TJM Properties Re-enters Senior Living Sector
In 2013, Clearwater, Florida-based TJM Properties sold 15 of its 19 senior living communities to Fortress Investment Group/Holiday Retirement for $220 million, effectively exiting the sector to focus on the hotel industry and its remaining senior living communities. However, TJM has recently re-invested in the sector through the acquisition of five separate senior living communities in Florida in 2023. Interestly, these five communities were part of the 15-community portfolio that the company had previously divested. TJM initiated its return to the sector in February with the purchase of Bayside Terrace, a 162-bed senior living community in Pinellas Park, Florida. The acquisition was... Read More »
Regional Operator Acquires California Assisted Living Community
In a delicate transaction, JCH Senior Housing Investment Brokerage facilitated the transfer of ownership of a seniors housing community from a local owner/operator to a regional seniors housing group. Tragically, during this transaction process, the licensee passed away. The team worked to quickly secure the issuance of a provisional license, with the aim of attracting an operator to carry on the licensee’s legacy. The community comprises 25 assisted living units on the central coast of California. The buyer identified a greater demand for a healthcare alternate-use property within the local community, which prompted the seller to relocate residents to other seniors housing properties.... Read More »
Original Owner Divests California Community
Developed in 1971, and under the same ownership since then, Bonnie Brae Terrace in Belmont, California, traded hands. Bonnie Brae is a 164-unit affordable seniors housing community, with 60 units covered by a project-based Section 8 contract. The buyer was The BLVD Group, a multifamily investment and development firm focused on providing market rate, middle income and affordable housing. It has acquired, redeveloped and preserved more than 6,000 units in 17 states. BLVD will conduct significant property improvements, with plans to add additional amenities and transform over 25,000 square feet of common area. Read More »
Blueprint Facilitates Pacific Northwest Portfolio Sale
Stabilized seniors housing deals have been few and far between in the last year, but Dan Mahoney, Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors hit the transaction trail to Oregon to sell five well performing assets on behalf of the seller. The portfolio, which consists of 468 units of independent living, assisted living and memory care, was concentrated in mostly tertiary markets in Oregon, with one located near Portland. Built in the late-1980s and early-1990s, the portfolio received modest updates over the last 10 years. However, the portfolio was very profitable, generating approximately $4.8 million in EBITDAR in 2022, which translates to more than... Read More »
Lument Secures Fannie Mae Refinancing
After opening in early 2020, an active adult community recently refinanced through Fannie Mae with the help of Lument. For other seniors housing sectors, trying to lease-up during the pandemic has presented more problems, but active adult, in general, has seen strong occupancy and lease-up rates. So, active adult communities have run into fewer issues when the time comes for an agency refinance. Lument closed a $13.4 million Fannie Mae loan with a 10-year term and four years of interest only. There was also a 30-year amortization period and a fixed interest rate. Tom Dixon of Lument handled this transaction, marking the tenth closing between Lument and the borrower, which has 40 years of... Read More »
Grand Living Sheds South Dakota Seniors Housing Community
Newmark announced the closing of a seniors housing community in Sioux Falls, South Dakota. The community, Grand Living at Lake Lorraine, was built in 2017 and comprises 156 independent living, assisted living and memory care units across 201,000 square feet. The seller, Grand Living, owns/operates several other seniors housing communities in Iowa, Florida and Texas, with additional developments actively in the works. The buyer was an undisclosed investor/operator that plans to rebrand the community with a new name, but is interested in rehiring the in-place team to facilitate a smooth transition. Read More »
Real Estate Developer Acquires Five California Seniors Housing Communities
California-based real estate developer Standard Communities acquired five affordable seniors housing communities and one affordable multi-family community, Villa San Dimas, in Los Angeles County for $122 million, or $300,000 per unit. Standard intends to renovate the communities with planned costs exceeding $8 million. The company will also extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts. Standard partnered with Pacific Southwest Development Corporation, a California-based not-for-profit affordable housing developer and residential service provider, on the deal. The seniors housing communities within this portfolio deal are... Read More »
Spotlight on Senior Care M&A
The senior care industry has taken a lot of punches in the last couple of decades but is still poised to see enormous growth in the 2020s. How has M&A activity changed, how have property valuations shifted, and how have buyer and seller strategies changed as a result of several recent shocks to the industry? Check out the special report to see the latest proprietary M&A stats and market analysis Read More »
60 Seconds with Swett: New NORC Study Great for Senior Care PR
The seniors housing and care market is fighting an often uphill battle to fix its public perception, and providers got a significant tool in their marketing arsenal when NORC at the University of Chicago released a study on how frailty levels among seniors ultimately decline after their moving into seniors housing or skilled nursing properties. NIC funded the study through a grant, and it will certainly be highlighted heavily throughout the upcoming Fall conference, and for good reason. In a review of Medicare claims of residents from more than 14,000 senior living properties and using a frailty index developed by Harvard University that measures rates of chronic conditions, acute... Read More »
Staffing Regs May Cost 60% More Than CMS Suggested
Following up on CMS’s initial estimate that the Minimum Staffing Mandate would cost around $4 billion for skilled nursing facilities (and $40.6 billion over the first 10 years), CliftonLarsonAllen (CLA) released a competing study that put that cost nearly 60% higher, at around $6.8 billion. The American Health Care Association/National Center for Assisted Living’s President and CEO Mark Parkinson quickly responded to the results (in advance of them being released), saying, “What CLA’s analysis confirms is that this proposed rule is deeply flawed, and the Biden Administration has woefully underestimated the feasibility and cost of this unfunded mandate.” The proposed rule from CMS mandates... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
