• 12 Oaks Senior Living Appoints New CFO

    12 Oaks Senior Living appointed Elliott Westerman as CFO, effective immediately. Westerman has more than two decades of leadership experience across senior living, healthcare, and real estate sectors. As CFO, Westerman will oversee all aspects of financial management, including financial planning and analysis, capital structure strategy,... Read More »
  • Ensign/Standard Bearer Adds Two Facilities

    The Ensign Group acquired a couple of skilled nursing facilities through its real estate subsidiary Standard Bearer Healthcare REIT. The first purchase was for Duncanville Healthcare and Rehabilitation Center, a 124-bed SNF in Duncanville, Texas, which will be operated by a third-party operator subject to a long-term, triple-net lease. Ensign... Read More »
  • HTG Closes Two Separate SNF Transactions

    Healthcare Transactions Group (HTG) recently closed two transactions in Missouri and Maryland. The Show Me State deal involved Baptist Home of Independence, an 118-bed skilled nursing facility and 20-bed Residential Care Facility in the town of Independence. Built in 1977, the campus received a major renovation in 2021 and was 65% occupied. ... Read More »
  • VIUM’s New H1 Record

    VIUM Capital completed the first half of 2025 with an impressive $780 million in transaction par value. That volume was closed across 32 transactions, 51 separate properties and 14 states, comprising both bridge and permanent debt. It represents the strongest first half of the year in the company’s history. Part of that activity was more than... Read More »
  • Kiser Group Launches Seniors Housing Division

    Kiser Group, a leading multifamily brokerage firm, has announced the launch of its new Seniors Housing Division with the addition of industry veteran Mark Myers as Partner. This strategic expansion reflects the firm’s commitment to meeting the evolving needs of investors and operators in the growing senior living sector. With more than 30 years... Read More »
Second Quarter M&A Soars Above 100 Deals

Second Quarter M&A Soars Above 100 Deals

Boosted by an especially strong April, senior care M&A in the second quarter skyrocketed above 100 transactions for just the second time ever, according to DealSearchOnline. The industry seemed to be in a deal slump over the past year and a half, never surpassing 81 deals in a quarter and falling way off the pace set in 2015 when we recorded 99 deals in Q3:15 and 108 deals in Q4:15, the all-time record. However, this April set the tone for the quarter with 47 deals announced. Activity petered out a bit as the quarter wore on (35 deals in May and just 22 in June), but that could be the effects of the summer lull. Either that, or everyone was deal-ed out by Memorial Day. In the end, we... Read More »
Buyers Paid Up For Larger Seniors Housing Communities

Buyers Paid Up For Larger Seniors Housing Communities

According to the 23rd Edition of The Senior Care Acquisition Report, the average price paid per unit rose for all size groupings of seniors housing communities sold in 2017, which includes independent living and assisted living properties. Once again, the larger seniors housing communities commanded the higher prices (averaging $260,100 per unit), as these institutional properties can take advantage of scale to increase cash flow, and thus value. The smallest properties accounted for the smallest average price per unit, at $167,300, and are typically made up of smaller, “B” properties. However, this grouping also includes boutique memory care communities that, while small, charge more for... Read More »
Skilled Nursing Prices Slide Up With Size

Skilled Nursing Prices Slide Up With Size

There was a perfect correlation between size of skilled nursing facility sold and the average price per bed in 2017. In general, the smaller the nursing facility, the lower the price, and the larger the facility the higher the price. In 2016, the correlation existed except average prices declined for those facilities over 180 beds in size, according to the 23rd Edition of The Senior Care Acquisition Report. In today’s market those nursing facilities with fewer than 80 beds usually command the lowest average price. In 2017, that average price was just $53,750 per bed, down 13.5% from 2016. There was a significant percentage jump in average price for those facilities with between 80... Read More »
Cash Flow Pushes Up Seniors Housing Prices

Cash Flow Pushes Up Seniors Housing Prices

Many buyers prize a community’s cash flow over many other factors when looking for relatively safe investments that can provide returns to their capital providers. The past three years haven’t reached the record set in 2014 of $14,200 per unit, but in a year where the average price per unit for seniors housing (independent and assisted living) increased, it makes sense that NOI per unit would increase in turn. Driving the NOI per unit up to the $14,200 per unit mark was the assisted living sector, which accounted for 23 of the top 25 recorded values, and very high NOI per unit results, per the latest Senior Care Acquisition Report. The improved existing cash flow seems to have outweighed... Read More »
Cash Is King For Skilled Nursing Targets

Cash Is King For Skilled Nursing Targets

When buyers value a skilled nursing facility, or any senior living property, it is always the absolute level of cash flow (NOI) that matters, not the operating margin or expense ratio. Buyers are purchasing a stream of net cash flow, and that net cash flow is going to provide the returns to capital providers. As long as cap rates remain stable, which they certainly have in the skilled nursing sector, when cash flow increases, the prices paid increase. From 2008 to 2015, the average cash flow per bed of SNFs sold increased by 63% (peaking in 2015 at $9,600 per bed), and this was driving the five straight years of record average prices for skilled nursing facilities, according to the 23rd... Read More »
Buyers Paid Up For Larger Seniors Housing Communities

The Price of Profitability in Skilled Nursing

For the fifth year in a row, there has been a perfect correlation between the average price per bed and the expense ratio of those skilled nursing facilities sold, according to the 23rd Edition of The Senior Care Acquisition Report. This makes perfect sense but does not always happen when you have skilled nursing facilities in good markets that are mismanaged, usually on the expense side, but often combined with low Medicare utilization. Even though the operating margin (the inverse of the expense ratio) is important and can impact value in the acquisition market, it is the absolute level of cash produced at the facility that is always the most important factor. If there is a low expense... Read More »