• Community First Solutions Acquires Again in Ohio

    Ziegler was engaged by Marquee Capital, the real estate company affiliated with Marcus Investments, LLC, the Marcus’ family office, in the sale of its seniors housing community in Mason, Ohio. Built in 2020, BrightStar Senior Living of Mason sits on 3.2 acres with 41 assisted living and memory care units. The community was well occupied at 90%,... Read More »
  • Joint Venture Acquires Nashville Active Adult Community

    An active adult community in Germantown, Tennessee, found a new owner thanks to the team at Newmark. Built in 2020, Avenida Watermarq is a 161-unit, Class-A active adult community in an affluent suburb of Nashville. There are one- and two-bedroom options averaging 919 square feet per unit. Occupancy was 87%. Inspired Real Estate Partners and GEM... Read More »
  • Institutional Owner Divests Ohio Facility

    Evans Senior Investments arranged the sale of a skilled nursing facility in Ohio on behalf of an institutional owner looking to exit the market. The facility comprises 88 beds and 20 independent living units, which served as a referral source for the nursing home. The buyer was a regional owner/operator that is actively expanding in Ohio. This is... Read More »
  • Strawberry Fields Completes Missouri SNF Portfolio Acquisition

    Strawberry Fields REIT, Inc. announced that it completed the acquisition of nine skilled nursing facilities comprising 686 beds in Missouri for $59 million, or $86,000 per bed. The REIT completed the acquisition using cash on hand and the issuance of approximately $2.0 million in OP Units of Strawberry Fields REIT LP to the seller. Eight of the... Read More »
  • Macquarie Asset Management Launches Health Wave Partners

    Macquarie Asset Management, which has over 35 years of experience in the real estate sector and a current network of 15 specialist operator investments globally, announced the launch of Health Wave Partners, a seniors housing platform aimed at targeting investments in modern seniors housing assets alongside established operators. The platform... Read More »
NIC Data Shows Slow Occupancy Recovery

NIC Data Shows Slow Occupancy Recovery

According to most recent aggregated NIC data, occupancy in the third quarter rose to 80.1%, after having stagnated in the previous two quarters at 78.7%. It’s great to see this positive movement, but we are still a long way away from pre-pandemic occupancy levels, and we would have hoped to see more growth heading into the holiday and flu season. This average is also not an indicator of how other institutional operators and REITs are performing, or the industry as a whole, but there are just no other comprehensive sector-wide statistics out there. As we reported last month, Sabra Health Care REIT, Inc. disclosed a 716-basis point increase in occupancy between February and July 2021. Senior... Read More »
Brookdale Senior Living Issues Occupancy Update

Brookdale Senior Living Issues Occupancy Update

Brookdale Senior Living issued an occupancy update, and the results were positive, but a little muted. The good news is that the company saw occupancy grow 50 basis points from July to August after an 80-basis point increase from June to July. Brookdale does expect another sequential monthly occupancy gain in September 2021, but likely a more moderated rate. The company attributed this to potential residents and their families becoming more cautious or temporarily delaying their decision to move into seniors housing communities in certain areas, as a result of the Delta variant. That shouldn’t surprise many. As of September 22, 2021, approximately 97% of Brookdale’s communities... Read More »
Several Companies Report August Occupancy Gains

Several Companies Report August Occupancy Gains

Several companies have released occupancy updates for the month of August, and there were some mixed results. However, for the most part, these top players reported large basis-point gains over several months, and even between July and August. This consistency among businesses bodes well for a return to normalcy in the skilled nursing and seniors housing industries. After announcing their agreement to provide Recovery Centers of America with a $325 million mortgage loan this week, Sabra Health Care REIT, Inc. reported occupancy gains across several of their portfolios. Among their top eight skilled nursing operators, they have seen a 554-basis point increase between late December 2020 to... Read More »
Brookdale Senior Living Census Jumps

Brookdale Senior Living Census Jumps

The census problems at Brookdale Senior Living definitely bottomed out late in the winter of this year. Weighted average occupancy in both February and March was 69.4%, a level at which it is tough to make money. But that has increased by 180 basis points in June to 71.2%, still a low number but moving in the right direction. And it has increased for three straight months at a time when historically the industry sees little occupancy gains.  Occupancy levels at the end of each month have done even better. These bottomed out in February at 70.1% and increased for four straight months, ended June at 72.6% for a 250-basis point increase in four months. Again, this is a time... Read More »
Second Quarter Occupancy Results

Second Quarter Occupancy Results

NIC MAP just released its second-quarter occupancy trends results, and unfortunately, it was not what the industry had hoped for. For the overall seniors housing industry, average occupancy remained flat at 78.7% from the first quarter to the second quarter.   Given the reports of bottoming out by March for several of the large operators and the REITs with large operating portfolios, and strong census increases in April and May, we were a bit surprised that the quarter-to-quarter change was stagnant. We figured maybe at least a 50-basis point increase or higher. The one thing this tells us is that the early spring momentum did not carry over into June. Or possibly it was the... Read More »
NIC Data Shows Slow Occupancy Recovery

M&A in May Falls Flat

Despite the positive occupancy news coming out of seemingly every earnings announcement in May, buyers held back this month, announcing just 26 transactions. To be fair, that total beat’s February’s 25 publicly announced transactions (albeit being a 28-day month), and tied January. But it was off of March’s 29-deal tally and April, when a “whopping” 32 deals were announced.   We know that plenty of both buyers and sellers are waiting for a three- to six-month period of sustained occupancy and NOI growth before either risking the purchase or getting the desired price. But with a surge of deals closed at the end of April, we also thought a certain barrier had been broken and... Read More »