Blueprint Sells Boutique Memory Care Community In Orange County
A boutique 12-unit memory care community in Orange County, California sold to a local owner/operator in a transaction facilitated by Jacob Gehl, Ben Firestone and Scott Frazier of Blueprint Healthcare Real Estate Advisors. Its owners, a joint venture between a REIT and a national operator decided to sell as a part of a larger portfolio disposition strategy. Originally opened in 1983, the community will be substantially renovated by its new owner, which is looking to expand its Southern California presence and is making its first Orange County acquisition. Read More »
Chicago Assisted Living Community In Lease-Up Sells To Joint Venture
A newly-opened and quickly-stabilizing assisted living community in the affluent Chicago suburb of Prospect Heights, Illinois sold with the help of Richard Swartz, Jay Wagner and Timothy Hosmer of Cushman & Wakefield. Developed in May 2017 by a joint venture between Oz Real Estate, Grandbrier Senior Living and Pathway to Living (the operator), the community features 69 assisted living and 32 memory care units. Three of the MC units featured a shared shower space between two residents, with each resident having their own bathroom and vanity. Lease-up was strong (averaging over five net move-ins per month), and by the time of the sale it was just under 70% occupied. With the current... Read More »
Regions Bank Finances Ohio Assisted Living Acquisition
The Regions Bank Healthcare Real Estate Group arranged a $17.57 million five-year term loan on behalf of a joint venture to acquire a 100-unit assisted living/memory care community in northeast Ohio. Developed three years ago by a local family, the community was improving operationally but was still considered a value-add opportunity for the buyer, a joint venture between an operator and a private equity firm. Proceeds of the loan will also help fund upgrades to the property operations and physical plant. Regions’ maximum loan-to-value for this type of transaction is 70%, so we can estimate the purchase price to be somewhere between $235,000 per unit and $250,000 per unit. Read More »
Tryko Partners Picks Up HCR ManorCare Facility
Quality Care Properties divested one of its HCR ManorCare-operated skilled nursing facilities in New Jersey, with Tryko Partners stepping in as the buyer. Built in 1974, the 106-bed facility is located in New Providence (Newark MSA), which will complement Tryko’s existing strong presence in central and northern New Jersey. The facility is located close to six area hospitals, but currently just two providers refer about 90% of admitted patients. With services that include post-acute, short-term rehab and long-term residential care, it also maintains a five-star rating from CMS. Even with the already-high rating, Tryko will still immediately launch into a multi-million-dollar upgrade of the... Read More »
Healthcare Transactions Group’s Home-Field Advantage
Maryland-based Healthcare Transactions Group just closed the 23rd senior care transaction in its home state. For an undisclosed price, the firm arranged the sale of a 118-bed skilled nursing facility in Sykesville (about 20 miles northwest of Baltimore). Formerly owned by a New Jersey-based private owner, the target was previously leased to Transitions Healthcare and operated under the Transitions brand. It was an older building, but the new owner plans to invest in major physical plant upgrades. That new owner turned out to be a Maryland-based owner/operator that operates seven other buildings in the state. Read More »Schedule a demo
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