Evans Senior Investments Sells Southern Illinois Portfolio
Evans Senior Investments is on a tear in 2018, having just closed a portfolio sale in southern Illinois on behalf of the independent owner/operator seller after already closing three other deals earlier this month. The “Legacy Place” portfolio consists of four assisted living/memory care communities and 200 total units (149 AL and 51 MC) spread out across southern Illinois. Each community was purpose-built in the last eight years and operated well, with a combined 95% occupancy, 100% private pay census and 34.3% EBITDAR margin on approximately $7.72 million of trailing revenues, portfolio-wide. A regional owner/operator stepped in as the buyer, paying $32.63 million, or about $163,000 per... Read More »
Partnership Purchases Signature HealthCARE-Operated Skilled Nursing Facility
A Signature HealthCARE-operated property was divested by a publicly traded REIT owner, amid rumors that Signature has recently had issues making payments to its REIT landlords. Located outside of Tampa, Florida, the 120-bed skilled nursing facility was built in 1983, renovated in 2009 and was well maintained. It was ideally located, a few blocks from a major hospital, but census issues and escalating liability insurance costs affected operations. Trent Gherardini, Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors represented the seller and led a bidding process that yielded 13 qualified offers. A partnership between a high-net-worth investor and an experienced... Read More »
Marcus & Millichap’s Latest Team Effort
A 60-unit assisted living community traded in Pensacola, Florida, with Marcus & Millichap involved on both sides of the transaction. Brooks Mindord (out of the Miami office) and Rob Reis (based in San Francisco) represented the limited liability company seller, while Rod Llanos (in the Houston office) secured and represented the buyer, a private investment group from Texas. The target, which is licensed for 85 beds, was over 90% occupied as of January 2018 and operated at a 28% margin on approximately $1.8 million of revenues. It sold for $7.0 million, or about $117,000 per unit, with a cap rate of 7.1%. Read More »
Invesque Invests In Dallas-Area Memory Care Communities
Invesque Inc. (formerly Mainstreet Health Investments) followed up on the completion of its acquisition of Care Investment Trust earlier this month by closing on three memory care communities in the Dallas, Texas area for $21.5 million, or about $188,600 per unit. All three communities total 114 units and are fully stabilized, with all private pay residents. Invesque added the properties to a new absolute net master lease agreement with Constant Care Management Company, featuring an initial 15-year term and two five-year extension options. The relationship doesn’t stop there, with Invesque also receiving a first right to fund and acquire the next three seniors housing projects developed... Read More »
HFF Posts Another Texas Post-Acute Facility Sale
Having just handled the sale of a 140-bed post-acute care facility in the Austin, Texas area, HFF’s David Fasano, Ryan Maconachy and Chad Lavender represented a different owner in the sale of its 144-bed skilled nursing facility near San Antonio’s Medical Center district. Built in 2008, the facility was owned by Kayne Anderson Real Estate Advisors and leased to Senior Care Centers. There are more than 4,300 licensed hospital beds within a three-mile radius of the facility, making it a prime target. HFF procured an affiliate of O&M Investments, LLC as the buyer, which was coming off of a strong 2017 when it announced three skilled nursing acquisitions in Ohio (2) and Tennessee after... Read More »Schedule a demo
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