Clarendale Portfolio Trades
One of the largest seniors housing portfolio deals of the year just closed, also for one of the highest per-unit prices we have seen for the sector. And among portfolios, it was the highest publicly reported per-unit price we have seen in a couple of years. The deal comprised The Clarendale Portfolio, which features three seniors housing communities with 635 independent living, assisted living and memory care units. The average age of the portfolio was five years, and the buildings were spread out in Arizona (Clarendale of Chandler), Missouri (Clarendale of St. Peters) and Tennessee (Clarendale at Indian Lake). Harrison Street Real Estate Capital, Ryan Companies and LCS previously... Read More »
CareTrust REIT Announces Big SNF Purchase
Alongside its third quarter earnings report, CareTrust REIT and a joint venture partner announced a binding agreement to acquire a portfolio of 31 skilled nursing facilities in the Southeast for approximately $500 million, or $152,000 per bed. With 30 facilities in Tennessee and one in Alabama, the portfolio featured a total of 3,290 licensed beds. The deal is expected to close in the fourth quarter of 2024, subject to customary closing conditions, and would be the largest skilled nursing deal (publicly disclosed) in two years. Evans Senior Investments is handling the transaction. Existing operating partners have agreed to take on management of most of the facilities, with PACS Group... Read More »
Welltower Continues To Outperform
Welltower announced its third quarter earnings results, and they were better than even the most optimistic investors thought they would. Probably better than what CEO Shankh Mitra thought they would be six months ago. Everything is up, and while not where the numbers were a few years before Covid, the performance is better than most. Same-community occupancy in their SHOP portfolio grew by 310 basis points year over year and RevPOR grew by 4.9%. And same-community NOI increased by 300 basis points. The REIT completed $2.4 billion in gross investments, and it has an acquisition pipeline that would make the other REITs blush. But don’t forget, it has nothing to do with their cost... Read More »
Multifamily Investor Buys IL Community
Working on behalf of an institutional seller, Blueprint facilitated the sale of Elison Independent Living of Niles, a 288-unit independent living community in Niles, Illinois. Current ownership had recently completed high-end renovations to the common areas, increasing the appeal of the property to investors (and to residents, we imagine). Traditional seniors housing, active adult and multifamily acquirers were targeted before the seller chose to move forward with a historically multifamily buyer, Legacy Crossings, which wanted to enter the seniors housing market. Legacy Crossings has a presence in Florida and Illinois and plans to undertake an extensive capital improvement project to... Read More »
REIT Buys The Blake at Waco
A publicly traded REIT acquired a Class-A and well performing seniors housing community in Waco, Texas. Built in 2021, The Blake at Waco offers 71 assisted living and 41 memory care units on a site adjacent to the Baylor Scott & White Hospital. It includes a host of amenities and boasted both strong occupancy and NOI at the time of the sale. The Class-A community could also be described as the premier offering in the submarket. It was previously owned by Biloxi, Mississippi-based LifeCare Properties, which retained Blake Management as the operator. The REIT, wisely, will keep Blake on as the operator. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders of Berkadia Seniors... Read More »
Helios Secures Credit Facility for CA Properties
EVA Care Group, a national healthcare conglomerate based in Los Angeles, secured a new credit facility to refinance existing debt, fund capital improvements and take out cash on a couple of senior care properties in southern California. Helios Healthcare Advisors arranged the facility on behalf of EVA. The properties in question include a 99-bed skilled nursing facility and a 66-bed assisted living community. The SNF was built in the 1970s and was underperforming, with occupancy in the mid-60s. Built in 1994, the assisted living community was also occupied around 60% and needed renovations to enhance its appeal in the market. There was a maturing seller note on the AL property, while the... Read More »
Update to Christian Horizons Bankruptcy
The Christian Horizons bankruptcy deal is coming along, with four stalking horse bidders selected for portions of the Midwest senior care portfolio. The faith-based, not-for-profit organization filed for Chapter 11 bankruptcy on July 16, 2024 in the U.S. Bankruptcy Court for the Eastern District of Missouri, and the live auction is set for November 12, 2024. Christian Horizons’ portfolio offers the full continuum of care and includes more than 1,200 independent living, assisted living, memory care and skilled nursing units/beds across 11 communities in four states. There are seven locations in Illinois (Forsyth, Washington, Lincoln, two in Carmi and two... Read More »
Growing PE Firm Acquires California Community
Haven Senior Investments was engaged by a mom & pop in the sale of their seniors housing community in the Fresno, California MSA. The seller was divesting their business after 30 years of ownership to enter retirement. The buyer was a private equity real estate firm looking to invest and grow, InvestNOW Capital. The community, which was originally a small community hospital, features 22 high acuity memory care units with 44 beds and was stabilized at the time of sale. The buyer, which brought together an investor group for the transaction, is converting the community to assisted living waiver (ALW), and bringing on Alliance Senior Living to operate it going forward. Rebecca... Read More »
CFG Closes Four Transactions
Capital Funding Group announced the closing of four transactions totaling more than $76 million in September. The financing supported 16 skilled nursing facilities and was executed on behalf of nationally recognized borrowers. First, CFG closed a $24.35 million bridge-to-HUD loan for the refinancing of two SNFs with 246 beds in North Carolina. Next, it secured a $13.68 million HUD loan for the refinancing of SNF with 138 beds in California. Then, CFG closed a $20.64 million bridge-to-HUD loan for the refinancing of nine SNFs comprising 471 beds in Iowa. The transaction refinanced an existing loan, which CFG closed in September 2020, providing additional capital to leverage the... Read More »
Not-For-Profit Divests to Private Owner/Operator
After 70 years operating a senior care campus in Portland, Oregon, a Jewish not-for-profit organization decided to exit its only physical senior care asset in order to continue its mission serving the Portland Jewish community. That seller was Cedar Sinai Park, a faith-based organization with a reputation for providing care for more than 10 years in southwest Portland. It was established in predominantly Jewish neighborhoods in Old South Portland, and was the first Jewish organization to expand into southwest Portland in 1954 when it built a retirement community. Over the years, the campus has grown to include 246 beds/units. Robison Jewish Health Center was built in 1956 with 44 skilled... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
