided to sell the facility to an institutional investment group based in California. A national company with a strong presence in the Midwest will operate going forward. Nick Cacciabando and Jeff Binder handled... Read More »
CBRE Sells Value-Add SNF in Oklahoma
Daniel Morris of CBRE has sold a skilled nursing facility in Miami, Oklahoma, working on behalf of the West Coast-based investor seller in the transaction. This 100-bed facility was just 51% occupied despite having a high-quality physical plant. It was also built 20 years ago, which although isn’t new also isn’t too old in the SNF market. So, with an eye to improve the facility’s census and operations, a regional operator with existing facilities in the area brought this location into its portfolio, for an undisclosed price. Read More »Recent Senior Care M&A Deals, Week Ending March 22, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Private ownership groupParkside Ellijay$7.3 million Altitude Health ServicesProvidence Healthcare and Rehab Center of Palos HeightsN/A Regional operatorWindridge Nursing... Read More »
Avalon Senior Living Grows
Avalon Senior Living has partnered again with Eastridge Pacific Holdings, LLC (EPH), this time buying three senior living communities in California from HCP, Inc. that had been leased to Brookdale Senior Living. The 205 units (210 beds) offer independent living, assisted living and memory care services. The purchase price was $15.7 million, or $76,585 per unit, and came with an approximate cap rate of 8.0%. Mike Garbers, formerly of Greystone and now with JLL, represented the seller, and MidCap Financial provided the mortgage financing. Eastridge Pacific entered the senior living industry in 2016 as an equity partner in Kalakaua Gardens, a 17-story community in Honolulu with 216 beds. It... Read More »
SLIB Heads Southeast to Sell Sunlink SNF
A 100-bed skilled nursing facility in the affluent northern Georgia town of Ellijay was purchased by a private Northeast-based group looking to expand their current Peach State presence. Being the only facility in an area with a growing number of retirees, this SNF was consistently well occupied above 90%. Plus, once the adjacent hospital relocated in 2016, this 50-year old facility was able to expand into much of the old building, adding more resident rooms, a senior day care center, new administrative offices and outpatient rehab. It also operated at a solid 14% margin; pretty good these days. Its previous owner, Sunlink Health Systems Inc., was looking to redeploy capital and focus on... Read More »Schedule a demo
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