• National Developer/Investor Divests in Florida

    Blueprint was engaged by a national developer/investor in its divestment of a value-add, but newer vintage, Class-A seniors housing community in Lake Worth Beach, Florida. As part of a broader portfolio review, the ownership group decided to divest to de-lever and conserve liquidity within the fund that held this community. Built in 2019, this... Read More »
  • Recovery Continues at Sabra Health Care REIT

    After all the earnings reports for the fourth quarter 2023, we think it is safe to say the industry really has moved on from the pandemic. Not that the lasting effects have disappeared, as they may be with us for the rest of the decade, but most everyone seems to be getting back to “normal,” although at a different pace for each one. Sabra Health... Read More »
  • Georgia Seniors Housing Community Trades

    Blueprint was brought on in the divestment of a purpose-built seniors housing community in Kennesaw, Georgia. The community was built in 1999 and comprises 37 assisted living and memory care units. We suspect this is another former Enlivant property. Kyle Hallion, Amy Sitzman and Giancarlo Riso marketed the opportunity alongside 16+ seniors... Read More »
  • Cushman & Wakefield Hires Jason Skalko

    After its entire seniors housing team left for JLL earlier in 2023, Cushman & Wakefield has started to rebuild, announcing the hire of Jason Skalko as Managing Director. Skalko comes from JLL and will be based in the firm’s Tampa office to specialize in senior living and care investment sales throughout the United States. A graduate of the... Read More »
  • 60 Seconds with Swett: Memory Care Still Commands a Premium

    We are just a couple of days away from publishing the 29th Edition of The Senior Care Acquisition Report, which is available to all LevinPro LTC and LTC News subscribers as part of their subscriptions, and the impact of the capital markets upheaval on valuations affected nearly all property types in 2023. Still, a few historical norms remained.... Read More »
60 Seconds with Swett: Where Are Senior Care Property Values Now?

60 Seconds with Swett: Where Are Senior Care Property Values Now?

Where do values stand for seniors housing and care properties after more than a year of capital markets upheaval and persistent, post-pandemic operational challenges? Well, after an exhaustive study of our proprietary M&A statistics, we will be previewing the results of the 29th Edition of The Senior Care Acquisition Report in a webinar this Thursday February 22 at 1pm Eastern.  In addition, our distinguished group of panelists will discuss the market dynamics informing buyers and sellers’ decisions then and now, how the lending environment shifted and shaped M&A strategies, whether a wave of distress and defaults is at last on its way in 2024, and their own predictions for... Read More »
Is LTC Properties Ready To Grow?

Is LTC Properties Ready To Grow?

There is no question that the operating environment, and investing environment, has been tough on REITs. Most have spent the past two years adjusting their portfolios, either selling properties that were not performing and had little likelihood of getting back on track, or switching out operators to new ones that had a better chance of succeeding. Often, it was both, including working on their capital structures. LTC Properties, with one of the smallest market caps ($1.3 billion) among the healthcare REITs, but also one of the most stable management teams, has worked on all three issues. Last year and the fourth quarter represented moves and changes that may put the REIT into a better... Read More »
Is LTC Properties Ready To Grow?

Priority Life Care Does It Again

Not once, not twice, but now several times Priority Life Care has been brought in by an institutional owner of underperforming senior living assets and turned them around in less than a year. The company’s track record is attracting even more institutional interest. In the most recent example, American Healthcare REIT (NYSE: AHR), which just closed its IPO, hired Priority Life last May to manage six senior living communities in Indiana (5) and Michigan (1) that were losing money on 78% combined occupancy. The communities have a combined 652 units, with assisted living comprising 389 units, independent living 188 units and memory care 75 units. The licensed bed count is higher, and the... Read More »
Ventas Reports

Ventas Reports

After Welltower’s solid fourth quarter performance, all eyes were on Ventas, which has not pursued the aggressive growth path that Welltower has. Operating metrics were up in its SHOP portfolio of seniors housing communities, but not up as much as investors would have hoped. But that is not the fault of Ventas; rather, it is the fault of the operators that are underperforming. Same-community occupancy increased 170 basis points in the fourth quarter, year over year, to 84.9%. Revenue was up year over year by 7.0% while expenses were up just 4.2%. This drove a 15.0% increase in cash NOI and a 180-basis point increase in the NOI margin to 25.4%, and this is after management fees. Not bad,... Read More »
Joint Venture Acquires Three Class-A AL/MC Communities

Joint Venture Acquires Three Class-A AL/MC Communities

JLL Capital Markets facilitated the sale of three Class-A seniors housing communities in Wildwood, Town & Country, and Kansas City, Missouri. These assets were acquired by a joint venture of Artemis Real Estate Partners, Scarp Ridge Capital Partners and Arrow Senior Living. JLL represented the seller and procured the buyer, led by Scarp Ridge and capitalized by Artemis, while Arrow will take over operations of the communities. This acquisition marks the first for the venture. Built between 2016 and 2018, the communities comprise 252 units of private pay assisted living and memory care. The Wildwood and Town & Country communities are each three-story AL/MC communities with 81 and 86... Read More »
Two SNFs Change Hands in Texas

Two SNFs Change Hands in Texas

Blueprint was engaged in the divestment of two value-add skilled nursing facilities in east Texas. These facilities, located just 15 minutes apart, total 320 beds. Despite experiencing historical lows in census as well as staffing challenges, the facilities were showing signs of improvement and were trending back towards their historically achieved stabilized levels. Additionally, the transaction involved assumable HUD debt with an interest rate of 2.90% and a remaining term of over 25 years. Giancarlo Riso, Amy Sitzman and Ryan Chase of Blueprint handled the transaction, procuring five competitive offers. The selected buyer was a regional owner/operator with a strong certainty of... Read More »
Pleasant Spring Communities and HumanGood Affiliate

Pleasant Spring Communities and HumanGood Affiliate

Ziegler was enlisted by Pleasant Spring Communities in its affiliation with HumanGood, California’s largest not-for-profit, faith-based provider of seniors housing services. The decision to select HumanGood was based on its reputation, financial strength and shared values, after considering numerous qualified local, regional and national not-for-profit senior living organizations.  Selecting the right partner was driven by several factors, including aligning with an organization well-positioned to bring innovative programming, provide expanded opportunities in career development and advancement, streamline and standardize processes and protocols, and enhance operational efficiencies.... Read More »
Welltower Announces Major Active Adult Acquisition

Welltower Announces Major Active Adult Acquisition

As many of you know, with the onset of the pandemic, large acquisitions were in short supply. This was because there were few sellers of large portfolios who would take a haircut on pricing, and there were few lenders who would want to fund a billion-dollar plus deal. Well, it took the largest healthcare REIT to break this deal logjam. Welltower just announced its planned acquisition of 25 purpose-built active adult communities with nearly 3,000 units mostly in the Pacific Northwest. These are all managed by Affinity Living Communities, which will continue to manage them for Welltower. The purchase price is $969 million, or nearly $248,000 per unit. The transaction will be funded by cash... Read More »
60 Seconds with Swett: SNF Values Drop

60 Seconds with Swett: SNF Values Drop

We are in the middle of compiling our 2023 M&A statistics for the soon-to-be-released 29th Edition of The Senior Care Acquisition Report, and the difficult year that was 2023 is coming clearer into focus, at least from a valuation perspective. We’ll preview the skilled nursing market first, which remained relatively strong despite the numerous headwinds facing the sector. On the other hand, some of the tailwinds like rising reimbursement rates, falling supply of licensed beds and revenues from related ancillary businesses have helped prop up valuations. We heard consistently throughout 2023 that values for SNFs had dropped between 10-15% from their peak around 2021 and early 2022, BUT... Read More »
Not-For-Profit Divests in Minnesota

Not-For-Profit Divests in Minnesota

Senior Living Investment Brokerage was brought on by a large, national not-for-profit in its divestment of a seniors housing community in Coon Rapids, Minnesota. The seller was looking to consolidate its portfolio to focus on core communities. The buyer was a joint venture between an in-state owner and an in-state operator trying to grow its footprint in Minnesota. Built in 1999, The Homestead at Coon Rapids has 53 assisted living and memory care units, with occupancy at 69%. The community sits on three acres and comprises 31,195 square feet. The purchase price and financials were not disclosed. Jason Punzel, Brad Clousing and Jake Anderson of SLIB handled the transaction. Read More »
CBRE Refinances Two Coastal Communities

CBRE Refinances Two Coastal Communities

CBRE National Senior Housing arranged a couple of refinances for Class-A assets in major metro areas. The first was closed for Chelsea Senior Living of New City, an 80-unit assisted living/memory care community located 30 miles north of New York City in a high-barrier-to-entry, affluent market. Built in 2021, the community features 56 AL and 24 MC units. It is owned by Capitol Seniors Housing, which brought in Chelsea Senior Living to operate the community.  Aron Will and Adam Mincberg of CBRE originated a $21 million bridge loan through Ohana Real Estate Investors, a national debt fund. The loan featured an interest-only term and a floating rate.  Will and Mincberg also teamed... Read More »