ESI Closes Record-Setting SNF Sale in North Carolina
A skilled nursing sale in North Carolina set a new pricing record in the state, with Evans Senior Investments handling the deal. ESI was engaged by an independent owner/operator to divest Smithfield Manor, a 160-bed skilled nursing facility in Smithfield, North Carolina (about 25 miles southeast of Raleigh). At the time of marketing, the 1975-vintage property was performing well, with occupancy above 80%. However, it offered a number of expense and revenue optimization opportunities for a strong regional operator to significantly improve performance. Through a competitive three-week marketing process, ESI attracted strong interest, ultimately securing a buyer aligned with the... Read More »
Growth-Oriented Buyer Acquires AL/MC Portfolio in Competitive Market
Blueprint handled the divestment of an assisted living and memory care portfolio dubbed Project Viking. The portfolio includes multiple well-located communities of newer vintage in Minnesota. Connor Doherty and Ryan Kelly handled the transaction. The opportunity presented the ability to acquire substantial scale in a state known for its highly regulated and competitive seniors housing environment, plus a recent increased to its Elderly Waiver Medicaid rate reimbursements. It drew significant interest from a range of national and regional buyers, and after a competitive process, the portfolio was acquired by a buyer focused on growth and long-term value creation within the upper... Read More »
Oklahoma Hospital Divests to Arkansas-Based Joint Venture
Senior Living Investment Brokerage continued its May hot streak with two more closings. First, the firm represented a local hospital that was looking to divest its 55-unit assisted living/memory care community in McAlester, Oklahoma, in the rural eastern part of the state. The community was built in 2017 but lagged behind operationally for years. Occupancy was healthy at 91%, but it operated below a 10% margin on $3.1 million of revenues. It could stand to benefit from a more experienced and seniors housing-focused manager to push rates, control expenses and support its staff. An Arkansas-based partnership that has an operating presence in Arkansas and eastern Oklahoma emerged as the... Read More »
Three Separate Deals Close in Wisconsin
Bob Richards of Senior Care Realty recently closed three separate seniors housing transactions in Wisconsin. First, Richards facilitated the sale of a community in southern Wisconsin on behalf of a seller who had owned the community for more than 25 years and was moving towards retirement. The stand-alone memory care community is on the smaller side with occupancy typically hovering above 90%. It briefly dipped below 90% at closing but the buyer remained confident in a rebound, which has since occurred following the acquisition. Multiple operators placed bids, with the ultimate buyer being a newer owner/operator that was looking to expand its portfolio. The community, which traded at a... Read More »
SLIB’s Active Start to May
Senior Living Investment Brokerage hit a rich vein of activity at the start of May, reporting several closings for seniors housing and skilled nursing assets. First, Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson facilitated the sale of a seniors housing community in Grants Pass, Oregon. Built in the 1960s, Oak Lane Retirement features 20 independent living, 44 assisted living and 16 memory care units. The community was leased to the buyer, a regional owner/operator continuing to expand its presence in the state, about two years ago with an option to purchase, which was executed on April 30. The lease gave the buyer time to improve operations prior to closing and... Read More »Schedule a demo
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