Recent Senior Care M&A Deals, Week Ending December 27, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice East Coast-based REITThe Abbington Senior Living Portfolio$49 million Pacifica Companies LLCThe Woodmark at Sun City$7.25 million Family-owned operator2 assisted living communities$945,000 Local buyerLas Villas Del Norte$91... Read More »
Blueprint Announces Two Assisted Living Deals
The year may be wrapping up, but Blueprint Healthcare Real Estate Advisors has not been slowing down, announcing a couple of acquisitions during Christmas week. Ben Firestone, Michael Segal and Alex Florea first teamed up to sell two assisted living communities in the Midwest on behalf of a publicly-traded REIT and its national operator partner. Located near Oklahoma City, Oklahoma and Wichita, Kansas, the communities combine for 52 units and 16,000 total square feet. They were built in 1993/94, with renovations completed in 2016. Thanks in part to strong reputations in their local markets, operations were solid as well, with occupancy over 90%, a primarily private pay census and steady... Read More »
REIT Buys Utah Senior Living Portfolio
Evans Senior Investments sold a portfolio of three new assisted living/memory care communities in the Salt Lake City, Utah metro area known as The Abbington Senior Living Portfolio. Totaling 229 units, split between 174 assisted living and 55 memory care, these communities were developed in the last five years, but two of the properties were still in the final stages of lease-up at the time of the sale. Occupancy averaged 85%, with a 93% private pay census, and the portfolio generated a 28% EBITDAR margin in the trailing 12 months. One community was subject to a long-term land lease. A real estate private equity company sold the portfolio to an East Coast-based REIT stepped in to purchase... Read More »
Chicago Pacific Founders Acquires Again
Chicago Pacific Founders appears to be wrapping up 2019 with its sixth acquisition of the year, and eighth added property. The target was a 113-unit assisted living/memory care community in Naples, Florida, located just three miles from the city’s Fifth Avenue District and near shopping centers, medical facilities and entertainment venues. It was previously owned by Prevarian Senior Living and operated by Visiting Nursing Management Company. Terms of the deal weren’t disclosed, but CPF will invest in improvements at the property and will have Grace Management take over as operator. Chicago Pacific’s previous acquisitions this year included two in Arizona, two in Texas and a three-property... Read More »
NorthMarq Finances New York Community
The owner of a seniors housing community in Mount Vernon, New York (Westchester County) just refinanced and cashed out of the property with the help of NorthMarq. Built in 2005, the 20-unit community was fully occupied. Robert Ranieri, senior vice president and managing director of NorthMarq’s White Plains office arranged an $800,000 loan through The Westchester Bank that allowed the borrower to realize his long-term equity in the property. The loan came with a seven-year term and 30-year amortization schedule. Read More »
Blueprint Closes Three Transactions
Some senior care investors have been doing some last-minute Christmas shopping, with Blueprint Healthcare Real Estate Advisors announcing several sales. First, the team of Jacob Gehl, Humair Sabir and Scott Frazier represented an owner/operator looking to retire with the sale of their 35-unit (70-bed) assisted living community in Mission Valley, California (San Diego MSA). Blueprint was tasked with confidentially marketing the community and closing its sale within the calendar year. The property’s attractive location resulted in several competitive offers, but Bayshire Senior Living, a growing regional owner/operator with three other communities in the San Diego market, was ultimately... Read More »
CBRE Originates Second Fannie Mae Financing for NC Community
The CBRE team of Aron Will, Austin Sacco and Tim Root arranged a refinance of a 100-unit independent living community in Durham, North Carolina, just two years after financing the property’s acquisition. Originally built as a hotel in 1985 but renovated and converted to IL in 2013, the community was purchased by Focus Healthcare Partners in October 2017 for $15.8 million, or around $160,000 per unit. At the time, it was fully occupied and operated at close to a 30% margin on over $3.1 million of revenues. The deal resulted in a cap rate of about 6.3%. Amenities include an interior courtyard with an in-ground pool, bocce court, putting green, theater, library, coffee/juice bar and community... Read More »
Recent Senior Care M&A Deals, Week Ending December 20, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice LCS/NuveenSolana at DoylestownN/A Bayshire Senior LivingCloisters of the Valley$7.25 million Apple Avenue Healthcare LLCBrookhaven Medical Care Facility$945,000 Chartwell Retirement ResidencesChartwell Emerald Hills Retirement Residence$91... Read More »
Formation Development Group Sells Pennsylvania Community
Newmark Knight Frank’s Ryan Maconachy and Chad Lavender represented Atlanta-based Formation Development Group in the sale of its new 98-unit seniors housing community in Doylestown, Pennsylvania, an affluent Philadelphia suburb. Operated under the Solana brand by Atria Senior Living, the community opened in 2016 at the tail-end of when many of the Solana properties were built. It features 70 personal care (assisted living) and 28 memory care units, which were 96% occupied at the time of the sale. A joint venture between LCS Senior Living and Nuveen emerged as the buyer, although no purchase price was disclosed. Newmark’s Sarah Anderson and Brittany Robinson secured financing on behalf of... Read More »
Healthpeak Expands Oakmont Relationship
Healthpeak is yet again expanding its relationship with Oakmont Senior Living, after already making a couple of acquisitions with the operator earlier this year. The two companies entered into an agreement that provides Healthpeak the option to acquire up to 24 of Oakmont’s seniors housing development pipeline, when Oakmont decides to sell. Concentrated in California, the communities will have a projected aggregate value of approximately $1.3 billion. They will be offered for sale in tranches from 2020 to 2023, including about $200 million in expected sales in the first half of 2020. Once offered, the REIT will have the option to acquire each applicable tranche based on a pre-determined... Read More »Schedule a demo
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