Koelsch Communities Expands Relationship with Ventas
Since its start in 1958, Olympia, Washington-based Koelsch Communities has grown its portfolio to 22 communities located in seven states. The company is also ratcheting up its expansion efforts in the next couple of years, with eight new seniors housing communities slated for completion in four states by 2018. Fueling this growth has been Koelsch’s relationship with Ventas, for which it operates 12 communities, but 18 after its latest transaction. Ventas purchased, then leased back, six seniors housing properties from Koelsch for $137 million. Five of the six communities had been originally developed by Koelsch Communities between 1993 and 2014, with the sixth (a 142-unit independent... Read More »
Columbia Pacific Stirs Up Indian Senior Care Market With Serene Purchase
India represents a huge untapped market when it comes to seniors housing, and a Seattle-based company already with significant investments in Asia is looking to capitalize. A subsidiary of Columbia Pacific Advisors (which was founded in 2006 by Alex Washburn, Stan Baty and Dan Baty), Columbia Pacific Management manages an international business that includes hospitals, clinics and senior care facilities in Kenya, Southeast Asia, India and China. Now, the company is making a huge investment in the Indian senior care market, which has an aging population, rising upper- and middle classes and an under-supply of senior care facilities. Columbia Pacific purchased Serene Senior Care and its 735... Read More »Post Acute Partners Grows Again in Upstate New York
Post Acute Partners continued its growth in upstate New York, acquiring another not-for-profit skilled nursing facility in the Rochester area. A few years after it closed the acquisition of Elderwood Senior Care and its 16 senior care facilities (nine skilled nursing facilities, five assisted living communities and two independent living communities) all located in New York, the NYC-based firm has acquired seven more facilities, five of them from not-for-profit owners in its bid to become the largest provider of post-acute care services in upstate. Post Acute Partners most recently purchased a 126-bed skilled nursing facility in Lockport for $10 million, or $79,365 per bed. Previously... Read More »In-Hospital Skilled Nursing Facility Sells in Scranton
A 22-bed in-hospital skilled nursing facility in Scranton, Pennsylvania traded hands in what was a unique transaction for a few reasons. First, its size of just 22 beds is far below the industry average. To put it in perspective, the average size of SNFs that sold in 2016, according to the soon-to-be-released 22nd Edition of The Senior Care Acquisition Report, was 122 beds. Second, the facility is located on the fifth floor of the 186-bed acute-care Regional Hospital of Scranton, which helps explain the SNFs small size. And third, a not-for-profit, Allied Services Integrated Health System, purchased the SNF from privately-owned Senior Health Care Solutions, a scenario we typically see... Read More »High Price for Santa Barbara Memory Care Community
Location clearly commanded a premium for a just-sold memory care community in Santa Barbara, which sold for $18.6 million, or $465,000 per unit, despite still being in lease-up. Built in 2015 as the only asset of the local owner, this community has 44 beds in 40 units on a 0.65-acre lot in scenic Santa Barbara. It was just 82% occupied at the time of the sale, but was still valued approximately $240,000 per unit higher than the average for AL/MC communities in 2016 (included in the 22nd Edition of The Senior Care Acquisition Report, to be published this month). The high rents can help explain the property’s appeal, ranging between $7,600 and $8,000 per month for private units, and about... Read More »Schedule a demo
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