Recent Senior Care M&A Deals, Week Ending October 12, 2018
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Regional operator2 assisted living communities$26 million Joint ventureEntrust of ConcordN/A Harrison Street Real Estate Capital/LCB Senior Living4 seniors housing propertiesN/A American House Senior Living CommunitiesVista Springs of... Read More »
Capitalizing On Location In Concord, California
The joint venture between Agemark Senior Living and Trellis Real Estate Group just executed on their third investment together, acquiring a 101-unit senior living community in Concord, California (San Francisco MSA). No purchase price was disclosed, but Aron Will of CBRE arranged an $11.2 million floating-rate loan, with a five-year term and 36 months of interest only, from a national bank to finance the deal. Originally built in 1970, the community is situated on 2.7 acres of irreplaceable land in the Bay Area. Plus, it is located within three miles of two large medical centers totaling 799 licensed beds and within five miles of both downtown Concord and downtown Walnut Creek, along with... Read More »
Ohio Owner Heads Into Retirement With Sale
The Buffalo, New York-based owner of two assisted living communities in Ohio decided it was time to retire and hired Eli Kutner and Avi Begun of Harborview Capital Partners to negotiate a successful exit. Located down Lake Erie in the Cleveland area, the communities total 250 units and 264 beds, including some memory care units. A regional operator looking to grow their portfolio paid $26 million, or $104,000 per unit, for the pair. Read More »
Evans Senior Investments Closes High-Priced SNF Sale
Skilled nursing facility prices may have tempered from their peak in 2016 (we hosted a webinar on the very subject last month), but Evans Senior Investments bucked that trend by selling a pair of New Jersey skilled nursing facilities for $31.5 million, or nearly $190,000 per bed. The facilities’ locations probably had the most impact on that high price, as they were located just 16 miles apart in Ridgewood and Montclair, just outside of New York City. Other factors would normally suggest a lower price, however. Both were originally built in the 1960s but have received updates in the last five years. Occupancy averaged in the mid-80s, with one facility reporting a 50% quality mix while the... Read More »
Two Transactions From Marcus & Millichap
Two separate teams from Marcus & Millichap announced transactions so far this month. First, the Knapp Group Seniors Housing Advisors, led by Jim and Justin Knapp, sold an 88-bed skilled nursing facility in the Detroit, Michigan area for approximately $7.0 million, or $80,000 per bed. Built in 1998, it was experiencing declining occupancy under its not-for-profit ownership. However, a local buyer with a history of turning underperforming SNFs into five-star facilities saw an opportunity and pounced. Then, Tony Cassie and Sam Thompson facilitated the sale of a 238-unit senior living community in Westminster, Colorado (Denver MSA). Its previous owner built the community in stages from... Read More »Schedule a demo
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