Tryko Partners Expands in Pennsylvania
In an effort to expand its greater Philadelphia real estate presence, Tryko Partners has acquired Attleboro Community, a 415-bed CCRC in Bucks County, Pennsylvania. Wilmac Corporation sold the 18-acre community, which has been rebranded as Oxford Enhanced Senior Living. The campus’ skilled nursing facility, Oxford Rehabilitation and Healthcare Center, has a five-star rating from CMS. This campus also includes an assisted living and memory care component, along with independent living apartments. Tryko has planned a significant value-add capital project for the property to bolster its appeal as a high-quality community. Oxford’s primary referral sources for sub-acute admissions... Read More »
Ventas Divests Atria Senior Living Portfolios
Ventas has sold a few portfolios of its Atria Senior Living-operated properties, with the deals closing just before the end of the year. Totaling 23 properties, these were mostly Class B, older vintage communities with some room for operational improvement, but perhaps Ventas also wants to diversify its tenant base a bit, especially after Atria’s massive growth in 2021. The portfolios total around 2,600 units. JLL Capital Markets’ Mike Garbers and Ted Flagg handled the divestments, while Joel Mendes handled the acquisition financing for the buyer. Starting in the Northeast, news trickled out in December that the REIT had sold six properties to Peregrine Senior Living and an affiliate of... Read More »
Not-For-Profit Buys Wisconsin Community
Christian Community Homes, a regional not-for-profit, added to its western Wisconsin portfolio with the acquisition of a 32-unit independent living community in Osceola for $2.7 million, or $84,400 per unit. Mark van den Broeke of Senior Care Realty handled the transaction on behalf of the family operator that had originally developed the community in 2000. Featuring all private units, the community was 88% occupied and operated at a strong 40% margin. It was the only property owned by the family, which exited the industry with this sale. Christian Community Homes, which owned another skilled nursing/assisted living facility in the area, paid $2.7 million, or $84,400 per unit, at a 9% cap... Read More »
Helios Healthcare Advisors Arranges Two Transactions
Helios Healthcare Advisors started 2022 by announcing a couple of transactions in the southern United States. First, Helios procured a Dallas-based owner/operator to operate an assisted living community in northern Texas. The prior operator was located out of state and experienced logistical difficulties operating this community. So, Helios arranged the third-party management transition on behalf of the owner, an investment firm based in San Francisco, California. Next, Helios arranged the sale of an 82-bed skilled nursing facility on behalf of Tri-State Health Services in Claiborne Parish, Louisiana. A new regional owner/operator was selected to take over the real estate and... Read More »
CBRE Refinances Community in Oregon
Harrison Street and The Springs Living recently refinanced its jointly owned seniors housing community in Lake Oswego, Oregon (Portland MSA), with the help of Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing. CBRE had also arranged the original construction loan for the community in 2017, so the team was clearly familiar with it. They secured a non-recourse, four-year loan, with a floating rate and three years of interest only, through a national bank. Opened in 2019 with 216 independent living, assisted living and memory care units, the community also features amenities like a rooftop deck with covered dining and a wine bar, an indoor heated swimming pool and hot tube,... Read More »
X-Caliber Arranges Financing for SNF Portfolio in New England
A portfolio of 10 skilled nursing facilities in Massachusetts and Connecticut has been sold to an experienced and highly regarded owner/operator with financing in hand from X-Caliber Capital. The $100 million loan comes to about $70,000 per bed in debt, placing the purchase price somewhere above that. Built in the 1980s and 1990s and totaling 1,416 skilled nursing beds, the properties are cash flowing and have occupancy around 85%. The purchase price and other details are undisclosed. Read More »
60 Seconds with Ben Swett: Occupancy Growth Slows in Q4
We are starting to get glimpses of seniors housing occupancy growth in the fourth quarter of 2021, and the only good news so far is that there at least haven’t been losses in average census. First, NIC announced that seniors housing occupancy rose to 81.0% in Q4, a 100-basis point increase from Q3’s average and 230 basis points higher than the pandemic low from Q2. Not great, considering the low basis the sector is coming from. Then, Welltower came out with its business update and its US SHOP portfolio gained 80 basis points in occupancy in Q4, but there was no gain in December. From its pandemic low in February 2021, Welltower has been able to improve US SHOP occupancy by 670 basis... Read More »
New Seniors Housing Brokerage Firm Announces First Closing
A new senior living brokerage firm posted its first closing at the end of December, with several more on the way in the next couple of quarters. Andrew Montgomery is Co-Founder & Vice President of Montgomery Intermediary Group (MIG), part of a group of businesses run by the Montgomery family that include Americare Senior Living, Montgomery Bank and Montgomery Development, LP. With expertise in the Midwest, Southwest, and Southeast, particularly in the Missouri, Illinois, Kansas, Tennessee, and Mississippi markets, Andrew and MIG know about operations and investing in the industry. And now, they have their first closing under their belt. The target was a 55-unit seniors housing... Read More »
Blueprint Advises SNF Portfolio Sale in Ohio
Blueprint Healthcare Real Estate Advisors’ Connor Doherty, Ryan Kelly and Christopher Hyldahl represented the seller of a five-facility skilled nursing portfolio. Located in northwest Ohio with one facility located southeast of Columbus, the facilities were constructed throughout the 1980s and 1990s. The private equity seller chose to strategically exit the facilities after purchasing them as part of a larger portfolio transaction in 2017. Their operating partner will also be exiting the portfolio. The facilities have struggled with occupancy recently but were ultimately purchased by an Ohio-based regional owner/operator looking to capitalize on the previously announced Ohio Medicaid rate... Read More »
Cushman & Wakefield Arranges Recap in Arizona
Cushman & Wakefield has arranged the recapitalization of Acoya Mesa, a seniors housing community in the Mesa suburb of Phoenix, Arizona. Developed in 2019 by Ryan Companies and Cadence Living, ACOYA Mesa is a 170-unit independent living, assisted living, and memory care community. Despite divesting the community, Ryan and Cadence Living will continue operating it. The property, which was sold by EverWest Real Estate Investors, was acquired by a global real estate investment manager for $46.25 million, or $272,100 per unit. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Jack Griffin represented the seller and procured the buyer. The team also... Read More »Schedule a demo
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