Laying the ground work
After a solid end of year in deal volume for The JCH Group, as detailed in the January issue of The SeniorCare Investor, which also included the sale, arranged by Jim Hazzard and Nick Stahler, of a 35-unit memory care community in Orange County for $6.25 million, or about $179,000 per unit, the firm is looking forward. And while the fourth quarter was a healthy one for JCH, Q1:16 should see quarterly sales volume of up to $75 million. So, stay tuned to follow those closings. Read More »
CommuniCare grows in Maryland
Cincinnati-based CommuniCare Health Services became the second largest provider of skilled nursing care in Maryland when it acquired six facilities in the state, and one in West Virginia. The transaction added over 900 beds to its portfolio, which includes nearly 15 post-acute care facilities and nearly 2,000 beds in Maryland, and 35 facilities in four other states. All of the seven acquired facilities were formerly White Oak Healthcare facilities. For CommuniCare, which as of September 30, 2015 operates 36 properties for Omega Healthcare Properties, this is a big step outside of its center of operations in Ohio, where it currently operates 31 skilled nursing and rehab facilities. Read More »From good to great
National Health Investors (NYSE: NHI) added a well-run independent living community in Chehalis, Washington (40 miles south of Olympia) to its portfolio for a purchase price of $9.25 million, or $96,400 per unit, with an 8.7% cap rate. Built in phases from 1986 to the early 2000s, the community features a mix of apartment-style units and cottages, and is 95% occupied. It operates at a 35% margin on approximately $2.3 million of revenues, which can improve. Plus, sitting on 24 acres next to a medical center, there is also room to expand for NHI, which leased the community to a partnership between Marathon Development and Village Concepts Retirement Communities for a period of 15 years and... Read More »
CBRE sells MorningStar trio
For over $400,000 per unit, a joint venture between MorningStar Senior Living and Arcapita, a Bahrain-based global investment manager, purchased (in two transactions) a portfolio of three newly built assisted living/memory care communities in Colorado. One of the properties, a community in Jordan with 55 AL units and 29 MC units, opened in July 2014 and was already 80% occupied at the time of the sale. It sold for approximately $34.5 million, or $411,000 per unit. While the other two properties, located in Colorado Springs, included a 48-unit MC community that opened in September 2014 and an already stabilized community with 45 AL units and 19 MC units that opened in late 2013. Combined... Read More »
Blueprint for 2016
Making a splash so far in 2016, Blueprint Healthcare Real Estate Advisors recently announced five end-of-year closings, including two leases. First (and the largest) was the sale of a 206-unit independent/assisted living community in O’Fallon, Missouri to CNL Healthcare Properties for $54 million, or $262,100 per unit. Originally built 10 years ago with 116 IL units and 40 AL units, the seller, a joint venture between AEW and First Capitol Group, after purchasing the community in 2011 for $26 million, invested nearly $10 million to add a new 50-unit AL building and to convert 22 AL units to 24 memory care units. The MC units were fully leased by closing, but the community historically has... Read More »Schedule a demo
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