CBRE Finances Change of Ownership at California Community
Just over a year after opening, a 130-unit senior living community in Folsom, California (Sacramento MSA) has already stabilized, leaving one of its partners to look for an exit. A joint venture between developer Tenfold (formerly Shamrock Holdings), operator Artēgan and a global investment manager originally opened the community in February 2017 and oversaw an impressive lease-up, topping 90% occupancy. Featuring independent living, assisted living and memory care services, the community offered a continuum of care approach unique to its local market, which surely helped fill units. But the global investment manager partner sought an exit, and AEW Capital Management took its place. Aron... Read More »
Ensign Makes Another Arizona Acquisition
Despite its stated strategy to own more of the real estate in its portfolio of over 230 healthcare properties, The Ensign Group shunned its recent practice and acquired just the operations of a 140-bed skilled nursing facility in Sun City West, Arizona. Reporting 87% occupancy at the time of the sale, the facility will be operated by Ensign’s Arizona-based subsidiary, Bandera Healthcare, while Ensign acquired the operations subject to a long-term lease. The deal brings The Ensign Group’s portfolio to 184 skilled nursing operations, 22 of which include assisted living services, and 51 AL/independent living operations. Of that total, Ensign currently owns the real estate at 67 of the 235... Read More »
Two New Communities Trade In Arkansas
Evans Senior Investments closed out May by closing the sale of two private pay senior living communities in Arkansas for a combined $37.965 million, or $183,000 per unit. Located in the towns of Rogers and Bentonville (about 10 miles apart), the communities totaled 56 independent living cottages, 116 assisted living units and 36 memory care units, all with private bathrooms and modern finishes. Built a few years ago, the Rogers community was 77% occupied, with a 24% EBITDAR margin over the previous 12 months, while the Bentonville community had only just opened in 2017 and was still leasing up. The seller was a regional owner/operator (represented by ESI). A joint venture between... Read More »
Knapp Sells Specialty Assisted Living Community
It wasn’t the most straightforward of transactions, but Jim Knapp of Marcus & Millichap successfully sold an assisted living/memory care community in southeast Michigan for $6.5 million, or about $162,500 per bed, with an approximate cap rate between 9% and 10%. Built in 1991 and 1996, the community was owned by a family trust until the current sale. About 25% of its census (occupancy was in the high 90s) was derived from residents with traumatic brain injuries who were funded through catastrophic claims. Part of Michigan’s mandatory no-fault insurance, that particular income stream had to be underwritten differently and would also appeal to a unique set of buyers. They turned out to... Read More »
Holliday Fenoglio Fowler Handles Atlanta-Area Sale
Ryan Maconachy, Chad Lavender and Jason Nettles of Holliday Fenoglio Fowler (HFF) sold a brand-new senior living community in the Atlanta MSA, working on behalf of the previous owner, Village Park Senior Living. Built in 2017, the community features 66 independent living, 43 assisted living and 18 memory care units, with four housing options available for residents, including cottages, bungalows, flat-style apartments and dedicated memory care units. Its location is superb, within 20 miles of downtown Atlanta (in the suburb of Alpahretta), five miles of two medical centers and near a mixed-use, 86-acre development. Harbert Management Corp. acquired the community for an undisclosed price,... Read More »Schedule a demo
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