Another Big Sale For Blueprint Healthcare Real Estate Advisors
Fresh off their top spot in our 2017 broker rankings (in terms of number of deals, properties and units/beds transacted), Blueprint Healthcare Real Estate Advisors seems to be eyeing that top spot for 2018 too, announcing that it represented a public REIT in its recent disposition of 20 Genesis Healthcare-operated skilled nursing facilities. The REIT ended up being Sabra Health Care REIT, and the deal itself doesn’t come as a surprise, as Sabra announced earlier in 2017 that, in an attempt to diversify its operator base (and lessen its share of Genesis properties), it was marketing for sale 35 properties under a memorandum of understanding with Genesis. These 20 facilities (part of the... Read More »
The Ensign Group Grows With Dallas Deal
Through its affiliate, Bridgestone Living, The Ensign Group acquired both the real estate and operations of two 37-unit assisted living communities in Texas, bringing the company’s total portfolio to 232 properties. Located in the Dallas suburbs, the two communities combine for 78% occupancy, which may not be all that low in the over-developed Dallas market. Ensign, which owns other assisted living and skilled nursing properties in the area, will look to use economies of scale to improve operations. With the deal, Ensign now owns the real estate at 65 of its 232 skilled nursing and assisted living properties, a strategy it is looking to continue. Read More »
Senior Living Investment Brokerage Closes Two Southeast Sales
Toby Siefert and Brad Clousing of Senior Living Investment Brokerage teamed up to sell a 183-bed Washington, D.C. skilled nursing facility for $30 million, or a well above average $163,900 per bed. Built over 35 years ago adjacent to a local medical center, the facility had recently undergone $1.0 million in capital improvements, certainly lowering its effective age. It features a mix of private and semi-private units and was 94% occupied. Its regional owner/operator sought to reduce its exposure in the D.C market, and sold the facility to a partnership between a private New York-based investment group and an East Coast regional operator at a 10.4% cap rate. Mr. Clousing followed the D.C.... Read More »
Evans Senior Investments Lands A Triple
Evans Senior Investments (ESI) showed its range in closing three transactions across the country, totaling over $20 million. First, in its home state of Illinois, ESI represented the seller, an independent owner/operator, in the sale/leaseback of its 30-unit assisted living community in Winnebago (near Rockford, Illinois) for $4 million, or $133,300 per unit. Just 10 years old, the community was operating well, with 97% occupancy, 100% private pay census, and a 33% operating margin on about $1.225 million of revenues. A publicly traded REIT added the property into a master lease in which the seller already managed other communities on behalf of the REIT. Moving South, ESI handled the sale... Read More »
TIC Investor Sells California Memory Care Community
A Southern California-based regional operator is heading north, to Petaluma (about 40 miles northwest of San Francisco), to acquire and take over management of a 40-unit memory care community. Previously owned by a TIC investor, who decided to divest the asset to realize their investment objectives, the community was built in 1996 on a 1.68-acre plot. Recent minimum wage requirements and increased competition caused the community to raise wages. Adding to its woes, community leadership was unstable, leading the community to expend significant overtime to deal with the vacant positions. These issues combined to affect its financial performance, with the operating margin at just 14% on over... Read More »Schedule a demo
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