Not-For-Profit Exits Two Non-Core New Mexico Assets
Blueprint’s next skilled nursing transaction came from out West, in New Mexico, and featured two facilities formerly owned by the largest not-for-profit senior care provider in the country, Sioux Falls, South Dakota-based Evangelical Lutheran Good Samaritan Society, which merged with another Sioux Falls-based healthcare company, Sanford Health, in June 2018 to create a $6 billion entity. Considered to be non-core by the nonprofit, the rural facilities totaled 150 skilled nursing beds and 25 independent/assisted living units but were located on opposite sides of the state in Aztec and Lovington. They were well maintained, with one facility recently undergoing a major renovation. Amy Sitzman... Read More »
Bridge Investment Group Bags Benton House Portfolio
HFF used all of their Southeast expertise to sell an assisted living portfolio located in Georgia (3), Florida and South Carolina. The communities were previously owned by Principal Senior Living Group (PSLG) and operated under the Benton House brand. They were built between 2014 and 2018 and featured strong occupancy, except for the brand-new South Carolina community that was still in lease-up. Close to a third of the 326 units were reserved for memory care residents. Bridge Investment Group paid approximately $79 million, or over $240,000 per unit, for the portfolio, which will continue to operate under the Benton House brand. Ross Sanders and David Fasano along with senior managing... Read More »
Recent Senior Care M&A Deals, Week Ending January 25, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Atlantis Senior LivingAssisted living community in Joaquin CountyN/A Real estate investor4 skilled nursing facilities$29 million Capital Health Group, LLC3 senior living communitiesN/A Ascentria Care AlliancePresentation Rehabilitation and Skilled Care... Read More »
Capital Health Group Kicks Off Northeast Strategy
Nearly a decade on from its last New England acquisition, Capital Health Group added three senior living communities in Rhode Island to its portfolio. The private equity firm has big plans for the properties, expecting to reposition them through $14.9 million in extensive renovations and a change to the programming mix to better meet market demand. Totaling 371 units and 385 beds, the communities currently offer independent living, assisted living and memory care units at locations in East Greenwich, Johnston and Riverside. Capital Health Group’s affiliated management company, Milestone Retirement Communities, will take over operations and oversee the repositioning project. This deal... Read More »
Here Comes Helios Healthcare Advisors
There’s a new brokerage business on the block, and it’s called Helios Healthcare Advisors. Founded by Bill Janis (formerly of Cambridge Realty Capital Companies) and Mario Wilson (from Blueprint Healthcare Real Estate Advisors), the firm just announced its first transaction, a $6.1 million acquisition financing arranged on behalf of a California-based joint venture. With the debt and equity capital (provided by a private, non-bank lender), a Northern California-based operator and Atlantis Senior Living, based in Orange County, California were able to purchase a 145-bed assisted living community in Joaquin County (Bay Area). In addition to the acquisition financing, Messrs. Janis and Wilson... Read More »Schedule a demo
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