Large Kentucky SNF Portfolio Trades
There is something going on in the Kentucky skilled nursing market, with a favorable rebasing change that was approved by the legislature in July 2024 leading to a significant increase in Medicaid funding, along with increased interest in owning and operating facilities in the Commonwealth. We imagine that facilities are realizing an immediate boost to their value as a result of the changes to the reimbursement environment, and Blueprint is likely securing great prices for its Kentucky clients. The firm has announced four closings totaling more than $200 million in September alone in the Commonwealth, probably helped by the fact that its own Kyle “Bluegrass” Hallion is from and lives in... Read More »
Details on Marx Development Group’s Nine-Figure SNF Deal
Marx Development Group and its affiliate Majestic Care’s acquisition of four skilled nursing facilities in West Virginia is set to close at the end of October, and the deal is still attracting a lot of attention in the state. That is because the seller is the State of West Virginia, and headlines are usually made when a for-profit buyer is taking over any state-owned or not-for-profit facility. The scrutiny is often unfair, given the single-factor analysis most journalists perform on or parrot the results of private equity’s ownership of skilled nursing facilities. They almost always mislead the public on the impact of these acquisitions on the operations and financial health of the... Read More »
Seller Exits Seniors Space with Sale to Private Equity Group
Senior Living Investment Brokerage’s Brad Goodsell, Jason Punzel, Vince Viverito, Jake Anderson and Taylor Graham teamed up to sell Westmont of Brentwood, a 132-unit seniors housing community in Brentwood, California. This was the seller’s only seniors housing asset, and they are exiting the space. Built in 2007, the community features independent living, assisted living and memory care units, with occupancy in the mid-60s. So, there is an opportunity for the new owner, an experienced private equity group with a background in seniors housing, to improve operations and increase value. The buyer will partner with an established West Coast operator that is growing its presence in California.... Read More »
Former Brookdale Asset Sale Sets Record Per-Unit Price in Montana
A standalone independent living community in Great Falls, Montana, just sold for one of the highest per-unit prices in the state. Developed in 1995, The Iris Senior Living was the highest-quality IL building in the area and was consistently fully occupied. It features 60 units and operates at a nearly 40% margin. Even though it is an older building, it is in good condition and commanded a $253,000 per unit price (or $15.2 million in total), at an 8.8% cap rate. The cap rate makes sense given the market and vintage of the asset, and the price is the highest on a per-unit basis in the LevinPro LTC deal database in the state of Montana. Blake Bozett and Spud Batt of The Zett Group... Read More »
Maxwell Group Affiliate Acquires Luxury CCRC
Continuum Advisors announced the sale of Laurel Circle, a luxury 270-unit CCRC on 25 acres in Bridgewater Township, New Jersey. Built in 1996, Laurel Circle offers a full continuum of care with 183 independent living apartments, 19 independent living villas, 30 assisted living units, 10 memory care units and 28 skilled nursing units, plus an additional five acres of undeveloped land for future expansion. A joint venture which included LCS retained Continuum to represent them in the sales transaction. David Kliewer and Jay Jordan led the transaction, which generated strong buyer interest and culminated in the sale to an affiliate of Maxwell Group, Senior Living Communities. Kliewer and... Read More »Schedule a demo
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