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 »
Sitzman Sells Vacant Senior Living Assets
No residents? No problem for Amy Sitzman of Blueprint Healthcare Real Estate Advisors, who recently sold two vacant assisted living communities in Arizona for an undisclosed price. These were not recent vacancies, however, that the incoming owner can just open the doors and get along with business as usual. One asset, located in Peoria with 50 units, closed in 2008, while the second building in Mesa, also with 50 units, had been vacant since 2013. The seller looked to divest the assets, and ended up selling to two separate buyers. The purchaser of the Peoria property is a regional operator looking to expand its presence. Meanwhile, the Mesa buyer is a growing behavioral health group that... Read More »
MidCap Financial Arranges Acquisition Financing For Southwest Senior Living
MidCap Financial worked on behalf of Palatine Capital Partners Management to arrange financing for the purchase of a senior living community in the Southwest. Palatine, an investment firm focused on small- and mid-cap real estate assets, acquired a 145-unit senior living community that is roughly split evenly between independent living and assisted living. Well-located and purpose-built in the late 1990s, the community was in need of significant renovations. So, in addition to funding the acquisition, the $9.0 million floating rate loan will enable Palatine to implement a $2.5 million capital improvement plan at the community to renovate the exteriors, common areas and unit... Read More »
Tellatin, Inc. Joins Integra Realty Resources
Tellatin, Inc. and its six offices with 16 professionals has joined Integra Realty Resources (IRR), significantly expanding IRR’s national coverage in the seniors housing and care appraisal and feasibility business. Coming on board as new shareholders of IRR include Jim Tellatin, MAI, Victor Cremeens, MAI, Bradley Schopp, MAI and Mark Tracy. The professionals at Tellatin have completed assignments on more than 6,000 nursing facilities, 3,300 assisted and independent living communities, and 200 hospitals in every state with a total value in excess of $75 billion. Founder Jim Tellatin authored the book, The Appraisal of Nursing Facilities, which has become the bible of skilled nursing... Read More »Schedule a demo
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