Blueprint Healthcare Real Estate Advisors Unlocks the Keystone State
Representing a REIT owner in a strategic non-core divestment, Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors sold a Philly-area skilled nursing facility for an undisclosed price. The transaction was remarkably similar to another deal that Messrs. Segal and Firestone closed earlier this month. That deal featured a 180-bed SNF in the Lehigh Valley region of eastern Pennsylvania that sold for $18.75 million, or about $104,000 per bed. Just a week later, the Blueprint team sold a 181-bed skilled nursing facility also in eastern Pennsylvania (the Philadelphia suburb of Wyndmoor). The in-place management team had assumed operations in 2015, but inconsistent... Read More »
Evans Senior Investments Executes On Everett Sale
The team at Evans Senior Investments is having quite the year, having already well surpassed its 2017 activity in both deals and dollars. Since the start of the year, ESI has closed 10 transactions for over $200 million in deal volume. Its latest transaction was also its largest for the year, when the firm represented the independent owner/operator of a 148-unit independent/assisted living in Everett, Washington (Seattle MSA), for $50.5 million, or $341,200 per unit. Located in an affluent Seattle suburb and boasting a host of amenities including a theater, billiards room, beauty salon and 24-hour bistro, the 15-year old community has a majority of IL units, although every unit was... Read More »
Saul And Clousing Close On Cleveland Campus Sale
A healthcare campus in Cleveland, Ohio with both skilled nursing and Medicaid-waiver assisted living beds just sold to its in-place operating group. Ryan Saul and Brad Clousing of Senior Living Investment Brokerage represented the private partnership seller, which was divesting the property to focus on other investments and areas of the country. Originally built in 1978, with improvements made in 1991 and 2014, the community’s independent living units were converted to assisted in 2014. Operations could improve, as the 66-unit assisted living community was 59% occupied and the 99-bed SNF was 79% occupied. However, one AL wing with 24 units was being renovated at the time of the sale,... Read More »
SLIB Sells Value-Add Skilled Nursing Facility In Texas
Certainly having seen better days, a 120-bed skilled nursing facility in Bastrop, Texas with occupancy just below 50% sold for $3.5 million, or $40,700 per operating bed. Originally built in 1987, the facility is licensed for 120 beds, but operated at just 86 beds at the time of the sale, with EBITDA around breakeven. A publicly traded REIT was the previous owner, with a Texas-based group looking to lessen its exposure to the central Texas market as the outgoing operator. The new owner is a self-advised real estate company with a focus on seniors housing, and will look to add value in the asset. Matthew Alley of Senior Living Investment Brokerage handled the transaction. Read More »
ESI Closes Easley Transaction
Evans Senior Investments found a new owner for a well-operating independent/assisted living community in Easley, South Carolina. Previously independently owned and operated, the community was built in 1997 and expanded in 2004. At the time of the sale, it was 96% occupied with a 100% private pay census and operated at a 36% EBITDAR margin. Nevertheless, the buyer, a Chicago-based private equity firm, will attempt to use the scale from its portfolio to further improve profitability. They paid $14.5 million, or $145,000 per unit, for the opportunity. Read More »Schedule a demo
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