Pacific Northwest Owner/Operator Acquires in Washington
JLL Capital Markets arranged the sale of a senior living community in Vancouver, Washington (Portland MSA). Built in 1989 and expanded in 1994, Van Mall Retirement comprises 191 independent and assisted living units available in one- and two-bedroom layouts. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Alanna Ellis, Dan Baker and Dean Ferris handled the transaction. JLL represented the seller, Lytle Enterprises, and procured the buyer, a regional Pacific Northwest owner/operator. JLL also procured acquisition financing from a regional bank on behalf of the buyer. The purchase price was $28 million, or $146,600 per unit. Read More »
Public REIT Purchases Class-A Community in Pennsylvania
Walker & Dunlop announced the sale of a Class-A seniors housing community in Bucks County, Pennsylvania. Built in 2022, the community comprises 146 units of independent living, assisted living and memory care 30 miles north of Philadelphia. It was stabilized at the time of sale. The buyer was a public healthcare REIT, but no other details were disclosed. Joshua Jandris, Mark Myers and Brett Gardner handled the transaction. Read More »
Two Struggling SNFs Trade in Indiana
Evans Senior Investments successfully arranged the sale of two struggling skilled nursing facilities that were family-owned and operated in Northern Indiana. This was not an ordinary transaction process, as both facilities had to receive newly issued Medicare and Medicaid billing numbers given pre-existing issues with the prior hospital partnership. This created a significant regulatory hurdle, and Evans worked with both parties to receive newly issued billing numbers before closing. The family owner exited the industry with the sale. One facility, named Pilgrim Manor, is located in the town of Plymouth. Featuring 78 beds, including 40 private rooms, it was built in 1969 and received a... Read More »
Ziegler Prices Bonds for North Carolina CCRC
Ziegler announced the pricing of Carolina Meadows, Inc.’s Series 2024 bonds. Carolina Meadows is a North Carolina not-for-profit that was incorporated in 1983 to develop, own and manage a CCRC in Chatham County, North Carolina, just south of Chapel Hill. The community comprises 476 independent living units, 78 assisted living units (with 95 beds in operation) and 79 skilled nursing units (with 86 beds in operation). It is the 20th largest not-for-profit single-site CCRC in the United States, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to develop, own and operate a replacement skilled nursing facility that will total approximately 122,000 square feet. The... Read More »
BWE Secures Refinance for Virginia IL/AL/MC Community
BWE secured $47 million to refinance a seniors housing community in Richmond, Virginia. Built in 2015, Discovery Village at the West End comprises 219 units of independent living, assisted living and memory care. There is a 124-unit independent living building and a 95-unit assisted living and memory care building. Discovery Senior Living manages the community, which was 93% occupied at the time of the refinancing. Ryan Stoll and Taylor Mokris of BWE arranged the financing on behalf of a large private equity investor. There was strong interest in the financing opportunity from a variety of capital sources. Read More »
Local RCFE Owner/Operator Grows in California
Sherman & Roylance handled the sale of a seniors housing community in California. The assisted living/memory care community is in Whittier and comprises 18 units with 32 beds. The seller was a long-standing family owner/operator, and the buyer was a local RCFE (Residential Care Facilities for the Elderly) owner/operator looking to expand its portfolio. Shep Roylance, John Sherman, Chris Minnery & Michael Belcher handled the transaction, which involved a combination of investor capital and seller financing. The purchase price was $4.4 million, or $137,500 per bed. No additional details were disclosed. Read More »
JLL Expands Alternatives Group
JLL hired Senior Director Will Childs and Director Brian Spillers to focus on seniors housing and healthcare properties within its alternatives group, led by Executive Managing Director Bryan Lockard. Childs will focus on providing specialized seniors housing valuation and market study services of single assets to large portfolio transactions throughout the United States. Clients served include a broad base of local and national investment firms, property owners, development and operating companies, commercial and investment banks, insurance companies and REITs. Bringing experience and relationships from over 15 years in the seniors housing industry, Childs will expand JLL’s seniors... Read More »
Brookdale’s June Occupancy Should Be Higher
Brookdale Senior Living reported June and second quarter 2024 occupancy, and while census increased, is it enough to carry them through next year’s winter season? Probably not, unless they have a huge July and August, which is possible, but not likely. Weighted average occupancy for June came in at 78.2%, up 10 basis points sequentially, but still below every month in the fourth quarter last year. Month-end occupancy was a little better, at 79.7%, up 20 basis points from May and up 50 basis points from April. But that 79.7% occupancy at the end of June is exactly the same as the end of September last year. That is not progress. The press release had a great line. “Both June and... Read More »
All-Cash Buyer Purchases AL/MC Community in Washington
The Zett Group was engaged by an owner/operator in the divestment of a seniors housing community it had owned for 33 years in Central Washington. The community comprises 60 units of assisted living and memory care. The buyer was an owner/operator based out of Seattle. Blake Bozett handled the transaction, having called nearly every owner/operator in the state and procuring five offers. Ultimately, an all-cash buyer was identified. Recognizing the typically slower licensure process in Washington, The Zett Group recommended closing on an interim agreement until the full change of ownership was approved. Randi Nathanson and Parisa Zarelli of Lane Powell PC led the closing, ensuring all... Read More »
Joint Venture Acquires Two Communities in Michigan
JLL arranged the sale of two seniors housing communities in the Detroit, Michigan MSA. JLL represented the seller and procured the joint venture buyer, spearheaded by MedCore Partners. American House Senior Living Communities assumed management of both communities. Built in 2017, Anthology of Troy comprises 93 assisted living/memory care units in Troy. The community will be rebranded as American House Somerset. Built in 2018, Anthology of Rochester Hills features 91 assisted living/memory care units in Rochester Hills. It will be rebranded as American House Hampton Village. Jay Wagner, Rick Swarts and Jim Dooley handled the transaction. No additional details were... Read More »Schedule a demo
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