Two 2018 Transactions From Senior Living Investment Brokerage
Senior Living Investment Brokerage rang in the New Year with two transactions closed, one on the west coast and one on the east. At a price of $1.5 million, or just over $23,000 per bed, a 65-bed skilled nursing facility in Cashmere, Washington sold to a regional owner/operator based in Idaho that is seeking to expand its presence in Washington State. Built in stages in 1962, 1976 and 1984, the facility was 91% occupied but losing money. It did, however, bring in nearly $3.9 million of annual revenue and the four-acre property provides room for expansion, so there is opportunity to add value. The buyers certainly left themselves some wiggle room with that price. Jason Punzel, Brad Goodsell... Read More »
Not-For-Profit Buys Privately Owned Florida Community
Private to not-for-profit transitions certainly constitute the minority of senior care transactions, but it was nevertheless the case for a 190-unit independent/assisted living community that sold in Deland, Florida. Mike Pardoll of Marcus & Millichap represented the previous private owner/operator (who also developed the property), and sold the community to a 501-C3 for $19 million, or $100,000 per unit, with a 10.1% cap rate. The original seven-story 124-unit building was built in 1986, and a four-story (70-unit) addition was constructed in 1996, with a common area connecting the two buildings. Currently, four of the units are used for corporate purposes, lowering the total resident... Read More »
Assisted Living Buyer Bolsters Presence On Florida’s East Coast
Ken and Damien Carriero of Colliers International successfully closed the sale of a small 16-unit assisted living community in Vero Beach, Florida for $2.45 million, or about $153,100 per unit. Built in 2000, the community was family-owned and operated for the past 13 years. With more of a boutique-feel, it features all semi-private units and earned approximately $300,000 in annual net income, or about $18,750 per unit, per year. So, most units were double-occupied. The buyer owns and operates several other assisted living communities on Florida’s west coast, but just one other on the east coast (Fernandina Beach). So, this acquisition helps grow its presence on the Atlantic side. The... Read More »
Private Equity Purchases Alabama Independent Living Community
A private equity group based in Florida saw potential in a distressed independent living community in Montgomery, Alabama, acquiring the property for an undisclosed price. Occupancy was below 50%, but the property featured a number of amenities like large common areas, an outdoor patio and barbecue area, three courtyards, beauty/barber salon and a media room, among others. The buyer, which specializes in affordable seniors housing, will certainly have its hands full turning around the distressed asset. Brooks Blackmon and Trent Gherardini of Blueprint Healthcare Real Estate Advisors handled the transaction, and Blueprint’s General Counsel, Josh Salzman, managed the legal... Read More »
Senior Apartments Sell In Fridley, Minnesota
We continue to hear of the growing interest in 55+ senior apartment communities, which would, many believe, provide an affordable bridge to independent or assisted living for Baby Boomers. Ray Giannini and John Klement of Marcus & Millichap capitalized on that interest and sold a 110-unit senior apartment community in Fridley, Minnesota (Minneapolis MSA) for $13.5 million, or $122,700 per unit, with a 6% cap rate. Built in 1999, the property is located on 3.3 acres and features an underground parking garage. Each unit comes with a private bathroom (with walk-in showers), kitchens, dishwashers and large windows, while community amenities include a beauty shop and spa, a large great room... Read More »Schedule a demo
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