Novellus Living Enters Colorado Market
A large East Coast private equity firm divested its 66-unit assisted living community in Cherry Creek, Colorado, hiring Evans Senior Investments to handle the sale. Evans also helped secure debt for the buyer through its joint venture with Carnegie Capital. That buyer was California-based Novellus Living, which is making its first acquisition in the state after already acquiring facilities in California and Arizona. Built in 2002, the Colorado community sits just outside of Denver and comprises 66 assisted living units. While operating at 67% occupancy at the time of marketing and losing money, the community was able to increase occupancy to 79% throughout the transaction process while... Read More »60 Seconds With Swett: Q3 Ends on a Down Note
We recorded 133 publicly announced seniors housing and care transactions in the third quarter, for an average of over 44 deals a month. That is the fourth-highest quarterly deal total ever recorded by LevinPro LTC, but is lower than the each of the last three quarters. What is very interesting though is that the rolling-12-month deal total has never been higher. In the period from October 1st, 2021 to September 30th, 2022, we have recorded 553 publicly announced transactions, down just one deal from the previous 12-month span ending August 31st, 2022, and that total has crept up steadily throughout the year. It’s also a preliminary total that is bound to rise. To put it in perspective, the... Read More »Jonathan Rose Acquires Two Affordable Seniors Housing Communities
Jonathan Rose Cos. announced it has acquired two affordable seniors housing communities, Lakeland Place Apartments and Bowin Place Apartments in Detroit, Michigan, for a combined purchase price of $16.2 million, or $41,200 per unit. The two communities comprise a total of 393 units and sit within 20 miles of each other. Capital One provided HUD financing for both communities. Rose Community Management will manage the assets, and Rose Community Builders will oversee more than $15 million of renovations. Built in 1978 and comprising 200 units with one- and two- bedroom floorplans ranging between 550 and 760 square feet, Lakeland Place Apartments of Waterford sold for $8.2 million to a joint... Read More »CareTrust REIT Sells Seven SNFs in Ohio
CareTrust REIT completed its sale of seven skilled nursing facilities in Ohio. Totaling approximately 600 skilled nursing beds and 100 seniors housing beds/units, the portfolio sold for $52 million, or around $72,000 per bed/unit. In connection with the sale, CareTrust’s master lease with affiliates of Trio Healthcare was terminated. The deal was the first closing of an announced plan in February 2022 to sell or re-tenant 32 properties. The remaining 25 seniors housing communities currently held for sale or re-tenanting are moving along and should be resolved in the coming months. Read More »The Ensign Group Announces Three SNF Purchases
The Ensign Group kicked off the fourth quarter with three separate acquisitions of skilled nursing facilities across the country. The largest deal featured the operations of six SNFs in Texas: four in Austin and two in San Antonio. Totaling 729 beds, the facilities will be operated by Ensign’s Texas-based subsidiary, Keystone Care LLC, under a long-term. triple-net lease. Next, Ensign acquired the operations of two skilled nursing facilities in South Carolina: the 132-bed Oak Harbor Healthcare in Mount Pleasant and the 190-bed Oak View Health and Rehabilitation in Conway. Hopewell Healthcare LLC, Ensign’s South Carolina-based subsidiary, will assume management of the facilities. Finally,... Read More »Takeaways from Skilled Nursing: Is There A Market Disconnect?
On September 29th, 2022, Ben Swett, Editor of The SeniorCare Investor, spoke with two expert panelists on the skilled nursing M&A market, and why values continue to skyrocket. Mr. Swett was joined by Laca Wong-Hammond, Managing Director and Head of M&A at Lument, and Toby Siefert, Managing Director of Senior Living Investment Brokerage, to make sense of this market, the opportunities within it and the risks. Mr. Swett kicked off the webinar by asking the panelists if the average price per bed, which currently sits at $118,000 per bed, will continue to rise as it has during the previous four quarters. Ms. Wong-Hammond discussed how inflation has caused everything to increase in... Read More »
Skilled Nursing: Is There A Market Disconnect?
On September 29th, 2022, our Editor Ben Swett discussed the skilled nursing M&A market with a couple of industry experts that included Laca Wong-Hammond of Lument and Toby Siefert of Senior Living Investment Brokerage. The conversation ran over an hour and covered SNF values, the current buyer’s mindset, what sellers are thinking and how the deal process has changed in recent months. Read More »Skilled Nursing Facility Sells in Indiana
A skilled nursing facility in Spencer, Indiana (Bloomington MSA) sold to a group of skilled nursing operators based in Indiana and the Midwest for an undisclosed price. The facility will be renamed Owen Valley Rehabilitation and Healthcare Center. Built in 2006, it has 113 beds, including a 31-bed memory care unit, sitting on 3.52 acres. Occupancy as of July 2022 was just below 70%. Kentucky-based Trilogy Healthcare Services was the seller. While the buyers have significant experience overseeing operations at similar-sized SNFs in rural and suburban communities around the Midwest, they hired Indiana-based Castle Healthcare to run the day-to-day operations of the facility. Read More »CBRE Refinances Coastal California Community
California-based owner/operator Westmont and a group of individual investors refinanced their senior living community on the central California coast. Located near San Luis Obispo, The Oaks at Nipomo opened in 2017 with 97 units of independent living, assisted living and memory care. Westmont has operated the community since its opening, and occupancy is currently above 95%, with improving operational metrics too. The CBRE National Senior Housing team of Aron Will and Adam Mincberg and the CBRE Multifamily team of Andrew Behrens and Jesse Weber arranged a $16.2 million loan through CBRE’s Freddie Mac Optigo lending platform. The fixed-rate loan came with a 10-year term and five years of... Read More »Orange County AL Community Finds New Owner
Scott Frazier of Blueprint Healthcare Real Estate Advisors helped an independent owner/operator exit the seniors housing business with the sale of their only asset in Orange County, California. Built in 1970 and renovated in 2008, the community comprises approximately 70 units of assisted living and memory care. The current owner bought the property from Wells Fargo Bank in January 2011 for around $70,000 per unit. Investing in more upgrades to the community in 2011, the owner kept resident monthly rates below market. Occupancy was historically near 100%, but during the pandemic, census had declined steadily due to continued lockdowns to ensure the safety of its residents. Mr. Frazier... Read More »Schedule a demo
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