Assisted Living Community Sells in Florida
Vitality Living Lady Lake, an 89-unit assisted living/memory care community in Lady Lake, Florida, has been sold just outside of the senior haven, The Villages. Built in 2010, the 89-unit community comprises 69 assisted living units along with 20 memory care units on over 9 acres. Occupancy stood around 72% in 2021. The seller was a Northeast-based real estate private equity firm which initially purchased the community as part of a larger portfolio. However, this asset was an operational outlier from the rest of the portfolio. So, the seller hired Senior Living Investment Brokerage to find a buyer, which ended up being an unidentified regional owner/operator looking to add to their... Read More »Bender Companies Invests in Active Adult
Chicago-based investment firm Bender Companies has spent $20.5 million, or $118,500 per unit, in Burbank Manor, a 173-unit active adult complex in Burbank, Illinois. Built in 1985, the apartments sit on 6 acres in the suburbs of Chicago. The property is well maintained and offers its residents a variety of amenities including secured outside entries, balconies, in-unit washers and dryers, and on-site parking with 300 tenant spaces. The buyer is a company that shares a Chicago address with Bender. Burbank Manor previously sold in 2021 for $14.6 million, or $84,400 per unit. That means the seller, Advantage Management, sold the complex for 40% more than their original purchase price. Given... Read More »Brookdale Continues To Grow Census
Brookdale Senior Living continues to see census growth, posting its best second quarter sequential weighted average occupancy growth in more than 10 years. And remember, the second quarter has not been the industry’s friend for the past decade or so, so this is a great set up for the rest of the year. Weighted average occupancy in June was 75.2%, up 60 basis points from May and up 400 basis points from June in 2021. Before we pop the corks, occupancy in the mid 70 percent range is still quite low, and a far cry from Brookdale’s 84.5% in the fourth quarter of 2019, or 89.0% in the fourth quarter of 2013. But it is a step in the right direction. It is just that we need to see a lot of these... Read More »60 Seconds with Swett: Healthcare M&A Activity Drops
The second quarter saw senior care M&A sustain its very high level, but deal activity across the other 12 healthcare sectors that we track on our LevinPro HC platform experienced a 9% drop in dealmaking from 622 publicly announced deals in the first quarter of 2022 to 568 in Q2. Compared to Q4:21, the quarterly deal total has also dropped by over 10%. We cover a number of healthcare sectors from hospitals and home health to eHealth and Biotech, and the most popular sector of late (by far) has been Physician Medical Groups. Last quarter, we recorded 142 PMG deals, 54% of which were made by a private equity buyer. Compare that to 5% of the 135 long-term care deals announced in the second... Read More »Greystone Refinances Carrington at Lincolnwood
Greystone arranged a $116 million bank refinance of Carrington at Lincolnwood, a large seniors housing community in the Lincolnwood suburb of Chicago. The community comprises a total of 383 units, split between 251 independent living units, 88 assisted living units and 44 memory care units. It was co-developed by South Bay Partners and Chicago’s Bluhm family. Greystone’s Cary Tremper and Matt Miller secured the refinancing for Dallas-based Harbert South Bay, the result of a December 2021 merger between Harbert Management Corp. and South Bay Partners. Read More »Schedule a demo
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