REIT Acquires Full-Continuum Community
Amy Sitzman and Giancarlo Riso of Blueprint facilitated the sale of a full continuum, Class-A asset in North Ogden, Utah. Opened in 2019, The Lodge at North Ogden has 22 independent living, 70 assisted living and 30 memory care units. The community exhibited consistently strong cash flow and historically successful operations. Plus, there is expansion potential through the ability to develop 26 independent living cottages. During the marketing process, the outgoing operator made some adjustments to the go-to-market strategy that resulted in a drop in occupancy and a shift in overall performance metrics. Despite this, the process generated nine competitive offers after emphasizing the... Read More »
Joint Venture Continues to Grow Its Portfolio
Blueprint represented a large, institutional private equity firm in its divestment of an assisted living and memory care community, which Benchmark Senior Living and National Development ultimately acquired. Built in 2013, the 85-unit Arbor Terrace Roseland is in Roseland, New Jersey, near New York City. It was over 91% occupied with an EBITDAR margin of around 30% at the time of the sale. The asset has historically demonstrated resilient performance with occupancy in the mid-80s and healthy margins dating back to 2019. Steve Thomes, Korzy Buzin, Brooks Blackmon and Lauren Nagle handled the sale, and Synovus Bank provided acquisition financing. This purchase expands Benchmark’s Garden... Read More »
LTC Properties Divests More SNFs
LTC Properties has completed its effort to divest seven skilled nursing facilities after one of its top 10 operating partners decided it was not renewing its master lease for these facilities, instead choosing to downsize and exit some states. In early October, the REIT announced that it sold two of the skilled nursing facilities in Florida for $42 million, or $175,000 per bed, with expectations of a gain on the sale of approximately $26 million. The company more recently announced that it completed the sale of the other five facilities. The four Virginia SNFs sold for $51 million and the California asset sold for $29 million. LTC Properties expects a gain on this sale of... Read More »
PE Firm Divests to Cedarhurst Senior Living
Cedarhurst Senior Living announced that it acquired The Enclave of East Louisville, now known as Cedarhurst of East Louisville. The Class-A Kentucky community delivered strong occupancy and stable margins, and there is potential to increase the property’s NOI in the short term. Built in 2012, it features 56 assisted living and 24 memory care units on 5.9 acres. Kyle Hallion, Lauren Nagle and Brooks Blackmon of Blueprint handled the transaction, representing an institutional private equity seller that was a repeat client. There was a competitive marketing campaign that garnered multiple private capital bids, with a final round of tours that enabled the firm to drive pricing and secure... Read More »
Northeast Owner/Operator Expands in Pennsylvania
A personal care home in Pennsylvania was sold with the help of Jeff Binder, Bradley Clousing, Dan Geraghty, Dave Balow and Lucas Doll of Senior Living Investment Brokerage. It was built in 1998 and sits within the Pittsburgh metropolitan area. The seller was a national owner/operator that deemed the property to no longer fit in its long-term operational objectives. The identified buyer was a rapidly growing Northeast-based owner/operator looking to expand its presence in the Pittsburgh, Pennsylvania MSA. The private buyer’s existing portfolio comprises seniors housing communities in New Jersey and one community in the Pittsburgh area. The principals have held various roles in the... Read More »Schedule a demo
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