NHI Invests in Oklahoma and Oregon
National Health Investors, Inc. invested $74.3 million, or $216,000 per unit, including transaction costs, for the acquisition of four properties with 344 units in Oklahoma and Oregon. The purchase price was partially funded by the cancellation of a $9.5 million mortgage loan with an 8.5% interest rate. The communities are expected to generate an initial yield of approximately 7.5% after routine capital expenditures. The properties and healthcare operations will be included in NHI’s SHOP segment and will continue to be managed by Compass Senior Living. This is a pre-existing relationship, with the REIT making its first investment with the operator last year. NHI has been looking for... Read More »
Class-A Community Trending Towards Stabilization Sells in Missouri
A Class-A assisted living/memory care community in O’Fallon, Missouri, sold thanks to Alex Florea, Kyle Hallion and Kevin Lukehart of Blueprint. Opened in 2018 with 134 units, The Landing of O’Fallon features two-bedroom, one-bedroom and studio options, with a number of units sharing Kory-and-Kyle bathroom configurations. It was purpose-built with a steel-frame construction, high-end finishes and resort-style amenities. The community sits in the affluent St. Charles County submarket of St. Louis, which has very strong demographic trends, but there were multiple competitors that either opened communities or will open them soon. But at the time of launch, the community had solid... Read More »
Joint Venture Grows Its Seniors Presence in Oklahoma
Stacked Stone Ventures, a real estate investment firm founded by Kent Eikanas, announced a new acquisition, adding a 147-bed CCRC in Oklahoma to its growing portfolio. Stacked Stone made the purchase with joint venture partner Praxis Capital and started a new relationship with the incoming operator, Sage Integrated Health. The campus operated around breakeven with occupancy in the mid-80s and a healthy Medicare census. It was previously owned by a not-for-profit organization, so we imagine there may be immediate upside from expense management. The joint venture bought the asset for $10.8 million, or $73,500 per bed. There are several other transactions in the works at Stacked Stone, so... Read More »
Texas and Colorado SNFs Trade in Separate Transactions
SVN Senior Living Advisors (SVN SLA) announced a couple of closings for skilled nursing facilities in Texas and Colorado. First, Josh Salzman led the way on the sale of a lender-owned facility in San Antonio. The large facility had more than 230 licensed beds and was non-stabilized at the time of sale. The national bridge lender had owned and controlled the facility after completing a foreclosure action. It retained SVN to conduct a confidential marketing process and target buyers with a high degree of closing certainty. A national owner/operator looking to increase its portfolio in Texas emerged as the buyer. Then, Mark Myers, in conjunction with his former team at SVN SLA, closed the... Read More »
Private Equity Firm Divests Orlando Property
Berkadia announced the sale of Somerby Lake Nona, an 80-unit assisted living and memory care community in the Lake Nona neighborhood of Orlando, Florida. Managing Directors Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of a private equity firm. Going forward, the property will be managed by Atlas Senior Living under a new name, The Goldton at Lake Nona. At closing, the community was nearly 85% occupied. Built in 2015, the property offers private apartments with full baths, a resort-style swimming pool, restaurant-style dining, a café, and landscaped outdoor spaces. Read More »
Private Lender Provides Debt
Kennedy Funding, a New Jersey-based direct, private lender, provided debt to fund the purchase of a seniors housing community in Inverness, Florida, about 75 miles north of Tampa. Crown Court sits on 0.7 acres and features 55 units of assisted living. It was in need of significant renovations, and the loan partially funds the improvements. The debt was closed quickly to allow the buyer to start on the project. VSEVA, a Florida LLC, bought the community for $3.725 million, or $74,500 per unit. Vera Healthcare will continue operating the community after taking over in December 2024. The property was renamed Vera Assisted Living – Inverness Downtown, and there are plans to expand with an... Read More »
Brookdale Hires New CEO
Six months after its CEO Cindy Baier exited the firm, Brookdale Senior Living has announced its new CEO. Nick Stengle will take the job, effective October 6, coming from Gentiva, a major home health & hospice provider where he was president and COO. He has some seniors housing experience, too, working as EVP and COO at Sunrise Senior Living for one year prior to his time at Gentiva. He led community operations, sales, marketing and clinical operations for around 250 Sunrise communities at the time. Stengle also has experience at TPG Capital, HMSHost International, Marriott International and Boston Consulting Group, in addition to serving 11 years in the U.S. Air Force. While in... Read More »
Large Kentucky SNF Portfolio Trades
There is something going on in the Kentucky skilled nursing market, with a favorable rebasing change that was approved by the legislature in July 2024 leading to a significant increase in Medicaid funding, along with increased interest in owning and operating facilities in the Commonwealth. We imagine that facilities are realizing an immediate boost to their value as a result of the changes to the reimbursement environment, and Blueprint is likely securing great prices for its Kentucky clients. The firm has announced four closings totaling more than $200 million in September alone in the Commonwealth, probably helped by the fact that its own Kyle “Bluegrass” Hallion is from and lives in... Read More »
Details on Marx Development Group’s Nine-Figure SNF Deal
Marx Development Group and its affiliate Majestic Care’s acquisition of four skilled nursing facilities in West Virginia is set to close at the end of October, and the deal is still attracting a lot of attention in the state. That is because the seller is the State of West Virginia, and headlines are usually made when a for-profit buyer is taking over any state-owned or not-for-profit facility. The scrutiny is often unfair, given the single-factor analysis most journalists perform on or parrot the results of private equity’s ownership of skilled nursing facilities. They almost always mislead the public on the impact of these acquisitions on the operations and financial health of the... Read More »
Seller Exits Seniors Space with Sale to Private Equity Group
Senior Living Investment Brokerage’s Brad Goodsell, Jason Punzel, Vince Viverito, Jake Anderson and Taylor Graham teamed up to sell Westmont of Brentwood, a 132-unit seniors housing community in Brentwood, California. This was the seller’s only seniors housing asset, and they are exiting the space. Built in 2007, the community features independent living, assisted living and memory care units, with occupancy in the mid-60s. So, there is an opportunity for the new owner, an experienced private equity group with a background in seniors housing, to improve operations and increase value. The buyer will partner with an established West Coast operator that is growing its presence in California.... Read More »Schedule a demo
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