Evans Senior Investments’ Big Texas Sale
We wrote last week that Texas accounted for over a third of transactions in April, but Evans Senior Investments closed out the month with one more, and it was the largest. Featuring three private pay assisted living/memory care communities and 221 total units, the Stoney Brook portfolio sold for $45 million, or $203,620 per unit, with a 6.4% cap rate. They were owned by Stoney Brook Communities and built in 2010 and 2011 in the central Texas towns of Belton, Hewitt and Copperas Cove. Two are stabilized, with occupancy in the high-90s and operating margins around 35%, but the Copperas Cove community is considered value-add at 80% occupancy and an 8% operating margin. In addition to... Read More »Recent Senior Care M&A Deals, Week Ending April 28, 2017
Check out our recent transactions! Long-Term Care AcquirerTargetPrice Regional companyThe Lodge at Quail Park$7.86 million Private equity groupArbor House of Dallas$1.48 million Cornerstone Senior LivingThree Forks of Forney$12.5... Read More »Regional Owner/Operator Grows in Texas
Texas transactions make up over 30% of the senior care deals announced so far in April, involving mostly assisted living communities and one skilled nursing facility trading hands in what is an overall slow month (so far). Evans Senior Investments arranged the most recent: the purchase of a 64-unit assisted living community that is nearly all private pay but could improve its 81% occupancy. Built in 2001 and renovated in 2007, the community was owned by Living Care Senior Housing Development and is located on about four acres just outside of Dallas, in the town of Frisco. In addition to census, operations could also improve, with just a 12.5% margin on $2.65 million of revenues. There is... Read More »
Opportunity Knocks for Memory Care Community in Texas
A stand-alone memory care community in Dallas, Texas has some clear room for improvement, despite being built less than 10 years ago. Located just 10 miles from downtown, the community is made up of four “neighborhoods,” each with a dining area, living room, family/TV rooms and courtyards. Despite its relatively new build (in 2008), it was just 56% occupied and operated on an 8.7% margin on $1.47 million of revenues. Perhaps that is due to the increased construction in the Dallas-Fort Worth area, meaning a 2008 build is not state-of-the-art anymore. The buyer, a private equity group located in Southern California, has plans to invest in capital improvements at the community to make it more... Read More »
Two Southeast Sales from Senior Living Investment Brokerage
Brad Clousing of Senior Living Investment Brokerage showed his strength in the Southeast, closing two transactions in Georgia and Florida. He first helped a partnership exit the seniors housing industry with the sale of their 64-unit memory care community in Fayetteville, Georgia (20 miles south of Atlanta). The partnership hadn’t been together long (the facility only opened in 2013), but a death within it affected the lease-up process and prompted the sale. The purpose-built community is currently 81% occupied, and working towards stabilization. Since it’s still in lease-up, it was offered at a slightly discounted price per unit, selling for $11 million, or $171,875 per unit. New... Read More »Schedule a demo
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