Brookdale Shares Hit Seven-Year High
Brookdale Senior Living has posted occupancy increases for several consecutive months. The operator has lagged behind the industry for a decade now, so it is about time. Weighted average occupancy has increased each month since January, beginning at 79.2% and reaching 82.5% in September. The third quarter’s average of 81.8% is up 290 basis points year-over-year, and 170 basis points sequentially. Same-community weighted average occupancy of 82.7% increased 270 basis points year over year, and 40 basis points sequentially. Third quarter same community occupancy of 82.3% increased 260 basis points year over year, and 150 basis points sequentially, reflecting the highest sequential... Read More »
Newmark’s Nearly $2 Billion Third Quarter
Newmark is in the middle of a banner year for both investment sales and debt financings, and both its deal volume and activity appears to be accelerating as the year progresses. In the year to date, the team has closed nearly $3.6 billion in investment sales, and $1.9 billion in the third quarter alone. Excluding the Amica Senior Lifestyles portfolio that Newmark is selling in Canada for over $3 billion, the team has also secured enough deals under agreement to nearly double its year-to-date volume. There are some stabilized, Class-A deals at high per-unit prices, as well. One of those was the sale of Project Aurora, a three-property portfolio in New Jersey (2) and New York that was owned... Read More »
Clarion Partners Makes Its First Seniors Housing Purchase
Clarion Partners made its first seniors housing acquisition, buying Sancerre at Atlee Station in Mechanicsville, Virginia (Richmond MSA). Built in 2023, the community features 103 units of independent living, assisted living and memory care. It experienced a rapid lease-up, reaching 90% occupancy by October 2024. Census is now in the mid-90s, and the operating margin is between 35% and 40%. The seller was NexCore Group and its in-house operating arm Experience Senior Living. NexCore has 19 seniors housing communities currently open or in the process of opening, and it has an active pipeline of development opportunities. Conversely, Clarion is looking for more acquisition opportunities in... Read More »
LTC Properties Continues to Reduce Skilled Nursing Exposure to Support SHOP Growth
LTC Properties sold two skilled nursing facilities in Florida totaling 240 beds for $42 million, or $175,000 per bed, with expectations of a gain on the sale of approximately $26 million. These two facilities are part of a divestment effort that includes five additional SNFs. An undisclosed operator (one of LTC Properties’ top 10 operating partners) chose not to renew its master lease for the seven facilities, which matures January 2026, as it decided to downsize and exit some states. The seven facilities are in Virginia (4), Florida (the two sold) and California. By divesting non-core, older SNFs at attractive cap rates, such as in this sale, LTC can redeploy capital in line with its... Read More »
Kentucky SNF Sells with Blueprint’s Help
Blueprint finished the third quarter with 48 deal closings valued at $840 million. Included in that impressive activity were four closings in Kentucky totaling more than $200 million in dollar volume. Big bucks in the Bluegrass State. In one of those closings, Blueprint represented a local family with its sale of a high performing skilled nursing facility in eastern Kentucky. The established seller, which has longstanding market ties in the state, was divesting The Jordan Center in Louisa. The facility features 106 beds and boasts a four-star CMS rating. It benefited from Kentucky’s favorable Medicaid reimbursement tailwinds, with The Jordan Center currently achieving a robust... Read More »
Out-of-State Owner Nabs Nebraska Property
Helios Healthcare Advisors sold an assisted living community in Central City, Nebraska, working with the seller and alongside the incoming operator to facilitate a smooth transition. During the transition process, Nebraska implemented an increase in Medicaid reimbursement rates for rural assisted living communities, which strengthened the financial foundation for the new operator. Cottonwood Estates is known for its consistent operating performance and strong reputation. The community comprises 47 assisted living units and 50 beds. It was built in 2007 and totals 37,100 square feet. The buyer was out-of-state individual owner/operator Syed Khizer Husain, who is based in Texas and... Read More »
Fortress Investment Group Sheds Three Communities
Following the acquisition of RoseWood Village at Greenbrier and RoseWood Village at Hollymead in Charlottesville, Virginia, Fortress Investment Group recently announced the divestment of three seniors housing assets in Florida (two) and Arizona. First, funds managed by affiliates of Fortress sold the Sonata Boca Raton and Sonata Vero Beach in Boca Raton and Vero Beach, Florida, respectively, to a public REIT. The two properties comprise almost 180 independent living, assisted living and managed care units in a range of cottages and apartment buildings. Both properties feature on-site amenities including a full-service restaurant, outdoor pool, beauty salon, fitness center, art... Read More »
Not-For-Profit Secures Bond Financing
Ziegler closed Josephine Caring Community’s $77.115 million Series 2025ABC bonds through the Washington State Housing Finance Commission. Josephine Caring Community is a 501(c)(3) not-for-profit corporation in Stanwood, Washington, north of Seattle, Washington. Established in 1908, Josephine owns/operates a 131-bed skilled nursing facility, a 57-unit assisted living home licensed for 65 residents, and an intergenerational child-care program licensed to serve 111 children (the Stanwood Campus). Josephine is using a portion of the bonds to construct the Cascade Village Project, which includes a new independent living community featuring 63 one-, two- and three-bedroom apartments,... Read More »
Unique Upstate NY Community Changes Hands
An independent living community with Enriched Housing Program beds sold in western New York for $4.0 million with the help of Dave Balow and Vince Viverito of Senior Living Investment Brokerage. The Enriched Housing Program (EHP) is a unique designation in New York State, appealing to a wider pool of potential residents than IL alone. Built in 1994, Manor House in Batavia, New York, has 89 independent living units and is additionally licensed for 60 EHP beds. It spans 3.6 acres and comprises 42,070 square feet. The privately-owned property was well maintained with extensive updates in 2009, and there is minimal local competition. It earned around $150,000 of EBITDAR on $2.9 million... Read More »
West Coast-Based Investor Acquires in Kentucky
The Bluegrass Assisted Living Portfolio, which comprises two performing seniors housing communities, sold to a West Coast-based investor. Located approximately 30 miles apart in Bardstown and Elizabethtown, Kentucky, the assets offer assisted living and memory care services. They will be managed by an operator with an existing presence in the state. Daniel Geraghty, Bradley Clousing and Matt Alley of Senior Living Investment Brokerage represented the seller, a Southeast-based owner/operator looking to exit the Kentucky market and concentrate on its core geographic areas. This is the second time the team has sold this two-pack. Read More »Schedule a demo
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