Recent Senior Care M&A Deals, Week Ending November 3, 2017
Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice Accura HealthCare6 Iowa skilled nursing facilitiesN/A CareTrust REIT, Inc.3 skilled nursing facilities$69 million Kandu Capital, LLCOsprey Health Care Center$5.55 million Regional Owner/OperatorIllinois Knights Templar Home$1.95 million Focus Healthcare Partners LLCBartlett Reserve$15.8... Read More »
Mike Pardoll’s Southeast Swing
Marcus & Millichap’s Mike Pardoll crisscrossed the Southeast to close two transactions. First, Mr. Pardoll sold a 99-unit independent living community in Durham, North Carolina for $15.8 million, or about $160,000 per unit, with a 6.3% cap rate. Originally built as a hotel in 1985, the building was purchased in 2012 and converted to independent living in a multimillion-dollar renovation. It was clearly the right move, with occupancy reaching 100% and the operating margin currently at 32% under management by Meridian Senior Living. The community features an interior courtyard with an in-ground pool, bocce court, putting green and community garden, among other amenities at the property.... Read More »
Buyer Hopes To Turn Around Paxton SNF Performance
A private regional owner/operator purchased a skilled nursing/independent living facility in Paxton, Illinois with major plans to overhaul operations. The facility, built in 1962 with additions in 1975, 1988 and 1995, was owned by a faith-based not-for-profit and originally was built and cared for the local Illinois Knights Templars. However, over the years, the resident makeup has changed, as did the complexities of the skilled nursing reimbursement environment, knocking the facility’s original mission out of line with operating a profitable facility. Adapting to the changes, the not-for-profit’s board hired Heritage Enterprises, an experienced skilled nursing operator, to manage the... Read More »
Evans Senior Investments Sells Value-Add Assisted Living
Evans Senior Investments (ESI) successfully sold a 92-unit assisted living/memory care community, for an undisclosed price, in Greendale, Wisconsin (about 10 miles south of Milwaukee). Built in 1998, with additions in 1999 and 2010, this three-building campus includes 92 units of assisted living and memory care, licensed as a Community-Based Residential Facility. Occupancy has been increasing since January 2016, and now sits in the low-90s, with a significant Medicaid census. Chicago-based SHA Capital Partners was the buyer and brought in Matthews Senior Living to operate the community, which is considered to be a value-add opportunity for them. ESI represented an independent owner in the... Read More »
Summerfield Senior Living Sells
Washington State-based Morningdew, LLC is looking to expand its presence in Florida, and just added a third property to its portfolio in the Sunshine State. Built in 1998 in Summerfield (just north of The Villages), the assisted living community has 46 beds in 42 units. Under its ownership by the not-for-profit Marion County Hospice, the community did not boast a strong operating margin. Ken and Damien Carriero of Colliers International were hired to facilitate the off-market transaction. Interestingly, an individual had the property under contract with the seller, but through a clause stating that he could assign the contract, decided to sell. So, Morningdew purchased the contract for... Read More »Schedule a demo
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