Big Changes for Transforming Age
The newly transformed Transforming Age, formerly Presbyterian Retirement Communities Northwest, is branching out of the West Coast for the first time in its 60-year history. Based in Bellevue, Washington and already with three communities in the Seattle area, the not-for-profit just announced it is acquiring eight (yes, eight) senior living communities in the Minneapolis, Minnesota area, at a price of approximately $138 million, according to local media. Built from 1969 to 2008, the communities range in size from 84 units to 181 units, and feature independent living, assisted living and memory care services. This represents a big jump in operational size for Transforming Age, so here’s... Read More »The Alley Way
Matthew Alley of Senior Living Investment Brokerage was certainly busy over New Years, closing a couple of rural SNF transactions. First, he and Ryan Saul sold a 99-bed facility in Clinton, Iowa (about 40 miles northeast of Davenport) for $2.1 million, or $21,212 per bed. Built in 1950, but with updates in the 2000s, the facility was just 72% occupied and losing money. The national real estate owner leased it to a national operator, but that was set to expire on January 1, 2017. Despite closing the transaction in December, the buyer, a regional owner/operator with other facilities in the state, took over operations on January 1. Then, Mr. Alley went down to Synder, Texas to sell a 99-bed... Read More »
Pay up in Pennsylvania
Good and hard work is usually rewarded in this industry, and the single-asset private owner of an historically five-star rated skilled nursing facility in Lansdale, Pennsylvania is certainly retiring in style with the facility’s sale. Though the purchase price was undisclosed, we hear it sold for one of the highest prices per bed for a single-facility in Pennsylvania. Built in 1980 on just under six acres, the property was very well maintained and featured seven private rooms, 51 semi-private rooms and 24 three-bed wards. And in addition to a 96% occupancy, it also had strong cash flow. That operational success, combined with amenities like a business office, conference room, country... Read More »Transaction trifecta
Mike Garbers and Cody Tremper of Greystone Real Estate Advisors finished out the year strong with three closings, including U.S. Memory Care’s sale of four MC communities in Texas to a private investor, and a publicly traded REIT’s divestment of a 298-unit independent living community operated by Brookdale Senior Living in Southfield, Michigan. Tremper and Garbers’ final transaction of 2016 also involved Brookdale, as the company sold two of its Carolina seniors housing communities for $33 million. The Hendersonville, North Carolina community was built in 1985 and 1993 with an independent living building and a separate memory care facility. There was also a 30-year old property in... Read More »
Ensign Expands
The Ensign Group acquired the underlying real estate of a portfolio of 15 Wisconsin assisted living communities nearly a year and a half after taking over the operations under a lease. Formerly owned by Harmony Living Center, LLC, these communities feature a total of 687 units and a combined occupancy of 83%. Ensign financed the purchase with cash from its revolver, and Ziegler handled the transaction, which did not come with a disclosed price. This move reflects a desire of Ensign to own a larger share of its operating portfolio, especially after it spun off many of its real estate assets into CareTrust REIT in 2014. Now, Ensign owns the underlying real estate in 50 of its 209 operations.... Read More »Schedule a demo
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