Minnesota SNF Finds New Owner
A skilled nursing facility near Minneapolis, Minnesota, found a new owner with the help of Bob Richards of Senior Care Realty. The facility, built in 1965 and featuring more than 75 beds, was operating around breakeven on approximately $6.5 million of revenues. It was occupied in the low-60s at the time of the deal, so there is certainly room for improvement for a new owner. The seller, a mom & pop, listed the facility at the end of 2023, which is when the facility came under LOI, before it finally sold this month. The offering price was $5 million, but we believe the facility sold for under that. The buyer was an owner/operator with other facilities in the state that used a... Read More »
IRA Capital Acquires in Colorado
BWE Investment Sales brokered the sale of an assisted living and memory care community in Loveland, Colorado. The seller was Hunt Midwest, a Kansas City-based real estate development company, which had Integral Senior Living operating the community. Since 2010, Hunt has developed 850 assisted living and memory care residences at its Capstone and Benton House branded communities across five states, including Colorado, Florida, Missouri, Kansas and Tennessee. Built in 2023, Capstone at Centerra comprises 102 units (56 AL and 46 MC) and was 88% occupied when the sale was negotiated and 95% occupied at closing. We also understand that the community was operating at a very strong margin,... Read More »
Asbury Communities Expands Portfolio in Delaware and Pennsylvania
Asbury Communities announced the acquisition of two seniors housing communities in January, bringing its portfolio to 11 communities in four states, including Pennsylvania, Maryland, Delaware and Tennessee, positioning the organization for continued growth. Asbury acquired Ivy Gables and Grace Park from a mom & pop who built the communities. Both were performing well at the time of sale, and today. Built in 1950, Ivy Gables is an assisted living and memory care community in Wilmington, Delaware. The community comprises 44 assisted living beds, and also 18 memory care beds in nine units. It was converted into a nursing home in 2005 with further renovations in 2013 before it... Read More »
Real Estate Investor Purchases Pennsylvania Community
Blueprint was engaged by a private investor group to facilitate the sale of a personal care home in the Pittsburgh suburb of Canonsburg. This property was subdivided and sold separately from Blueprint’s previously announced bankruptcy sale of nine skilled nursing facilities in Western Pennsylvania. Built in 2001, North Strabane Retirement Village comprises 64 units and 70 beds and is adjacent to its sister skilled nursing facility. The nearly 50,000 square-foot, two-story building sits on approximately seven acres and consists of six semi-private rooms, 25 studio apartments and 33 one-bedroom units. Unit sizes range from 135 to 342 square feet and all units feature private bathrooms. It... Read More »
Two IL Communities Secure Acquisition Financing
BMO’s Healthcare Real Estate Finance group announced it closed on a $34 million facility for affiliates of Focus Healthcare Partners to finance the acquisition of Novel Place at Overland Park, a 109,000-square foot, 134-unit independent living community in Overland Park, Kansas, and Novel Place at Blue Springs, a 109,000-square foot, 134-unit independent living community in Blue Springs, Missouri. The communities were each originally developed in 2020 and were each around 95% occupied. Focus has hired Evolve Senior Living to manage the communities. Read More »Schedule a demo
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