SLIB Facilitates Sale of Two Communities
Senior Living Investment Brokerage’s Brad Goodsell, Jason Punzel and Vince Viverito recently closed the sale of a 150-unit active adult community in Memphis, Tennessee. Built in 1985 and sold for $8.55 million, or $57,000 per unit, this community exchanged hands with a 94% occupancy rate. The undisclosed seller of Tranquility at Hickory Hill offered to rebuild 10 extra units destroyed by a fire, bringing the total unit count to 160. Tranquility, sitting on 13 acres with 162,000 square feet, had an annualized revenue of $1.25 million and $500,000 of EBITDA, resulting in a 5.9% cap rate at the time of closing. The buyer is a multifamily-focused investment group based in southern... Read More »
New SNF Consulting Firm Formed
Let’s just admit it. The skilled nursing sector could use a lot of advice right now, especially on the labor front. Our old friend, Daren Cortese, who sold his Brinton Woods nursing home company back in April 2020 (good timing), has just launched his newest venture. It is called Nursing Facility Solutions LLC and is based in Baltimore, Maryland. Daren has seen the good, the bad and the ugly in his 30-year experience in the skilled nursing business, and we suppose he wants to put that knowledge to good use for the industry during these tough times. He will be focusing on financial management services, which include acquisition analysis and valuation support, as well as budgeting, strategic... Read More »
NHI’s Occupancy and Rent Deferrals Rise
Another month gone and another month of occupancy gains for National Health Investors’ major tenants, according to the REIT’s latest business update. The largest operating partner, Bickford Senior Living with 42 properties in NHI’s portfolio, saw occupancy rise from 80.3% in August 2021 to 80.7% in September, for a 40-basis point increase. Holiday Retirement saw a month-to-month gain of 140 basis points from 77.5% to 78.9%, which was restated retroactively to reflect the sale of its Fort Wayne, Indiana property. Occupancy for the 18 properties still rose to 78.2% in September. And Senior Living Communities, across nine properties, saw occupancy increase 50 basis points from 80.4% to 80.9%.... Read More »
Knapp-Stahler Group Announce Three Closings
The Knapp-Stahler Group at Marcus & Millichap is heating up heading into NIC’s Fall Conference, announcing three closings across the country. Nick Stahler and Jeff Gabele first sold a 120-bed skilled nursing facility in Lexington, Kentucky on behalf of a large publicly traded operator. Built in 1986 and renovated/expanded in 2011, the property is in good physical condition. Operationally, however, it experienced significant setbacks during the pandemic, but census rebounded somewhat by the end of the sales process at 70%. That allowed the original offering price to stand, but it remains undisclosed. Dwight Capital arranged acquisition financing for the buyer, a high-net-worth... Read More »
Tryko Partners Grows in the Garden State
Tryko Partners is adding to its Northeast portfolio with the acquisition of a large skilled nursing/assisted living facility in Allendale, New Jersey. Family-owned for more than 50 years, The Allendale Community for Senior Living features 299 beds and 146,000 square feet of skilled nursing, assisted living and memory care services. It primarily drew referrals from Hackensack University Medical Center in Hackensack and Hackensack University – Pascack Valley Medical Center. Tryko is planning a significant capital improvement project for the community, which should increase its appeal and hospitality focus. Tryko also has several nearby operations that give it a local scale, including Oakland... Read More »
Tucson Senior Community Sells
An active adult community in Tucson, Arizona found a new owner thanks to Alex Snyder, Hamid Panahi and Lane Schwartz of Marcus & Millichap’s Tucson and West Los Angeles offices. The team represented the seller, an individual/personal trust, in the deal. Built in 1963, Coronado Vista Courtyard features 40 units and 21,600 total square feet. It sold to a private investor (procured by the M&M team) for $3.2 million, or $80,000 per unit. No other details were disclosed. Read More »
The Ensign Group Shines, Again
We have still not figured out how The Ensign Group continues to outperform the rest of the skilled nursing industry when so many companies and providers are still hurting, with many of them still not able to make lease payments in full. For the past year, we have wondered if the only way to perform as well as they have is to cook the books, so to speak. That idea was discarded, and while we know they operate their model with each facility run by a mini-CEO with full local decision-making responsibilities and run it successfully, we continue to scratch our heads and wonder why others can’t do what they do. It just must be the culture, but obviously, one that needs to be mimicked by others,... Read More »
CBRE Arranges Acquisition Financing for Alabama Community
CBRE Senior Housing’s Aron Will, Austin Sacco and Tim Root have arranged acquisition financing for a 113-unit senior living community in Tuscaloosa, Alabama on behalf of a joint venture between Winterpast Capital Partners and Broadview Real Estate Partners. The $9.5 million, non-recourse, four-year loan has a full-term of interest only and an extension option through a regional bank. Pine Valley Retirement Community comprises 98 independent living units (including 38 patio homes) and 15 assisted living units, and features an activity room, garden and a beauty salon. The venture intends to put $2.4 million into it for capital improvements following the closing of the deal. Vitality Living,... Read More »
Marcus & Millichap Facilitates Virginia Acquisition
English Meadows Senior Living, a Mid-Atlantic owner/operator of 11 communities, added another community to its Virginia portfolio with the purchase of White Oaks at Williamsburg. Built in 2015 and opened in early 2017, the 48-unit memory care community is located in Williamsburg. It features three buildings with 16 units in each. Phoenix, Arizona-based New Dawn Assisted Living was the original developer of this property (plus another in Richmond) but filed for bankruptcy protection before finishing either project. A private investor with a seniors housing portfolio in the Midwest had purchased the Williamsburg project in 2016 for $7.5 million and finished construction soon... Read More »
Greystone Arranges Financing for Texas Community
Greystone’s Tyler Armstrong originated a $28.3 million loan to refinance a 96-unit seniors housing community in North Richland Hills, Texas owned by StoneCreek Real Estate Partners. The Freddie Mac Optigo non-recourse financing has a 10-year term, 30-year amortization schedule and five-year interest-only period. With it, StoneCreek will take out a $15.6 million construction loan provided by Origin Bank in 2017. Built in 2019 and operated by Civitas Senior Living, StoneCreek of North Richland Hills provides independent living, assisted living and memory care units across its five-acre property. Despite opening just a couple of years ago, it already boasts an occupancy of 98%. Units range... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
