Blueprint Facilitates Arizona Assisted Living Sale
Blueprint Healthcare Real Estate Advisors announced the sale of an assisted living community in Arizona. Built in 1987 as a hotel, the property was converted into an assisted living community in 2016. The community comprises 116 units and was operating at 70% occupancy, but it operated very profitably. The community also has a Medicaid behavioral health license. The 2016 converted community was sold to an Intermountain West private equity firm for a purchase price of $45 million or $271,000 per unit. Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate advisors handled the transaction on behalf of the regional developer/owner/operator. Read More »
Regional Owner Acquires Wisconsin AL Community
The Senior Living Investment Brokerage team of Daniel Geraghty and Ryan Saul sold an assisted living community in central Wisconsin for an undisclosed price. Built in the early-1990s, the community was 92% occupied at the time of marketing, but occupancy reached 100% by the time of the sale. Working on behalf of a Northeast-based REIT that deemed the property to be an operational outlier, as it was their only Wisconsin property, the SLIB team procured multiple offers from interested parties. With occupancy like that, we are not surprised. In the end, the buyer was a private regional company with additional assets in Wisconsin looking to strategically add to their portfolio. They have a... Read More »
Omega Healthcare Sells Two Florida Facilities
Omega Healthcare announced the sale of two Florida skilled nursing facilities in Miami and Jacksonville for a combined purchase price of $37.2 million. The facilities were sold to 1990 South Canal Dr LLC, based in Woodmere, Long Island, New York. The LLC is an affiliate of New York City based Topaz Financial Services. The two facilities are Brookwood Gardens of Homestead and Signature Healthcare of Jacksonville comprising a total of 180 beds. Omega had bought Brookwood in 2016 for $11.1 million and Signature Healthcare in 2010 for $4.8 million. Both sold facilities were operated by Louisville, Kentucky-based Signature HealthCare. Read More »
Ensign Group Acquires South Carolina SNF
The Ensign Group has announced the acquisition of the operations of Lila Doyle Post Acute, a skilled nursing facility in Seneca, South Carolina. In addition, it was revealed that Ensign’s captive REIT, Standard Bearer Healthcare REIT, Inc., acquired the real estate pursuant to a 30-year ground lease with extension options. The 120-bed facility is located on the campus of Prisma Health Oconee Memorial Hospital and was formerly operated by Prisma Health. However, the facility will remain clinically affiliated with Prisma. Ensign entered into a long-term sublease for the facility, and its South Carolina-based subsidiary, Hopewell Healthcare LLC, will manage it. The company’s portfolio now... Read More »
Mom & Pop Exits SNF Business in Iowa
A mom & pop sold their only skilled nursing facility in Anita, Iowa (between Omaha, Nebraska and Des Moines, Iowa), after 10 years of ownership. Featuring 46 licensed beds, the facility was built in 1965 with an addition in 1971. It was 82% occupied based on 44 effective beds, but ownership was able to operate efficiently and very profitably at an above-average margin while keeping staffing agency expenses out of the facility. Being their only facility, ownership could also focus on creating a positive culture that helps with staff retention and quality of care. An East Coast partnership that plans to lease the facility to a growing Midwest operator based in Missouri emerged as the... Read More »
Healthpeak Properties Open to Sale of CCRC Portfolio
Healthpeak Properties already made a near-complete exit of the seniors housing market after divesting about $4 billion of its seniors housing communities in 2020 and 2021, but the CEO Scott Brinker commented that a full-exit could be on the table with the sale of its remaining 15 CCRCs. In his opening comment, Mr. Brinker said “Our capital allocation priorities are focused on life science and medical office. So we’ll be opportunistic about our CCRC position.” That prompted a question from Stephen Sakwa from Evercore ISI: “…does that mean that you could potentially exit CCRCs over time if the pricing was right?” To which, Mr. Brinker responded, “Yes, I think you heard exactly... Read More »
AlerisLife Sees Healthy Occupancy Boost in Q3
AlerisLife announced its third quarter earnings results, and the good news was that its owned portfolio including 20 senior living properties saw a 290-basis point increase in quarter-end occupancy from 75.5% in Q2:22 to 78.4% Q3:22. Its managed portfolio of 120 senior living properties increased a more modest 160 basis points to 77.0% over the same period, but both figures are healthy increases. Operators need to make the most of third quarter occupancy gains before winter weather and the flu season hamper their efforts, so this is good news for Aleris. But average occupancy still falls below 80%, so there is a long way to go. The company reported a net loss for the third quarter of 2022... Read More »
Cogir Acquires Cadence Living to Form Top-25 Operator
Cogir Management (Cogir), the United States-based subsidiary of Montreal-based real estate company Cogir Services, has acquired Scottsdale, Arizona-based Cadence Living, creating a combined company that operates 60 seniors housing communities and almost 8,000 units across nine states. That qualifies the new company for ASHA’s top-25 list of operators in the country based on units, placing it near Merrill Gardens and Sonida Senior Living on the rankings. Cogir bought out Cadence Living’s shareholders, but further terms were not disclosed. Cogir CEO David Eskenazy remains CEO of the new company, while Cadence co-founders Rob Leinbach and Eric Gruber will transition to senior vice... Read More »
Blaze Capital Partners Enters Active Adult Market
Multifamily investor Blaze Capital Partners purchased the 149-unit Hardy Springs active adult community in Dallas, Georgia, marking the first acquisition in the active adult sector for Blaze. With this acquisition Blaze will now own six properties within the state of Georgia. Hardy Springs is a cottage-style, rental community with 53 buildings on 31 acres. It was completed in May 2022, and the interiors of the one- and two-bedroom units feature granite countertops, stainless-steel appliances and front and rear porches with exterior lighting. Community amenities include a personal training studio, pickleball and bocce ball courts, a fishing pond with dock, fitness center and a dog... Read More »
Buvermo Acquires Myrtle Beach 55+ Apartment Community
Bethesda, Maryland-based Buvermo Investments, a commercial real estate investment company, announced the acquisition of Inspire Coastal Grand, an active adult community in Myrtle Beach, South Carolina. The property will be renamed The Grove at Coastal Grand and stands four stories tall while comprising 194 units. The community offers residents one-, two- and three-bedroom floor plans with private balconies and patios. Within close proximity to the beach, the community sits on nine acres and features a resort-style pool, fitness center, yoga studio, creative arts room, theater room, billiards room, dog park, outdoor courtyards, pickleball and bocce ball courts. First National Bank provided... Read More »Schedule a demo
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