Clousing Closes
Brad Clousing of Senior Living Investment Brokerage continued his busy month by facilitating, with Patrick Byrne, the sale of three skilled nursing facilities in Florida. Totaling 436 beds, the properties included a 155-bed skilled nursing facility in Clewiston that was built in 1978 with an addition in 1995 and renovations in 2005 and 2012, a 185-bed facility in Lakeland built in 1960 with renovations in 1980, 1990 and 2014, and a 96-bed facility in St. Petersburg that was built in 1946 and 1964 with a recent renovation. Overall occupancy was 85%. The real estate and operations were sold separately, as the operations sales was the result of a Chapter 11 bankruptcy. Combined, the purchase... Read More »SLIB’s successful sale
A New York-based buyer hopped across the border to Connecticut to acquire a 162-bed skilled nursing facility. Built in the 1970s, the facility was lagging slightly in census and quality mix from historical levels. The seller was a regional operator, which enlisted the help of Toby Siefert, Nick Cacciabando and Pat Byrne of Senior Living Investment Brokerage to handle the transaction. Read More »Enlivant lives on!
Enlivant, the Chicago-based owner/operator of assisted living communities, recently purchased a memory care community and an AL/MC community, both located in Georgia. Enlivant is the successor company to the former Assisted Living Concepts, which has been in the news of late when its former CEO Laurie Bebo’s case against the SEC was recently rejected by the Supreme Court. Back to the deal, the 42-unit memory care community (which has some high acuity units too) in Rome was built in 1999, while the community in Cedartown was built in 1991 with 29 AL units, plus 20 MC units added in 2014. Under its ownership by the seller, Winthrop Senior Living, the occupancy had varied over the years, but... Read More »Yuba to be kidding me
A Southern California-based real estate entrepreneur is selling their remaining seniors housing asset, a 71-unit assisted living/memory care community in Yuba City, California that it purchased over 10 years ago. The acquisition was meant to be a turnaround opportunity (the facility was built in 1993), with the buyer bringing in a third-party operator and spending over $1 million in capital improvements since 2008. Today, occupancy is around 91%, and the community is operating at roughly a 34% margin on $2.9 million of revenues. The new owner, a real estate investment and management firm, is growing its seniors housing portfolio, with this deal representing its twelfth acquisition in the... Read More »
SLIB does Thonotosassa
A buyer has the potential to get even more bang for their buck when it purchased a 51-unit assisted living/memory care community in Thonotosassa, Florida (Tampa MSA). The community, built in 1963, was extensively renovated and converted to AL/MC in 2008, giving it the look of a purpose-built asset. The building has large-enough floor plans, and the physical plant capability, to increase the building’s bed capacity and grow revenues. Those plans, however, were not pursued by the single-asset owner that was looking to exit the market. There were still some immediate capex needs, some deferred maintenance and an inconsistent operating history at the community. The buyer, a private capital... Read More »Schedule a demo
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