Naples Memory Care Community Gets Fresh Start
Wrapping up his work before the holidays, Brad Clousing of Senior Living Investment Brokerage sold a 72-unit memory care community in Naples, Florida. He found a Florida-based private equity firm to buy the community for $6 million, or $83,300 per unit. That buyer and the new operator, Concordis Senior Living, plan on making a few changes to ramp up operations and take advantage of the highly desirable submarket. Originally built in 1995 and designed for both assisted living and memory care, this community had been well-maintained but operated as strictly memory care under previous ownership. Occupancy was low (just 44%), and it was losing over $40,000 a year on nearly $2.3 million of... Read More »
Private Equity Firms Trade New Jersey Assisted Living Community
Ownership of a luxury senior living community in Marlboro, New Jersey flipped from one private equity firm to another. Developed by Capitol Seniors Housing and joint venture partners Formation Development Group and Shelbourne Capital several years ago, the 79-unit community features both assisted living and memory care services under the operation of Chelsea Senior Living. Already located in an affluent area of the county, the community is also near shopping and a number of amenities. Kayne Anderson Real Estate Advisors stepped in as its buyer, retaining Chelsea Senior Living as the operator as well. Richard Swartz, Jay Wagner and Sam Dylag of Cushman & Wakefield handled the... Read More »
Blueprint and Birchwood
Birchwood Healthcare Partners is making a successful exit from their skilled nursing/assisted living facility in Huntington, West Virginia, more than doubling the facility’s value after just three years of ownership. When Birchwood originally purchased the 55-bed/unit facility from an individual owner in 2015 for $3.2 million, the facility was losing money. Originally built in 1928, the facility was totally renovated in 2009 making it one of the more modern facilities in the area. It also featured an assisted living component. Although it was 90% occupied, its operator tenant stopped paying rent and filed for bankruptcy, prompting the owner to sell. So, Birchwood brought in Providence... Read More »Recent Senior Care M&A Deals, Week Ending December 14, 2018
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Mozart Healthcare7 skilled nursing facilities$32 million Local owner/operatorPittsburgh-area assisted living community$3.6 million Housing & Care 2120 Bupa care... Read More »
A Sign To Come?
Here’s something we may be hearing more of next year. Increased competition, lowered census and staffing issues prompted one owner of an assisted living/personal care community in Southwest Pennsylvania to retire early from the business. Built in 1965 and renovated in 1997, the 58-unit community had a history of strong profits and high occupancy until 2015 when the aforementioned trifecta of issues hit the business. Working on behalf of the seller, Joe and Jim Knapp of Marcus & Millichap’s Knapp Group and Robert Villeneuve of M&M’s Washington, D.C. office found a buyer with experience in value-add projects in western Pennsylvania. They paid $3.6 million, or $62,000 per unit, in... Read More »Schedule a demo
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