Marcus & Millichap Closes Milwaukee Deal
A senior care campus in Milwaukee, Wisconsin, that has seen a number of transformations over the years, will soon see another, having recently traded hands with the help of Ray Giannini of Marcus & Millichap. Originally built in 1970 with 112 skilled nursing beds by a local family, the facility underwent a couple of expansions in 2005 and 2012, leaving it with 88 of the original SNF beds, 24 private subacute rehab units and 49 private assisted living units. Due to recent survey issues, occupancy had fallen across the campus to 84% at the SNF and to 83% for the assisted living, and both acuities also maintained majority-Medicaid censuses around 70%. After over 45 years of ownership, the... Read More »
SmartStop Shops In Seniors Housing For First Time
There is a new entrant in the seniors housing market. Coming from the self-storage industry, California-based SmartStop Asset Management just acquired three seniors housing communities in Utah through its private REIT, Strategic Student & Senior Housing Trust, marking its first acquisition in the space. Totaling 294 units, the portfolio is located in the Salt Lake City MSA, and includes a 119-unit/140-bed assisted living community, a 111-unit/136-bed AL community (with balconies or patios at each unit) and a 64-unit/78-bed AL property that also offers short-term/respite care. They are not new properties (built from 10 to 30 years ago) but they operated very well under previous... Read More »
Marcus & Millichap Closes Montana M&A
We don’t see much Montana M&A, but Tony Cassie of Marcus & Millichap closed two skilled nursing transactions in Big Sky Country, plus one in Washington State. Both Montana facilities are located in Billings. The 161-bed facility was built in the 1960s, while the 150-bed facility was built in stages in 1964 and 1974. A private real estate investment firm and an operating partner stepped in to purchase the facilities from a national owner/operator for a combined $13.7 million, or $44,050 per bed. Mr. Cassie also sold a 105-bed skilled nursing facility in Renton, Washington (Seattle MSA) on behalf of a private individual owner. Built in 1969, the facility was purchased by a real... Read More »
Pathway to Michigan
Jeff Binder, Brad Clousing and Ryan Saul of Senior Living Investment Brokerage represented a public REIT in their divestment of a Grand Rapids, Michigan-area assisted living/memory care community as part of a broader repositioning effort with its existing tenant portfolio. Built in 2001, the community is located in the town of Kentwood, about 10 miles south of Grand Rapids. With 103 licensed beds in 81 units, the community was struggling, with just 58% occupancy at the time of marketing and a loss of about $100,000 on $2.52 million of revenues. The new owner, Illinois-based Pathway to Living (formerly Pathway Senior Living), plans to invest capital into the physical plant and add services... Read More »
Private Equity Firm Buys High-Medicaid Assisted Living Community
Despite having a nearly two-thirds Medicaid census, an assisted living community in Bellingham, Washington still maintained a healthy profit margin and sold to a California-based private equity firm. Built 40 years ago, the 66-unit community features mostly studio units, with 10 one-bedroom units, and was 93% occupied. Private pay residents only made up 30% of the total census, and yet, the community posted a 27% EBITDAR margin on approximately $2.22 million of revenues. That’s impressive from the previous independent owner/operator, who sold the community for $7.025 million, or about $106,400 per unit, with an 8.5% cap rate. There is still room for improvement for the incoming private... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
