LTC Properties, Affinity Living Group & Sunwest Management
The story of Sunwest Management keeps creeping up in the news, although not in a bad way this time, as a former Sunwest assisted living/memory care community in Spartanburg, South Carolina, just sold to a joint venture between LTC Properties and Affinity Living Group. Originally built by the former Manorhouse Retirement Communities in 1999, the 87-unit community was sold to Sunwest in 2005 for approximately $6 million, or about $69,000 per unit. The lender, however, foreclosed on the property when the community was just 50% occupied and sold it to private investor Chris Brogdon in 2010 for $4.95 million, or about $57,000 per unit. Average monthly rents fell to $2,400, from $2,625 per month... Read More »
New Owner At New Albany Skilled Nursing Facility
Ryan Saul of Senior Living Investment Brokerage facilitated the sale of a 156-bed skilled nursing facility in New Albany, Indiana, on behalf of the same investor he sold the property to roughly 10 years ago. Located across the Ohio River from Louisville, Kentucky, this one-story facility was built in 1974 with 152 beds. The current seller, TMV Properties (a private partnership), purchased the facility in early 2007 for $5.7 million, or $37,500 per bed, when occupancy was 80% and quality mix was just 20%. TMV, which operated one other facility in Indiana at the time, invested in improvements and brought therapy services in-house. Both occupancy and quality mix have improved since then, and... Read More »
Senturian Senior Housing Brokerage Sells Alabama Assisted Living Community
Watson McCollister of Senturian Senior Housing Brokerage handled the sale of a 56-unit assisted living community in Anniston, Alabama. Built in 2000 on 24 acres, this community includes 32 assisted living and 24 memory care units. It was owned by a local operator and operated at a 26% margin on approximately $2.46 million of gross revenues. Occupancy was 91% when the initial offer was accepted, but shot up to 100% by closing, with NOI substantially improving as well. With the help of an $830,000 mezzanine loan provided by United Community Bank and arranged by Contemporary Healthcare Capital, the out-of-state buyer (based in Charleston, South Carolina) purchased the community for $7.86... Read More »
The Avery Company Announces Pair Of Acquisitions
The Avery Company kicked off their 2018 in a strong way, closing two transactions in succession for clients in Tennessee and Connecticut. Jolyon Wilde first sold two senior living buildings located across the street from each other in Murfreesboro, Tennessee. Both built in 2001, there was a 68-unit assisted living community with 90% occupancy and a 26-unit memory care community just 75% occupied. Both were 100% private pay and operated at a combined 22% margin on approximately $4.03 million of revenues. A local doctor decided to sell the communities to Virginia-based Inspirit Senior Living for $12.45 million, or $132,450 per unit, with a 7.1% cap rate. Mr. Wilde was then joined by Larry... Read More »
Senior Living Investment Brokerage Makes It Happen In Mississippi
After developing and stabilizing its 40-unit assisted living community in Richland, Mississippi, a local owner/operator decided to exit the asset with the help of Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage. The seller built the community in 2014 and licensed it for 55 beds in a mix of private and semi-private units. Occupancy was 91%, and it operated at a solid 34% margin. The incoming owner/operator, based in Tennessee, will undoubtedly look to add value to the property as it grows its existing portfolio and economies of scale in the state. They acquired the Richland community for $4 million, or $100,000 per unit, with an 8.75% cap rate. Read More »Schedule a demo
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