Another Holiday portfolio sells to a REIT
So goes another large portfolio of Holiday Retirement properties, with NorthStar Realty Finance’s acquisition of 32 independent living communities from affiliates of Harvest Facility Holdings, itself an affiliate of Holiday. The acquisition marks another step towards Holiday’s owner Fortress Investment Group’s goal of transforming Holiday into an operating company. In fact, since October 2013, Holiday has sold over 200 properties totaling about $5.1 billion. In that time, nearly all of those assets were sold to REITs, such as New Senior Investment Group, Sabra Health Care REIT, National Health Investors and Ventas, and that is no different in the most-recent transaction. NorthStar Realty... Read More »The Hollinger Group exits the seniors housing market
Last month, we wrote about Care Investment Trust’s purchase of the Hollinger South Portfolio, which included five properties in South Carolina (4) and Florida (1) and sold for $29.1 million, or $103,000 per unit. This month, the remaining senior living properties owned by The Hollinger Group, dubbed The Hollinger North Portfolio, were sold to Care Investment Trust, a subsidiary of Tiptree Financial, Inc., for $54.48 million, or about $181,000 per unit, with a 7.5% cap rate. The communities, which consisted of 299 units of assisted living and memory care units, were located in Maryland (3), New Jersey (1), Pennsylvania (1) and Virginia (1). Average occupancy was around 94% and the... Read More »The end of the Sunwest Management saga
At long last, the end of a saga. The final Sunwest Management properties of the portfolio purchased by Lone Star, have been sold, and it was somewhat of a unique sale. For reasons that are too detailed to discuss, the properties were the last ones in a private REIT established years ago by the seller, and the sale had to be the purchase of the entity as opposed to the purchase of the outright real estate. SilverStone Health Care Real Estate figured out a way to get it done, and they closed on this portfolio for about $112,000 per unit. The portfolio included a 340-unit IL/AL/MC campus in the Peoria/Sun City area of Arizona and a 148-unit AL/MC community in Yuma, Arizona. The total purchase... Read More »Seniors Housing Portfolio in New England Sells For Top Price
Nine properties in three states sell for over $500,000 per unit, more than doubling in value in 10 years. Patient capital in seniors housing can certainly reap its rewards. Take the case of Boston-based Intercontinental Real Estate, which purchased nine senior living communities in New England from BayNorth Capital in 2005 for approximately $225,000 per unit. The one constant in the portfolio was Benchmark Senior Living, which was a minority co-investor with BayNorth and managed the portfolio. With the sale in 2005, they remained as the manager, and also stayed in as a co-investor. The portfolio has now been sold again, but for about $521,000 per unit. Individual properties have sold at a... Read More »Ventas Closes ARC Deal
American Realty Capital Healthcare Trust shareholders trade their shares for Ventas shares. At the end of last week, Ventas closed on its acquisition of American Realty Capital Healthcare Trust. The deal was first announced last June 2 as a stock-for-stock transaction valued at about $2.6 billion, with up to 10% of the ARC shares redeemable for cash. At the time, Ventas was trading at about $66 per share, but its shares have increased by almost 17% to $77 since then. Fewer than one million shares of ARC took the cash option, with almost all shareholders taking the Ventas stock. And why not? The shares had appreciated, Ventas has a growing dividend, interest rates aren’t going anywhere... Read More »Schedule a demo
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