Recent Senior Care M&A Deals, Week Ending January 11, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice New York-based ownerForest Manor$15.5 million Private equity firmEmerald Square & Willowood at Mustang$12.25 million Auglaize Holdings LLCAuglaize Acres$1.7 million Griffin-American Healthcare REIT IVMichigan Assisted Living Facility... Read More »
CBRE Sells The Village Portfolio (And Finances It Too)
CBRE pulled doubly duty for a pair of assisted living/memory care communities in Houston, Texas, arranging both the sale on behalf of the seller and acquisition financing for the buyer. Dubbed “The Village Portfolio,” these communities total 224 units and are located within a 10-mile radius of the largest medical center in the world, the Texas Medical Center. Although a new institutional investor will replace the previous institutional owner, Bridge Property Company, through its wholly owned management affiliate Retirement Center Management, will continue in its role as operator. Lisa Widmier represented the seller in the transaction, while Aron Will and Austin Sacco helped arrange two... Read More »
REIT Sheds Two Rhode Island Communities
Mike Garbers and Cody Tremper of Greystone Real Estate Advisors represented a publicly-traded REIT in the sale of two of its assisted living communities in Rhode Island. Built between 1989 and 1999, both locations were formerly operated by Brookdale Senior Living. They feature not only assisted living and memory care units but also a significant number of skilled nursing beds, all combining for 272 units. Taking over operations will be Meridian Senior Living, which is acquiring the properties in partnership with GMF Capital, a New York-based private equity firm. Read More »
Second-Generation Owner Exits Skilled Nursing Business
Bradley Clousing, Daniel Geraghty and Toby Siefert of Senior Living Investment Brokerage helped a second-generation owner of a skilled nursing facility in Northport, Alabama (Tuscaloosa MSA) exit their only asset and the industry altogether with the facility’s sale. Built in stages from 1973 to 2008, the facility earned a good reputation in the local market and was 90% occupied with a 46% quality mix. It also has a well-maintained physical plant and a high percentage of private units across the 182 total beds. The operating margin, however, can be significantly improved from the current 2%. That onus will be on a private group based in New York who is looking to expand in growing markets... Read More »
Griffin-American IV Closes Fourth Quarter Acquisition in Michigan
Griffin-American Healthcare REIT IV announced a number of transactions that they closed in the fourth quarter of 2018. Most of them involved medical office building portfolios, but one saw the acquisition of five assisted living communities in Michigan for an undisclosed price. Totaling 302 units with locations in Grand Rapids, Holland, Howell, Lansing and Wyoming, the communities were previously owned and operated by Vista Springs Assisted Living, which promptly leased them back to continue as operator through 2033 under an absolute net lease structure. This is the first tranche closed of a larger Michigan assisted living portfolio, so we await Part-II. Read More »Schedule a demo
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