Ahava Healthcare Purchases in Tennessee
Evans Senior Investments was brought on by Henry County in its divestment of a skilled nursing facility in Paris, Tennessee. Built in 2001, Henry County Healthcare Center comprises 136 beds across five acres. At the time of marketing, it was 43% occupied and cash-flow negative. Since the pandemic, the facility has consistently remained in the 40% to 50% occupancy level month over month. Although the pandemic played a part, the primary issue has been the community’s low staffing levels, which frequently led to rejecting admissions. The facility also struggled to achieve industry-standard profitability due to it being the sole skilled nursing facility operated by Henry County Medical... Read More »
S&R Handles Texas Land Transaction
Sherman & Roylance closed the sale of an eight-acre development site in Austin, Texas, which was initially envisioned for a senior living community. However, the buyer, Novak Brothers, plans to leverage their expertise and create a new multifamily development in the location. The property, previously approved by the City of Austin for a two-story, 98-unit assisted living and memory care community, faced construction delays and ultimately ended up in foreclosure by Woodforest Bank in September 2023. With the “as designed” construction halted in 2022, with the foundation in place and the framing begun, Sherman & Roylance was tasked with finding a buyer. Read More »
Green Tree Health Care Takes Over Missouri SNF
Bethesda Health Group divested a skilled nursing facility in Ellisville, Missouri, to a not-for-profit owner/operator based in New Jersey. Built in 1989 and renovated in 2010, Bethesda Meadow comprises 210 beds. Bethesda Health Group is divesting to streamline operations and focus on a combination of demand, need and efficiency to best care for St. Louis seniors. The buyer was Green Tree Health Care, which previously purchased Heisinger Bluffs and St. Joseph’s Bluffs in Jefferson City, Missouri, in 2022. That deal featured a CCRC comprising 65 independent living units, 67 assisted living/memory care units and 110 skilled nursing beds. It was previously owned by Lutheran Senior Services.... Read More »
Joint Venture Acquires Class-A Community in Washington
Developed in two phases in 2014 and 2020, Quail Park of Lynnwood comprises 252 units and sits on 15 acres in Lynnwood, Washington (Seattle MSA). The first phase featured 85 independent living/assisted living (ranging from 364 to 1,031 square feet) and 45 memory care units (ranging from 374 to 469 square feet). The community was fully leased with a waitlist. The second phase, through two expansions, added 96 AL apartments and 26 IL units split among 13 3,500-square-foot duplex cottages. Of the new AL apartments, 16 were enhanced, providing high-acuity AL services. In 2017, a joint venture between CA Senior Living, Life Care Lifestyles and an affiliate of Goldman Sachs purchased the... Read More »
Lument Closes Bridge Loan to Finance Three Senior Living Assets
Lument announced the closing of a $9 million bridge loan, which was funded directly from Lument’s balance sheet, to finance The Cottages Assisted Living and Memory Care, a portfolio of three properties in the Boise area: Alpine Meadows, The Cottages of Boise and The Cottages of Lochsa Falls. Rob McAdams handled the transaction. The transaction is structured as a single loan secured by the three assets and includes financing the acquisition of Alpine Meadows, a 34-bed assisted living community in Meridian, and refinancing existing debt of the Boise and Lochsa locations, both 32-unit assisted living and memory care communities in Garden City and Meridian, respectively. The loan terms include... Read More »
National Developer/Investor Divests in Oklahoma
A national developer/investor, which engaged Blueprint in a large portfolio divestment of senior living communities that were purchased in a portfolio transaction pre-pandemic, sold an asset in Oklahoma. Built in 2000, the seniors housing community features 52 units of assisted living and memory care in a northern submarket of Oklahoma City. The community was 99% occupied and generated meaningful EBITDAR at the time of marketing, however, it would benefit from a refresh. Blueprint targeted operators and investors with an existing footprint in Oklahoma and surrounding states, procuring multiple competitive offers from regional owner/operators that were looking to expand within... Read More »
First Citizens Refinances Class-A Community
First Citizens Bank’s Healthcare Finance business provided a term loan to refinance a Class-A senior living community in a desirable location. GenCare Lifestyle Tacoma at Point Ruston comprises 159 units across six stories in Tacoma, Washington. The borrower is a joint venture led by Harrison Street. The same joint venture with PMB LLC served as the facility’s original developer in 2020, with GenCare Lifestyle, another joint venture partner, as the operator. Read More »
Brookdale Posts Census Increase…Finally
We are now beyond this year’s muted flu season, and Brookdale Senior Living posted a small increase in occupancy for May, which should be the beginning of the peak summer selling period. If they don’t see larger increases in the next three months, it may be a rough start to next year. May average occupancy increased by 20 basis points over April, to 78.1%, while month-end occupancy increased by 30 basis points over April to 79.5%. Second quarter-to-date weighted average occupancy increased by 160 basis points to 78.0% compared with 76.4% in the comparable 2023 period. Unfortunately for Brookdale, this significantly underperforms the market. Using Welltower’s same-community SHOP... Read More »
Colorado SNF Gets New Owner (and Tenant)
Evans Senior Investments was engaged by an independent owner/operator in the sale of a skilled nursing facility in Aurora, Colorado. Evans targeted a select pool of prospective buyers, ensuring a competitive bidding environment and ultimately procuring 10 offers for the facility. Built in 1972 with a 2018 renovation, Summit Rehabilitation & Care Community features 110 beds on 2.44 acres across 44,630 square feet. It maintained an occupancy rate of 95% and generated over $11.9 million in annual revenue, leading to substantial profitability. The recent Medicaid rate increases in the state, with approved future increases in 2024 and 2025, made it an attractive opportunity for prospective... Read More »
SLIB Sells in Washington State
Senior Living Investment Brokerage facilitated the sale of a seniors housing community in Mercer Island, Washington. Built in 1990, the community features 50 units of assisted living and memory care and is situated in Lake Washington, east of Seattle and west of Bellevue. The seller was a private real estate fund, and the buyer is a Northwest-based regional owner/operator with a strong presence in Washington. The buyer is looking to expand further within the state. Their intent is to remodel the community and leverage operating systems. According to a local news source, the purchase price was approximately $5.5 million, or $110,000 per bed. The same source named an affiliate of... Read More »Schedule a demo
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