60 Seconds with Swett: What Will the Boomers Want?
The baby boomers have been referenced as the reason for investors to enter the seniors housing market for more than a decade, even though we are still several years away from the front end of them aging into the vast majority of seniors housing communities. But there is no guarantee that boomers will move into seniors housing, especially if new tech can better solve for health care, activities of daily living, property maintenance and socialization in the home, not to mention economic factors that may prevent seniors from selling their homes or may impact their savings and investment accounts to render seniors housing services unaffordable to them. Beyond all that, what if the current... Read More »
Trustwell Living Adds 16 Properties to Portfolio
In one fell swoop, Trustwell Living more than quadrupled its portfolio of managed seniors housing communities by assuming the operations of 16 communities across Ohio (11 communities), Illinois (3), and Florida (2). Prior to the move, the company, which was founded by former Capital Senior Living CEO Larry Cohen, operated five communities in Kansas (2), Illinois, Missouri and Tennessee. The 16 added communities total 762 units of assisted living and memory care, averaging 48 units at each property. The largest community is 113 units. While predominantly assisted living, there are also some memory care and independent living units. Judging by the communities’ small average size and... Read More »
CFG Funds SNF Portfolio Deal in Pennsylvania
Capital Funding Group closed $34.7 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities in Pennsylvania that combine for 299 beds. Managing Director, Real Estate Finance Craig Casagrande and Vice President Andrew Jones originated the transaction for the borrower, which was a regional operator. The announcement follows the company’s recent closing of a $13.4 million HUD loan, which supported the refinancing of an existing bridge loan on a 144-bed skilled nursing facility in Vermont. The cash-out bridge loan had seasoned for two years before being brought to HUD. Read More »
The Rise of the Regional Operator
The SeniorCare Investor’s Managing Editor, Ben Swett, sat down with Roddy and Michael Radnia of Brighton Care Group to discuss the company’s growth from six beds to 600, the lessons learned along the way, and how not to lose that local touch when operating as a larger, expanding company. Read More »
Another AdventHealth SNF Sells
As part of AdventHealth’s exit from the skilled nursing market, and concurrent with its divestment of seven skilled nursing facilities in Florida, the not-for-profit health system also transitioned from its 222-bed SNF in Apopka, Florida. It was owned by the Florida Conference of Seventh-day Adventists and operated by AdventHealth Care Centers, a subsidiary of AdventHealth. The facility was originally built in 1970 adjacent to the Florida Living Retirement Community, near the Forest Lake Seventh-day Adventist Church. However, the physical plant was extensively renovated in 2019 and 2020, and received a new 52-bed subacute trach and vent unit with 29 dedicated resident rooms. Blueprint... Read More »
Avanath Acquires Rivers Senior near Sacramento
Avanath Capital Management LLC, a multifamily owner and operator that primarily focuses on affordable and workforce housing, acquired Rivers Senior, a 120-unit affordable seniors housing community in West Sacramento, California, for $19 million, or $158,300 per unit. The deal marks Avanath’s 19th acquisition in Northern California and its 13th property in the greater Sacramento area. Avanath acquired the community in an off-market transaction with the seller, with whom Avanath had previously purchased numerous Sacramento-area assets. Rivers Senior was built in 2008 utilizing the California Tax Credit Allocation Committee’s LIHTC and with bond financing via multiple agencies. Additionally,... Read More »
Stabilized Seniors Housing Deal Closes in San Antonio
A well-occupied seniors housing community in San Antonio, Texas, found a new owner thanks to Evans Senior Investments. The Class-A community was built in 2017 with 42 assisted living and 21 memory care units. Featuring plentiful amenities, it was 95% occupied with a 100% private pay census at the time of marketing. Additionally, in January 2022, the operator, Sodalis Senior Living, implemented a 4% rate increase for all current residents, and successfully implemented another lease renewal increase of 6% in January of 2023. There were several compelling offers for the seller, but Sodalis ended up as the buyer. The purchase price was not disclosed. Read More »
Agemark Adds Three Communities to California Portfolio
Agemark Senior Living took over the operations of three seniors housing communities in California, taking over from the previous manager, Milestone Retirement Communities. The trio include Sage Glendale in Glendale, Sage Mountain in Thousand Oaks and Kingston Bay in Fresno. A joint venture between Mountain Capital Partners, Dekel Capital and Willis Development owns the communities. Sophos Equities served as the consulting asset manager for the transition. Agemark now counts 29 communities in its management portfolio across six states, with headquarters in both Omaha, Nebraska, and Orinda, California. Agemark’s brands include Astoria, CountryHouse, Kensington-Evergreen, Holland Farms,... Read More »
AdventHealth Exits the SNF Market
AdventHealth, a faith-based, not-for-profit health system headquartered in Altamonte Springs, Florida, divested its wholly-owned skilled nursing portfolio in central and west Florida as part of a strategic exit from the sector. The portfolio included seven high barrier-to-entry locations with 833 total licensed beds. Nearly all facilities were four and five-star CMS rated, with two assets constructed in 2018 and 2019. Locations were strategically situated within the health system’s footprint including some hospital-adjacent sites that allowed for specialized care for higher acuity patients. The portfolio also boasted high referral volume, quality payor mix and high overall census, and... Read More »
Midwest Owner/Operator Adds to Ohio Portfolio
A Midwest-based regional owner/operator decided to add to its existing Cleveland-area portfolio with the acquisition of The Landing of Stow in Stow, Ohio. Built in 2008, the community features 61 assisted living and 20 memory care units on over eight acres. Its previous owner chose to divest the asset to focus attention on communities that more closely align with its current footprint. Meanwhile, the buyer will look to leverage its talent in the market to improve occupancy and reduce agency staffing. Occupancy was around 75% at the time of marketing. Bradley Clousing, Dan Geraghty and Ryan Saul of Senior Living Investment Brokerage handled the transaction. Read More »Schedule a demo
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