• Another Senior Care REIT Files for IPO

    Another senior care REIT is eyeing the public markets after filing a registration statement with the SEC for a proposed offering of Class A common stock. National Healthcare Properties’ offering remains subject to market conditions and other customary conditions, and the number of shares and pricing range have not yet been determined. And if... Read More »
  • SLIB Handles High-Quality SNF Sale in Texas

    Matthew Alley of Senior Living Investment Brokerage handled the sale of a high-quality skilled nursing facility in Lubbock, Texas. Built in 2010 and 2013, Crown Point Health Suites features 108 beds and is well maintained. It also performed strongly, with a 20% margin on nearly $14.5 million of revenues, and an 86% occupancy rate. Its independent... Read More »
  • Jaybird Senior Living Acquires Multi-State Portfolio

    An affiliate of Jaybird Senior Living, Jaybird Capital, acquired five senior living communities across Utah, Wisconsin and Minnesota. Jaybird assumed management of the communities in October and stabilized them before executing on the purchase. The company is currently targeting the addition of 15 more communities to its portfolio throughout the... Read More »
  • Newly Formed Investment Firm Enters Senior Care

    An 84-unit assisted living/memory care community in Jacksonville Beach, Florida, recently traded with the help of Continuum Advisors, which represented the institutional joint venture seller. Built in 2014, Beach House has 64 assisted living and 20 memory care units, with 100 licensed beds. It is situated on a barrier island near some of the most... Read More »
  • Seller Divests Geographic Outlier to Large Owner/Operator

    Senior Living Investment Brokerage announced that it sold a well-occupied seniors housing community in Oregon. The building is on an acre in Sheridan, and comprises 44,805 square feet. It was developed in 1996 and features 53 assisted living units. The community was 94% occupied at the time of closing.  Jason Punzel, Vince Viverito, Jake... Read More »
Another Seniors Housing Conversion to Behavioral Health

Another Seniors Housing Conversion to Behavioral Health

Two Texas seniors housing communities found new owners, and a new calling as behavioral health facilities. The communities, totaling 120 units, are located in San Antonio and Dallas and were being divested by an undisclosed seller. Blueprint Healthcare Real Estate Advisors was brought on to sell the assets.  With a Behavioral Healthcare group as well as its seniors housing and skilled nursing platform, Blueprint was able to underwrite both assets as seniors housing and as behavioral health conversion candidates. Ultimately, one regional and one national behavioral health provider were selected as acquirers, with both planning to make capital improvements and apply for new licensing. On... Read More »
Has There Been Any Progress on Labor?

Has There Been Any Progress on Labor?

What has changed with labor in the senior care industry over the last two years? Back in October 2021, LevinPro LTC hosted a webinar discussing the senior care industry’s staffing shortages with CEO of Dwyer Workforce Development, Barb Clapp, and Steve LaForte of Cascadia Healthcare. Those interested in watching Finding It, Retention & Coping with Higher Wages can find the replay link here. Two years later, with the same panelists, Managing Editor Ben Swett hosted Has There Been Any Progress on Labor?, detailing the industry’s path towards labor stabilization, what has gone right, and what still needs to be done. Clapp and LaForte discuss how staffing issues have altered since 2021,... Read More »
60 Seconds with Swett: What Still Needs to Be Done to Solve the Staffing Crisis?

60 Seconds with Swett: What Still Needs to Be Done to Solve the Staffing Crisis?

Will the senior care industry ever solve its labor issues? Before the pandemic, overdevelopment led to high levels of staff poaching in certain markets and rising wages to combat it. Then the pandemic, plus the government checks that kept many workers at home, led to more severe staffing shortages and the necessity for temporary staffing agencies to fill the gap, at exorbitant prices. It was around that time when we hosted a webinar tackling the staffing crisis in senior care and the potential solutions, with panelists Barb Clapp, who had just taken the helm at Dwyer Workforce Development, and Steve LaForte of Cascadia Healthcare, which LevinPro LTC subscribers can watch here. Nearly two... Read More »
Chartwell Retirement Residences: One Big Step Forward

Chartwell Retirement Residences: One Big Step Forward

Trying to increase occupancy for many providers has been a game of two steps forward and then one step backwards. This is usually because of the flu season in the winter months. The hope is always that the recovery will exceed the decline, year after year. The pandemic obviously through a wrench in that one. For Canada-based Chartwell Retirement Residences, the largest operator in Canada with nearly 200 communities in four provinces, the step forward after the winter months will be quite a big one, according to their forecasts. The good news is that their step backwards was much smaller this year than in 2022. Back in 2022, the company lost 130 basis points of census from December 2021 to... Read More »
Is Remote Work Really Impacting Occupancy?

Is Remote Work Really Impacting Occupancy?

There was an interesting article in the Wall Street Journal last week that claimed there is a relationship between soft occupancies in seniors housing and more people working from home. The gist of it was that with more people working remotely full time, or even part time, they are better able to check on mom or dad who might otherwise be thinking about moving into seniors housing, and postponing the move because the kids are more involved. The first problem is that this assumes that the kids live nearby, and the reality is that many of their parents have already moved to warmer climates. The second problem is that it is much more than the need to “check” in on them. If they really need a... Read More »
Brookdale’s Occupancy Continues to Lag Industry

Brookdale’s Occupancy Continues to Lag Industry

Brookdale Senior Living reported its June occupancy levels this week, and while there were increases, those increases lag the increases for the overall industry, and absolute levels of occupancy also continue to lag behind the industry. Weighted average June occupancy was 76.8%, 20 basis points above May but 10 basis points below the occupancy rate last September. That is not progress, even acknowledging that the first half of the year is usually bad for census. Management observed that this was a 160-basis point increase over June 2022. While looking back a year is nice, let’s hope when they do it again in October that they are not showing a small 50-basis point increase year over year.... Read More »