Big players entering the stage
The seniors housing development market is increasingly drawing attention from investors outside the senior living world. Some of you may have seen multifamily investor Drever Capital Management, with a portfolio of 170,000 apartments for middle income families, entering the seniors housing business with a plan to spend upwards of $500 million over the next 10 years in acquiring and developing senior housing properties, including independent living, assisted living and memory care projects. This isn’t the first foray into seniors housing world for Drever, which in 2012 purchased a 4-year old independent living community with 124 units in Lexington, South Carolina when the community was 50%... Read More »Build or buy?
In our 2015 Senior Care Acquisition Report, which will come out later this month, we dissect over 70 statistics in the senior housing and skilled nursing M&A market. Here is a sneak peak at one of them. It was no surprise that the Northeast region topped the charts in terms of the average price paid per unit in seniors housing (independent and assisted living), at $281,700 per unit. But, all regions, including the perennial lowest cost North Central region with $147,000 per unit, significantly increased in value on a price per unit basis from 2013 to 2014. However, on the development side (looking at seniors housing developments since early 2013), the most expensive region to build was... Read More »Integral Senior Living growing
Carlsbad, California-based Integral Senior Living is making a big move outside of its home state. Strictly a third-party manager, ISL was founded in 2000 by Sue Farrow (formerly of Aegis Living, Sunrise Assisted Living and Transamerica Senior Living) and is now one of the largest providers of senior care in California. But in addition to adding five more California communities to its management portfolio in the coming year, ISL is making a big push across the country. ISL already has a presence in 10 other states outside of California, but will manage new communities in Texas (3), Missouri (2), Colorado (2), Utah (1), Nevada (1), Tennessee (1) and Georgia (1). The properties, which will be... Read More »Balfour opens in downtown Denver
A 275,000-square foot, 205-unit senior living community with five stories of independent living and three stories of assisted living and memory care opened this month in Denver, Colorado, coming with a $78 million, or $380,500 per unit, price tag. The Balfour at Riverfront Park’s urban setting, located in downtown Denver, makes it unique in the senior living world, being walking distance to theaters, restaurants and shops. The building features 112 IL units (which opened in October 2014 and are half-filled so far), 65 AL units and 28 MC units, which are on a separate secure floor. Michael Schonbrun, the developer and owner, opened his first Balfour Retirement Community in Louisville,... Read More »Big investment from Capitol Seniors Housing
Capitol Seniors Housing (CSH), a real estate investor/developer specializing in seniors housing, recently announced that it had invested over $90 million in four senior living developments, all set to open in 2015. For roughly $34 million, or $312,000 per unit, CSH plans to open a 109-unit assisted living/memory care community (which includes a 39-unit freestanding memory care community) this month in Torrance, California, to be managed by Integral Senior Living. In May, a 79-unit AL/MC community (with 54 AL units and 25 MC units) is expected to open for a total cost of approximately $23 million, or $291,000 per unit. The building is located in Marlboro, New Jersey, which is about 30 miles... Read More »Schedule a demo
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