Recent Senior Care M&A Deals, Week Ending October 6, 2017
Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice Sagora Senior LivingStorey Oaks of TulsaN/A Owner/operatorEnnis Care Center$4.9 million CareTrust REIT, Inc.3 Virginia assisted living... Read More »
Northeast Owner Heads To South Carolina
As an owner/operator was exiting the assisted living industry, and trying to sell its 31-unit AL/memory care community in Santee, South Carolina (situated halfway between Columbia and Charleston), a Northeast-based owner/operator swooped in and purchased it, marking its entry into the state. Shades of 1865…but we digress. The previous owner was based in neighboring Georgia, but took a “hands-off” approach to managing. As a result, the building, although it wasn’t particularly “old” (it was built in 1999 with a recent renovation) and featured a 97% occupancy rate, was only operating at a 17% margin on nearly $1.2 million of revenues. The new owner has plans to further update the community... Read More »
CBRE Closes Financing For Two Joint Ventures
Aron Will of CBRE once again showed off his range, and his reach, closing two financings for clients in California and Michigan. First, in Traverse City, Michigan, a 388,000-square foot former asylum that underwent a decade-long redevelopment into a massive mixed-use neighborhood capped off the project with a brand-new, 110-unit independent living/assisted living community in the 130-year old building’s north wing. The $31 million senior living community opened in 2014 and has experienced steady lease-up, nearing stabilization today. Adding to the site’s appeal is that it is now surrounded by numerous restaurants, wineries, boutiques and over 70 small businesses. Developed by a joint... Read More »CareTrust REIT Keeps It Up
CareTrust REIT is heading closer and closer to the 200-facility mark, currently sitting at 181 properties in 23 states, as it continues to purchase senior care facilities across the country. Just last month, the REIT bought 13 skilled nursing facilities in Washington, Texas and Idaho, all formerly operated by affiliates of Kindred Healthcare. Now, CareTrust has added three more Kindred facilities in Washington State to its growing portfolio. Located in Arden, Lakewood and Vancouver, the facilities total 268 beds. CareTrust added them to its existing master lease with affiliates of Five Oaks Healthcare, which has a remaining initial term of about 13 years, two five-year renewal options and... Read More »Aging Skilled Nursing Facility Sells In Texas
September saw many deals that featured older, struggling skilled nursing facilities. This comes at a time of record-high SNF prices, on a per-bed basis, although maybe not for long if the fourth quarter follows September’s performance. The truth is that despite the record high prices we have seen (reaching nearly $100,000 per bed in the four quarters ended March 31, 2017), the SNF industry probably faces more headwinds than tailwinds, ranging from aging facilities and shorter patient days to reimbursement risks and poor lease coverage, to name a few. Another truth is that the industry is becoming more and more bifurcated by the older, traditional nursing facilities on one end to the brand... Read More »Schedule a demo
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