Owner Divests Eight-Property Ohio Portfolio
The team at Evans Senior Investments ended their 2021 with a bang, closing the sale of an eight-property senior care portfolio in Ohio for $70 million, or about $90,000 per functional bed/unit. Across the eight properties, there were 623 licensed skilled nursing beds, of which 614 were functional, 176 licensed assisted living beds (140 functional) and 22 independent living units. Located in tertiary markets, they were determined to be non-core by the Ohio-based owner/operator seller, which decided to strategically divest the entire portfolio. While under contract, however, the portfolio received a large Medicaid rate increase of almost $30 per patient day, which was projected to add an... Read More »Carlyle Exits High-Quality Portfolio
The Carlyle Group is finishing the year by exiting seven properties that it held with several joint venture partners for proceeds totaling nearly $474 million, or more than $385,000 per unit. Carlyle also grew its active adult holdings, acquiring three newly-built properties under the Solea brand for more than $103 million, or $222,000 per unit. Newmark helped arrange the transactions. Starting with the Carlyle sales, the seven properties are located in Pennsylvania, Washington, Texas, Florida and Virginia. They were jointly owned by a number of separate partners, including Bozzuto, Alliance Residential, Greystar, United Group and EPOCH Residential. Several investors emerged as buyers of... Read More »2021 Ends With Another Owner Exit From Senior Care
Whether it is increased complexity, falling margins, staffing problems or just fatigue from dealing with the last two years, senior care owners hit the exits in droves in 2021. Plenty had already planned to get out before the pandemic ever struck, and this was just the last straw, but there are still many waiting to leave until values rise again, or federal and state aid ends. So, we can expect smaller owners and mom & pops to continue seeking exits in 2022. Ending their 2021, Jason Punzel, Vince Viverito and Brad Goodsell of Senior Living Investment Brokerage have spent the last 12 months helping a Portland, Oregon-based group exit the seniors housing industry, wrapping up the... Read More »Two CCRCs Sell in Great Lakes Region
Ray Giannini of Marcus & Millichap reported a strong second half of 2021, with a couple more deals to report on. First, he sold a 110-bed CCRC in Ladysmith, Wisconsin. Called Ladysmith Care Community, the property was built in stages from the 1950s and 60s to 1991 and most recently in 2012. It features 62 skilled nursing beds and 20 residential care (assisted living) units with 48 beds. Occupancy was good at closing, helped in part by the community’s proximity to Marshfield Clinic, part of the regional Marshfield Clinic Health System. The original owner sold the community for $6 million, or $54,500 per bed. Then before New Years Eve, Mr. Giannini sold a CCRC in Gaylord, Minnesota... Read More »
Ten-Property Portfolio Sells in the Southeast
As the year comes to an end, many companies are announcing big portfolio deals, including Evans Senior Investments representing a regional owner/operator in their sale of a ten-property seniors housing portfolio located in Louisiana, Mississippi and South Carolina. The communities, which were built between 1972 and 2016 with a median year-built of 2007, comprise 590 seniors housing units (117 independent living, 293 assisted living and 180 memory care) and 666 functional beds. All of the communities have undergone significant renovations and capital improvements over recent years. The portfolio had an average bed occupancy of 91% in 2019 and produced a net operating income margin of 34%.... Read More »
Newmark Closes Active Adult Portfolio Deal in Texas
As the active adult market has grown considerably in the last couple of years, so has Newmark’s involvement in the sector, having closed a number of transactions in 2021, including one recent three-property portfolio deal. The three Texas communities are on the higher end and were sold by a joint venture between two developers – Sparrow Partners and Entrepreneurial Properties Corporation. The Carlyle Group purchased the entire portfolio. Built in 2017, Solea Copperfield is a 129-unit active adult community in Houston. It sold for $25.25 million, or $195,700 per unit. Solea Cinco Ranch, also located in Houston, was sold for $38 million, or $251,700 per unit. It was built in 2018... Read More »
SLIB Facilitates IL Sale in Idaho
Senior Living Investment Brokerage recently facilitated the sale of a successful independent living community in Chubbuck, Idaho. Comprising 82 units and one single-family home, the community was built in 1987 and has 117,828 square feet on five acres. The community, named Cottonwood Cove, was purchased for $3.75 million, or $45,000 per unit, at an 8.75% cap rate. It earned annualized revenues of $1 million and an EBITDA of $328,000. Cottonwood Cove has a 99% occupancy and also has a surplus of land, allowing the new owners to capitalize on their success and expand into this extra space. In fact, the property has consistently performed over the years, even through the pandemic, with an... Read More »
Portfolio of 15 AL Communities in Wisconsin Sells
Senior Care Realty is finishing the year strong with the sale of 15 assisted living communities in Wisconsin for $13.35 million, or about $60,000 per unit and $54,700 per licensed bed. Most of the communities are located in rural, northern Wisconsin towns and were built from the mid-1990s to the early-2000s, with a few newer communities in the mix too. Occupancy was in the low-80s before the pandemic but dropped to around 70%, with a roughly 85% Medicaid census. Nevertheless, the portfolio produced a healthy amount of cash flow, or nearly $1.27 million on $7.4 million of revenues, for a 17% margin. That results in a 9.5% cap rate. The seller owns a number of other communities in the state... Read More »
Former Hospice Facility to Transition to Seniors Housing
After an owner/operator and a group of investors bought a 24-unit hospice facility in Georgetown, South Carolina from a local hospital, then gutted, expanded and converted it to a two-story, 62-unit assisted living/memory care community, the group decided to sell before opening day. There are now all studio units ranging from 255 to 471 square feet, split between 44 assisted living and 18 memory care units. Patrick Burke, Bradley Clousing and Dan Geraghty of Senior Living Investment Brokerage marketed the property, which received a certificate of occupancy and Department of Health and Environmental Control (DHEC) construction approval prior to the sale. A regional operator with a... Read More »
Blueprint Facilitates Refinancing of Two Communities
Green Lake Senior Living, a Washington State owner/operator, was able to procure a cash-out refinance on two of its seniors housing communities in the Tri-Cities area with the help of Alex Florea and Dan Mahoney at Blueprint Healthcare Real Estate Advisors’ Capital Markets group. Green Lake acquired the communities during the pandemic as value-add investments from a pair of national operators. Both were older, “C” quality communities combining for 160 beds. Green Lake was able to quickly improve performance through its regional presence and by leaning into the state’s Medicaid program. Such an improvement made a cash-out refinance a no-brainer, and Blueprint marketed the... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
