Mozart Healthcare Hits a High Note
Mozart Healthcare is on the move in the Old Northwest. Last month, the company acquired a 145-unit mid-rise independent living community last month in Allen Park, Michigan (Detroit MSA), in a transaction led by Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors. Now, the firm, which is headed by Benjamin and Archie Shkop, has added two more skilled nursing facilities in Ohio to its portfolio. These recent deals were the fifth and sixth acquisitions for Skokie, Illinois-based Mozart, which was founded in 2016. The Ohio facilities were built in the 1990s in major metro areas and feature good physical plants. They were, however, deemed to be non-core by the... Read More »Recent Senior Care M&A Deals, Week Ending September 8, 2017
Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice CareTrust REIT, Inc.3 skilled nursing facilities$20.2 million CareTrust REIT, Inc.7 skilled nursing facilities$65.5 million CareTrust REIT, Inc.3 skilled nursing facilities$10.65 million The Ensign Group, Inc. Desert Blossom Health and Rehab Center & Pueblo Springs Rehab CenterN/A New York owner/operatorPorterfield Health and Rehab Center$3.8... Read More »Mike Pardoll’s Got Georgia On His Mind
Mike Pardoll of Marcus & Millichap has been especially prolific of late in the state of Georgia, closing three skilled nursing sales there this summer. A group of Georgia investors accounted for two of the deals, purchasing two facilities from a not-for-profit owner. Located in Cochran, one of the facilities was built in 1966 with 75 beds. It is 93% occupied, with a 74% Medicaid, 19% private pay and 7% Medicare census, and operated at a 15% margin. It sold for $5.7 million, or $76,000 per bed, with a 12.6% cap rate. The other facility, in Thomaston, was built in 1966 and 1986. Based on 106 total beds, it is 80% occupied, with an 81% Medicaid, 11% private pay and 8% Medicare census, and... Read More »Skilled Nursing Sales Skyrocket in September
The start of September saw a large number of skilled nursing acquisitions announced, mostly at lower prices, with the exception of CareTrust REIT’s purchase of seven SNFs in Idaho for $65.5 million, or $114,700 per bed. Another deal, facilitated by Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors, didn’t feature a price but involved an aging facility with room for improvement. Built in 1974, the multistory facility is the largest SNF in the area, with 297 licensed beds. However, it doesn’t operate at capacity, and while the lobby, first floor and second floor, which have short-term rehab and therapy services, have been renovated in the past few years, the upper... Read More »
Ensign Executes In Arizona
Continuing its strategy to own more of the real estate in its portfolio of over 200 healthcare properties, The Ensign Group bought two skilled nursing facilities in Arizona for an undisclosed price. Included in the purchase is an 88-bed facility in Mesa (Phoenix MSA) and a 115-bed facility in Tucson, with a combined occupancy of about 68%. Ensign leased the facilities to its Arizona-based operating subsidiary, Bandera Healthcare, Inc. Including the operations and, of course, the real estate, the acquisition is expected to be accretive to 2018 earnings. Now, Ensign owns the real estate at 63 of the 229 facilities in its portfolio, but we imagine that 27.5% ratio will keep rising. That is... Read More »Schedule a demo
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