Joint Venture Acquires Class-A Seniors Housing Asset in Texas
CBRE National Senior Housing acted as the exclusive advisor on the sale of a Class-A seniors housing community in the Houston, Texas MSA. Built in 2012, the community comprises 207 units offering independent living, assisted living and memory care services. CBRE National Senior Housing also arranged acquisition financing for the community on behalf of a joint venture between a national operator and an institutional equity partner. John Sweeny, Senior Vice President and Co-Head of CBRE National Senior Housing, and Aron Will, Vice Chairman and Co-Head of CBRE National Senior Housing, represented the seller in this transaction. The sales price is undisclosed. Will and Tim Root of CBRE... Read More »
Owner/Operator Acquires in Illinois
Evans Senior Investments arranged the sale of a supportive living community in the south suburbs of Chicago, Illinois. Waterford Estates totals 247 units with 170 independent living, 61 assisted living and 16 memory care units. The seller was a New York-based institutional owner seeking to recycle capital. Due to the scarcity of supportive living community transactions in Illinois, the offering generated significant interest from buyers. Following a competitive marketing process, the ultimate buyer was a growing owner/operator with an established footprint in the state. But the purchase price was not disclosed. Read More »
Massachusetts SNF Secures New Future in Behavioral Health
Blueprint’s Behavioral Healthcare Team sold a vacant skilled nursing facility on behalf of a nationally recognized institutional REIT to a buyer that will convert the building into a behavioral health facility. The existing asset is in Agawam, Massachusetts, and was identified as a potential candidate for a behavioral healthcare provider due to the strong patient demand, referral networks and reimbursement for inpatient substance abuse treatment. Andrew Sfreddo, Shane Harmon, Gunnar Raney and Colin Segner of Blueprint targeted behavioral healthcare-focused operators that would push price and terms well beyond vacant SNF values. The ultimate winning bidder was a large, privately held,... Read More »
CareTrust’s Recommended Cash Acquisition of Care REIT by Bidco
CareTrust REIT reached an agreement with the board of directors of Care REIT plc on the terms of a recommended cash offer to be made for the acquisition of Care REIT by CR United Bidco Ltd, a wholly-owned subsidiary of CareTrust. CareTrust has agreed to pay 108 pence in cash per ordinary share of Care REIT. Based on the Sterling to Dollar exchange rate on March 10, the terms of the acquisition represent a Care REIT market capitalization of US$577 million and, together with the assumption of net debt of approximately US$240 million, represents a total purchase price of approximately US$817 million. The acquisition represents a 32.8% premium to Care REIT’s March 10 closing share price and a... Read More »
Walker & Dunlop Handles California Closing
In February, Tony Cassie, Brant Nelson and Sam Thompson of Walker & Dunlop facilitated the sale of a seniors housing community in Concord, California. The seller, a joint venture between a local private investor group and Agemark Senior Living, purchased the community in 2018 and conducted extensive renovations while turning around operations. Built in the 1970s as a nursing home, the community comprises 100 assisted living and memory care units. At the time of sale, occupancy was 98%. CareTrust REIT, in partnership with Kalesta Healthcare, acquired the community for $20.5 million, or $205,000 per unit. Read More »Schedule a demo
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