Cushman & Wakefield’s Strong Start to February
Cushman & Wakefield’s Seniors Housing Capital Markets team has been closing a lot of business in the shortest month of the year, negotiating the sale of a couple of portfolio transactions on opposite sides of the country. First, out West, the team of Rick Swartz and Jay Wagner advised Focus Healthcare Partners in their sale of two seniors housing communities in Portland, Oregon. Including a 127-unit independent living community built in 2006 and a 58-unit assisted living/memory care community built in 2007, these communities both recently received significant capital improvements. The AL community interestingly was the last acquisition of Sunwest Management before the company went into... Read More »
Blueprint Keeps the Closings Coming
Fresh off them taking the top spot in our broker rankings for number of deals closed in 2018 (with 85), Blueprint Healthcare Real Estate Advisors announced a slew of transactions at the start of February, including two large portfolio sales. First, Ben Firestone and Michael Segal handled the sale of two skilled nursing facilities in northeast Wisconsin as part of a larger portfolio restructuring by the publicly traded REIT seller. Totaling 250 beds, the facilities were the only ones managed by the national operator in the state of Wisconsin, which prompted the sale. One location in downtown Green Bay is the largest licensed SNF in its market with 136 beds, while the other 114-bed facility... Read More »
Evans Senior Investments Closes in Connecticut
Evans Senior Investments traveled to Danbury, Connecticut to sell an assisted living community with a lot of room for improvement, operationally. Built in 2000, the 48-unit community was independently owned and operated but ran with unusually high expenses. Cash flow was still positive, but the operating margin fell just below 12%. Occupancy averaged 85% over the last 12 months, with a 100% private pay census. The new Maryland-based owner/operator expects to immediately improve profitability and paid $9.75 million, or $203,000 per unit, for the property. Read More »Recent Senior Care M&A Deals, Week Ending February 8, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Next Healthcare Capital15 skilled nursing facilities$204 million National Health Investors, Inc.Isles of Vero Beach$38 million Regional owner/operatorRegent Care Center of Reno$13.6 million CareTrust REIT, Inc.Oakview$8.96... Read More »
CareTrust REIT Adds to Its Illinois Portfolio
Seeking to expand a partnership that is clearly working, CareTrust REIT tacked on an extra senior care campus to its existing seven-property master lease with WLC Firm, LLC. Located in the southern Illinois town of Mt. Carmel (and right in WLC’s geographic wheelhouse), the facility features 90 licensed skilled nursing beds and 38 supportive living beds. WLC will replace the outgoing operator, which is leaving behind a sold four-star rated facility. The initial annual cash rent for the property is expected to be about $853,000, and the lease comes with a 15-year term, plus two five-year extension options. CareTrust used cash on hand to pay to purchase price, which came out to about $9.0... Read More »Schedule a demo
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