Legend Senior Living Adds Allentown-Area Asset
A Class-A, well performing property outside of Allentown, Pennsylvania, traded to a joint venture between Legend Senior Living and a new capital partner. Alex Florea and Kevin Lukehart of Blueprint handled the transaction. Legend had been operating The Vero at Bethlehem, which opened in July 2023 and stabilized within 18 months. At the time of marketing, the 124-unit assisted living/memory care asset achieved industry-leading occupancy and margins, which we would guess were in the high-90s and high-30s range, respectively. The builder of the project, KBE Building Corporation, listed Columbia Pacific Advisors as the developer. Given the community’s outstanding performance and trajectory,... Read More »
Outcome Healthcare Acquires Pennsylvania SNF
Evans Senior Investments facilitated the sale of Mahoning Valley Nursing & Rehabilitation Center, a 142-bed skilled nursing facility in Lehighton, Pennsylvania. The seller, an independent owner, faced increasing financial and operational pressures in today’s skilled nursing environment. The selected buyer was a regional operator with a growing presence in the state and will rebrand the facility as Mahoning Post Acute Nursing and Rehabilitation. According to Time News, Lakewood, New Jersey-based Outcome Healthcare was the buyer, and the seller was a mom & pop, Mike and Devon Mickey. The pair purchased the SNF in 1999 from Norman Berger, who had owned it since the... Read More »
Sonida Senior Living Increases Its Presence in Texas
Sonida Senior Living finalized its acquisition of a seniors housing community in Texas. Built in 2016, the community features 62 assisted living and 36 memory care units. It shares a driveway with senior-centric healthcare providers and referral sources, and is across from a 294-bed hospital in Mansfield. The property is near existing Sonida assets, bringing the company’s Dallas-Fort Worth portfolio to nine assets and 21 total in the state. This community is Sonida’s highest quality physical plant in this market, but still has a similar profile in services, unit mix and size. Sonida Senior Living intends to invest additional capital to refresh common areas and amenity spaces over the... Read More »
Performing Class-A Asset Trades in Pensacola
Berkadia handled the sale of Summer Vista, a seniors housing community in Pensacola, Florida. Managing Directors Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the transaction. Built in 2016, the 89-unit assisted living/memory care community has always been a strong performer. In fact, after opening in February 2016, it had reached stabilization after just five months. According to LevinPro LTC’s M&A database, a 2017 sale of Summer Vista to CNL Healthcare Properties had occupancy at 95% (it sold for $21.4 million, or $240,400 per unit at the time). Then in February 2020, Summer Vista and a 92-unit AL/MC community in... Read More »
Ziegler Handles Unique Operator Transition
A high-end seniors housing community that caters to the Japanese-American population in the San Francisco, California, area completed a delicate operational transfer, with the help of Ziegler. Kokoro Assisted Living is located in the heart of San Francisco’s historic Japantown and is known for providing culturally sensitive care and an environment that blends Japanese and American heritage through meaningful activities, celebrations and cuisine. The main structure was originally a synagogue and has since converted to seniors housing, expanding in the early 2000s. It had decent occupancy, but operations were never optimized, operating just above breakeven. Sequoia Living, another... Read More »Schedule a demo
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