300 Seconds with Steve Monroe: Here We Go Again
Whenever there are headlines about anything in senior care, we can always count on Senate hearings, with a lot of unfounded accusations and unrealistic recommendations. This usually leads to a new commission being formed, the results of which are delivered a year later in 300 pages that no one reads, except perhaps Richard Mollot of the Long Term Care Community Coalition. But that is his job. It is doubtful Liz Warren will read it. Let me start with Richard Mollot, who apparently claimed at the January 25th Senate hearing that there is a crisis in assisted living, and compared assisted living today with nursing homes in the 1970s and 1980s. Really? Did he ever go into a nursing home back... Read More »
Investment Group Acquires Site for CCRC Development
California Commercial Investment Group acquired a 19-acre site in Woodland Hills, California, approximately 30 miles west of Los Angeles. Motion Picture & Television Fund was the seller, and the purchase price was reportedly $30 million. The buyer intends to develop a luxury senior living CCRC comprising 300 units. Construction is set to begin in 2026 with completion expected by 2028. Such a high barrier-to-entry market should not see very elevated levels of new development by then, when capital costs are theoretically lower to support many more construction projects than in today’s market. Many other markets may not be so lucky four years from now, given what we saw with... Read More »
Owner/Operator Expands SNF Footprint in Ohio
A regional owner/operator looking to shift its focus to other alternative classes brought on Blueprint in its divestment of a 118-bed skilled nursing facility in Dayton, Ohio. Opened in 1973, the facility recently faced challenges including survey issues resulting in financial disruption. There was a competitive marketing environment with multiple offers. The emerging buyer was an owner/operator with an existing footprint in Ohio, and this was their second acquisition in the Dayton MSA. Closing was achieved shortly after obtaining HUD approval. Connor Doherty and Ryan Kelly handled the transaction. Read More »
Sherman & Roylance Facilitates Florida AL/MC Deal
Sherman & Roylance were brought on by CareTrust REIT in its divestment of a seniors housing asset in northwestern Florida. Built in 1997, the assisted living/memory care community comprises 64 beds in 42 units and had an occupancy rate of 87%. The buyer was a local owner/operator looking to expand their regional footprint. Jack Osteen, Shep Roylance and John Sherman handled the transaction. Read More »
SLIB Closes Minnesota Deal
Wanting to fund continued investments in the seniors housing space, the owner of a 118-unit seniors housing community in Mankato, Minnesota, sold the property to a private equity group, for an undisclosed price. Jason Punzel, Jake Anderson, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction. Built in 2019, The Pillars of Mankato consists of 98 independent living/assisted living units and 20 memory care units, approximately 75 miles southwest of Minneapolis. The IL/AL units were all interchangeable. Occupancy was close to full, and the community was stabilized, but no financial details were disclosed. The out-of-state private equity group... Read More »
Two Separate Sellers Divest Seniors Housing Assets in Michigan
Meiser Commercial Real Estate recently closed two separate seniors housing transactions. First, in a transaction that closed before year-end, an owner/operator engaged Meiser in its divestment of an assisted living community in Clinton County, Michigan. Built in the 1980s and remodeled since then, Serene Gardens of DeWitt comprises 58 beds, and occupancy was 98% at closing. The purchase price was $4.0 million, or around $69,000 per bed. The buyer financed 70% of the acquisition cost through a local bank. Next, DeShano Companies Inc. brought on Meiser in its divestment of two assisted living communities in Michigan: Close to Home Saginaw in Saginaw and Bay City in Bay City. DeShano, a... Read More »
Arrow Adds Three Missouri Seniors Housing Communities
Arrow Senior Living added three seniors housing communities to its portfolio in Missouri that comprise 252 independent living, assisted living and memory care units. The Burlington Creek Senior Living, formerly known as Anthology of Burlington Creek, first opened in 2016 and features 85 units. Opened in 2017 and 2018, respectively, The Plaza at Wildwood consists of 91 units and The Town & Country comprises 86 units. Arrow, with its joint venture partner O’Reilly Development, also announced the opening of The Boulevard Senior Living of St. Peters. The community includes 93 IL, 44 AL and 18 MC units. No other details were disclosed. Read More »
Welltower On The Move
What can one say about a healthcare REIT, Welltower, that is the largest in the world with a $48.8 billion market cap, more than twice the size of its nearest rival, Ventas? Not much, other than at some point they may become too big to maintain order in its portfolio. Welltower is also the most prolific buyer of all the REITs, and for anyone else for that matter. In the fourth quarter 2023 alone, they completed $2.8 billion in gross investments, and $4.8 billion for the entire year. Plus, they have another $1.2 billion under contract ready to close in the first half of 2024. No one is boasting that kind of activity these days, but most don’t want to boast about it either. Back when they... Read More »
Owner/Operator Purchases in Ohio
Senwell Advisors was engaged by a large CCRC in the transfer of skilled nursing beds across contiguous counties in southwest Ohio. The CCRC was divesting with the goal of reconfiguring its skilled nursing capacity in response to escalating demand for its other senior living options on campus. The buyer, an established regional owner/operator, intends to repurpose its RCF bed to SNF beds, which aligns with its expansion plans to provide more enhanced skilled nursing care. Ben Bohland of Senwell handled the transaction. No additional details were disclosed. Read More »
Mom & Pop Divests After Facing SNF Headwinds
A mom & pop recently divested a 180-bed skilled nursing facility in Lancaster, Ohio. The facility has been in operation for almost five decades but faced challenges exacerbated by staffing and occupancy headwinds. The local family owner/operator engaged Blueprint in the sale of the SNF. Blueprint targeted regional providers and mostly private investors, generating multiple offers resulting in the ultimate selection of an owner/operator seeking to capitalize on the Ohio Medicaid rate increase implemented in 2023. The transaction and the transition of operations closed prior to year end to preserve eligibility for the Ohio Quality Incentive Program. Connor Doherty and Ryan Kelly handled... Read More »Schedule a demo
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