Merrill Commercial Real Estate Sells Nevada Memory Care
Tyler Merrill of Merrill Commercial Real Estate sold a 44-unit memory care community in Sparks, Nevada, representing a single-asset owner/operator in the disposition. This was the seller’s last seniors housing asset, as it was looking to focus on a less operations-intensive real estate class. However, it appears they are exiting at the right time, and at a good price. Mr. Merrill sold the community for $10 million, or $227,300 per unit. Built in 1996, it features 77 beds in 44 units, and was 86% occupied with a 100% private pay census. The seller had put $750,000 of capex into it in 2015, which almost certainly helped boost the price. A Northwest-based operator looking to expand their... Read More »
Bridge Lender Sells (And Finances) Philly-Area Community
The seller of a 54-unit assisted living/memory care community in the Philadelphia MSA got more than it originally bargained for, having been able to provide acquisition financing for the buyer too. Three years prior, a portfolio bridge lender had taken over ownership of the property through a foreclosure. It was built in stages in the 1980s and recently received substantial renovations. However, occupancy was around 60% at the time of the sale. The incoming owner, a private investor from the East Coast, plans to continue the renovations in order to align it with the other facilities in their portfolio. Andrew Hilding, Josh Jandris, Mark Myers and Charles Hilding of IPA Seniors Housing... Read More »
Tryko Partners Grows Again
A few weeks after HCR ManorCare filed a pre-packaged bankruptcy petition, yet another one of its skilled nursing facilities has been sold. This facility is located in Yeadon, Pennsylvania, which is outside of Philadelphia, and Tryko Partners was the buyer. Built in 1995, the 129-bed facility is located adjacent to Mercy Fitzgerald Hospital, which is part of the Mercy Health System. Apparently, this was not one of the underperforming facilities operated by HCRMC, as it maintained a four-star rating from CMS and a five-star rating for quality measures. Nice to hear. Tryko’s affiliate, Marquis Health Services, will operate the facility and they expect to invest more than $2.5 million in the... Read More »
Evans Senior Investments Closes One In Their Backyard
It is not often that a seniors housing brokerage firm can sell a community in their home town, but the Boulder, Colorado office of Evans Senior Investments was hired to sell a 54-unit independent living community in Boulder. The community, built in 2007, has been averaging an occupancy rate of 93% to 94%, but may have been slightly higher at closing. That high occupancy rate might have something to do with the fact that the majority of the units have two-bedrooms and the majority have more than 1,000 square feet inside the units. Rates range from about $3,000 to $4,500. With an operating margin close to 50%, this must be a very well-run community, since it is also quite small for... Read More »
Florida Attracts Buyers
Florida continues to be a popular state for acquisitions, especially in the cold winter months. Krone Weidler of Marcus & Millichap’s National Seniors Housing Group recently sold a two-property portfolio. The first one was a 90-unit assisted living community in Venice which sold for $6.1 million, or about $67,800 per unit. The community was originally built in 1926 and then renovated in 1995. Occupancy stands at 92% and it is located in the historic section of Venice. It has a total of 40,440 square feet, and sold for $150.84 per square foot. The second property was a 100-unit assisted living community in New Port Richey which sold for $4.3 million, or $43,000 per unit. The... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
