July Sparked a Surge at Senior Care Realty
Chad Wegner of Senior Care Realty experienced a busy July, closing four separate transactions involving several seniors housing assets. First, Wegner facilitated the sale of an assisted living portfolio comprising three communities. The seller was a mom & pop with an existing footprint in the state. Built in the last 20 years and all having been updated more recently, the communities each feature eight beds in Madison, Wisconsin. The residents are high-acuity, and it is mostly private pay. NOI was strong, with the seller running close to a 35% margin, putting the cap rate at around 12% to 13%. The buyer, an existing in-state owner/operator looking to expand, paid $4.3 million,... Read More »
Not-For-Profit Divests CCRC to Optalis Healthcare
Blueprint facilitated the sale of a CCRC in Grand Rapids, Michigan, on behalf of not-for-profit Samaritas. Following 50 years of providing senior care services, Samaritas has a renewed focus on creating a holistic service experience through four core areas of impact, including child and family services, behavioral health, refugee services and affordable housing. Having served the Grand Rapids and surrounding communities for over 35 years, Samaritas gradually expanded and renovated the campus since its original construction in 1977, with the most recent introduction of 24 independent living cottages between 2013 and 2015. Additionally, the 40-acre campus consists of 148 independent... Read More »
Allaire Acquires Philly SNF
After over 70 years of providing skilled nursing services in the Philadelphia area, a Catholic not-for-profit, the Ministry of Felician Franciscan Sisters, decided to divest its 176-bed skilled nursing facility with the help of Justin Knapp and the East Coast team of the Knapp-Stahler Group at Marcus & Millichap. St. Ignatius Nursing & Rehab Center was built in 1952 and features all dually certified beds across 96,000 square feet. Occupancy was above 70%, and the overall operations and cash flow could be improved. As part of their strategic initiatives, leadership at St. Ignatius elected to pursue a sale with an experienced and growing operator. The Knapp-Stahler Group procured... Read More »
Brookdale Out at Battery Park
After a long and storied past with its seniors housing community in lower Manhattan, Brookdale Senior Living is leaving its Battery Park location. Ventas, the landlord, selected Sunrise Senior Living to be the community’s new manager, adding a third community to the operator’s Manhattan portfolio. Anyone who heard former Brookdale CEO Mark Schulte address the ASHA annual meeting in the aftermath of 9/11 will never forget it. He talked about their newest project in lower Manhattan, and there was nary a dry eye in the room. The community, called The Hallmark at Battery Park at the time, was still in lease-up, covered in inches of dust and debris, and had to be evacuated. The industry... Read More »
Legend Senior Living Adds Philly-Area Community
Legend Senior Living has assumed the management of a senior living community in the Philadelphia, Pennsylvania MSA. Built in 2023, Crescent Fields at Huntingdon Valley features 196 independent living, assisted living and memory care units. It stands three stories tall in Huntingdon Valley. The transition will take place immediately. This is Legend’s ninth property under management in Pennsylvania and its second in the Philadelphia area. Over the past year, Legend has added 12 buildings to its portfolio. The company’s portfolio now comprises 60 senior living properties under management across six states (Florida, Colorado, Texas, Kansas, Oklahoma and Pennsylvania). Read More »
PE Firm Goes from Development to Acquisitions
A private equity firm previously focused on development made the switch to M&A in acquiring a newer-vintage but value-add memory care community in an affluent suburb of Chicago, Illinois. The move makes sense, given the opportunities to acquire quality physical plants for below the cost to build, and usually far below that cost. Built in 2015, Gurnee Place Memory Care features 42 units in the town of Gurnee. The community was 90% occupied and had positive cash flow, but a receiver engaged Blueprint to maximize proceeds for the bank and stakeholders involved. They received five offers from private equity groups, real estate investment firms and regional owner/operators before a... Read More »
Newmark Sells Virginia Community
Newmark’s Seniors Housing Team facilitated the sale of a seniors housing community in Virginia. Built in 1988 and renovated in 2017, The Devonshire comprises 159 independent and assisted living units across two stories in the town of Hampton, near Newport News and Norfolk. Details surrounding the seller, buyer and financials were not disclosed. The transaction closed on August 21. Read More »
Solinity Acquires Georgia Memory Care Community
A new brokerage firm in the seniors housing and care industry has closed its first transaction, which involved the sale of a standalone memory care community in Johns Creek, Georgia (Atlanta MSA). Built in 1996, St. Ives Memory Care comprises 38 units. This community was closed in July 2023. Marcus & Associates Senior Living was subsequently brought on to take it to market. The community experienced operational setbacks due to the pandemic, putting a real dent in cash flow, resulting in Aureas Health Group’s decision to divest. Further complicating things was a winter freeze, which resulted in a flood in the community. Fortunately, it was vacant at the time. Now, the community is in... Read More »
Regional Owner/Operator Purchases Struggling Nebraska SNF
Evans Senior Investments handled the sale of a skilled nursing facility in Lincoln, Nebraska. The transaction was executed on behalf of an independent owner/operator that was ready to transition out of the industry. Built in 1974, Holmes Lake Rehabilitation & Care Center features 97 beds across 51 units on seven acres. At the time of marketing, occupancy was at 61%, with fluctuations between 70% to 85% in years prior. The facility had also been dealing with the difficulties stemming from a one-star CMS rating. ESI targeted a select group of prospective skilled nursing buyers, looking for one with the expertise and resources to turn the property’s performance around. The ultimate... Read More »
Community First Solutions Acquires Ohio Asset
The not-for-profit Community First Solutions acquired an assisted living/memory care community in Beavercreek, Ohio (Dayton MSA), taking over operations at the same time. Ziegler represented the seller, Confluent Senior Living, in the transaction. Built in 2019 by Confluent, a subsidiary of Confluent Development, the community features 110 units of assisted living and memory care. Community First helped fund the transaction with approximately $20 million of bank debt and a $4.5 million equity contribution. Read More »Schedule a demo
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