Reis Sells In Spokane
A lower cost provider of independent living and assisted living services in Spokane, Washington, sold with the help of Rob Reis of Marcus & Millichap. Mostly filled with Medicaid residents (over 70% of the census), this community features 220 licensed beds in 210 units on a 2.9-acre plot adjacent to Gonzaga University. Previously owned by Pacific Northwest multifamily investor Kinsel Ameri Properties, Inc., the community was 95% occupied and operated at an approximately 18% margin on $5.1 million of revenues. Pro forma figures have the operating margin increasing to 24%, but with such a high Medicaid census and less rent flexibility being the lower cost provider in the area, the... Read More »Recent Senior Care M&A Deals, Week Ending November 16, 2018
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Regional owner/operatorHeritage Inn Retirement Center$3.25 million Regional owner/operatorGaymont Nursing Center$7.3 million Not disclosedAutumn Wood & Wood Manor$11 million University Health Care SystemKeysville Nursing and Rehab... Read More »
Evans Senior Investments Sells Ohio Senior Care Campus
An independent owner/operator’s only senior care campus in Norwalk, Ohio sold to a regional operator thanks to the guidance of Evans Senior Investments. In the exit, the seller received $7.3 million, or nearly $55,000 per bed/unit, at an 8.9% cap rate, for the campus. This is not like any senior care campus. The property includes a 112-bed skilled nursing facility, a 21-unit independent living community and an adult day care center open to the public. Spread out across seven buildings, the IL community gets its meals and services from the SNF and operates at a roughly 30% margin at full occupancy. Meanwhile, the SNF (which operates on 110 beds) is just 75% occupied, with a 10% quality mix.... Read More »
Blueprint Sells Two Philly Prizes
A growing seniors housing investor saw upside at two assisted living/memory care communities in high barrier-to-entry markets in Philadelphia, Pennsylvania and purchased the pair for an undisclosed price. Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors led the sales process on behalf of the publicly-traded REIT owner and the in-place operator, which will stay on to manage the communities. Built over 15 years ago, the properties were all-private pay but could improve their occupancy. Some capex could also make them more competitive in their respective markets. Operations were on the upswing throughout the marketing process, however, which is good news for the... Read More »
Arkansas Operator Exits Assisted Living Industry
When a local assisted living operator in Arkansas wanted to exit the seniors housing industry, they turned to Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage to get the job done. Their final property was a 30-unit assisted living community in the town of Clarksville in northwest Arkansas. Built in 1996 and 2008, it converted from all-independent living to assisted living in early 2017 to become the only ALF in the county. Each unit was recently renovated, and rates were also increased. With 97% occupancy and an operating margin above 35%, we imagine the new owner won’t have to change much. That buyer was a Mississippi-based regional owner/operator who paid $3.25... Read More »Schedule a demo
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