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 »
Senwell Senior Investment Advisors Sells Kentucky SNF
Ben Bohland and Brandon Bohland of Senwell Senior Investment Advisors announced the successful sale of a 73-bed skilled nursing facility in the Purchase Region of Graves County, Kentucky (the notch in the southwest part of the state). The facility’s seller was looking to exit in order to focus on their core assets, and to do so confidentially. So, in an off-market sale, Senwell found an exclusive buyer who has been expanding in the region to quickly and quietly close the transaction. The new owner plans to use that scale to reduce expenses. Read More »
Confluent Senior Living Sells, and Grows
Confluent Senior Living announced the sale of three of its senior living communities in Iowa, Oregon and New Mexico, hiring CBRE to close the deal. All three communities were, and will continue to be, operated by MorningStar Senior Living. The West Des Moines, Iowa property opened in March 2018 with 85 assisted living and memory care units, and the Beaverton, Oregon (Portland MSA) property opened later that year in November with 104 AL and MC units. In January 2019, the Santa Fe, New Mexico community was completed with 85 AL/MC units. All three were still in lease-up, but with no change in operator, that should continue unabated. Just last month, Confluent also sold its 66-unit assisted... Read More »
HJ Sims Secures Bond Financing for Tennessee CCRC
A new life plan community (or continuing care retirement community, as we still call them) is going up in Collierville, Tennessee (Memphis MSA) thanks to a large $219.25 million bond placement arranged by HJ Sims. Situated on 36 acres with 176 independent living apartments, 63 independent living garden homes, 52 assisted living units, 32 memory support units and 60 skilled nursing units, the community will also feature an impressive array of amenities. For dining, there will be five venues, an outdoor kitchen, a pub and sports bar. There will also be an athletic club, massage therapy, Jacuzzi, day spa, beauty shop, barber shop, performing arts center, movie theater, library, bank, gift... Read More »
Is Ageism Dead?
Young people flock to see septuagenarians perform because they are rock stars. But aren’t all 70-somethings rock stars in some one’s mind? Asking if Ageism is dead might seem like a funny question. We see ageism every day. But last week I was fortunate enough to go to a sold-out Billy Joel concert at Madison Square Garden. I was expecting to see an average age close to 60, since most of Billy Joel’s hits were from the 1970s, back when I was a teenager. And I remember them well. But I was shocked to see so many people in their 20’s, 30’s and 40’s. For one 20-something I met, it was his fifth time seeing Billy Joel. He played all his hits, from the 1970s, and when they finally... Read More »
Another Pennsylvania Personal Care Sale From Prestige Group
Jim Baranello of The Prestige Group closed yet another personal care deal in Pennsylvania, following up on his two-facility sale in the state earlier this month. In that previous deal, he represented a seller divesting their last two communities: a 56-unit personal care community in Montoursville and a 59-unit community in Danville, both located in north central Pennsylvania. While the Danville community was operating well with healthy cash flow and occupancy, the Montoursville community was more of a turnaround opportunity. Licensed for a combined 126 beds, the communities featured a 100% private pay census. The private buyer, who was looking to expand their operations in the area, paid... Read More »Schedule a demo
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