Blueprint Leases St. Louis-Area Skilled Nursing Portfolio
A portfolio of three skilled nursing facilities and 444 total beds in the St. Louis, Missouri area found a new operator/tenant thanks to Ben Firestone, Michael Segal and Billy Lichtenstein of Blueprint Healthcare Real Estate Advisors. Featuring positive cash flow (benefitted by Missouri’s Medicaid rate increase) and desirable locations near Barnes-Jewish Hospital, these facilities are owned by an Illinois-based owner/operator that decided to shift its focus to other owned and recently acquired facilities in Arizona and Illinois. A growing operator with an existing presence in the state was chosen as the new operator for its commitment to capital improvements. The transaction was structured... Read More »
Welltower Acquires Two South Bay Partners Properties
Welltower announced that it has added two more San Antonio senior living properties to its portfolio. Originally developed by the seller, South Bay Partners, these communities opened in 2016 adjacent to each other in the Dominion area of northwest San Antonio. They combine for 335 units of independent living, assisted living and memory care. Welltower is no stranger to the market, already owning two senior living communities operated by Sagora Senior Living, an LTAC operated by LifeCare Management Services and a portfolio of five medical office buildings. No purchase price was disclosed for the latest acquisition, but the properties were last assessed together for $48.6 million, according... Read More »
CEOs and Other C-Suiters: It’s Time to Roll Up Your Sleeves
Steve Monroe has a message for the CEOs and other C-Suiters in the senior care industry. Read More »
Blueprint in the Buckeye State
Connor Doherty of Blueprint Healthcare Real Estate Advisors took his talents to Ohio to close two skilled nursing transactions in the state. First, partnering with Blueprint’s Ryan Kelly, Mr. Doherty represented a California-based private equity group to sell its 99-bed SNF in Newark, near Columbus. Built in 1972 but with consistent updates through the years, plus a new rehab wing added in 2015, the facility was triple-net leased to a local operator. However, when the lease term was up, the operator decided to exit, prompting the owner’s divestment too after about a decade of ownership. The facility was cash-flowing but was 75% occupied with a more-than 30% quality mix. That offers some... Read More »
Kayne Anderson Closes on Three California Communities
Kayne Anderson Real Estate Advisors has joint ventured with Watermark Retirement Communities to add three more California senior living communities to its portfolio thanks to financing provided by SunTrust Bank. Two of the communities were located in the Los Angeles market (in Whittier and Riverside). Averaging about 20 years in age, they had previously been owned by Bridge Investment Group, and Watermark will take over operations. Meanwhile, the third property was up north in the Oakland MSA town of Emeryville. It was previously owned by Welltower and managed by Watermark, which will stay on as operator. To fund the acquisition, SunTrust Bank provided $69.5 million in financing. Following... Read More »
Walker & Dunlop Finances Arcapita-Owned Assisted Living Communities
Just over three years since buying three assisted living communities in Colorado, Middle East-based alternative investment fund manager Arcapita is refinancing them with the help of the team of Stuart Wernick, Jeff Ringwald and Bill Jackson of Walker & Dunlop. Operated by MorningStar Senior Living since opening in 2013 and 2014, the communities were nearly stabilized when they were acquired in December 2015 for a combined $79.5 million, or just over $400,000 per unit. Two of the communities feature a combination of assisted living and memory care units in Colorado Springs and Centennial, and the third property (also in Colorado Springs) serves exclusively memory care residents. In all,... Read More »
Recent Senior Care M&A Deals, Week Ending April 19, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Target Healthcare REIT LimitedCare home$9 million Afton PropertiesAurora Village Apartments$8.65 million Preservation of Affordable Housing6 senior apartment communitiesN/A Triloma Seniors HousingThe Fountains of Granite City & The Fountains of... Read More »
Senior Housing Properties Trust Dividend Takes a Dive
If you read our lead story in the April issue of The SeniorCare Investor, you may have thought it couldn’t get much worse for Senior Housing Properties Trust (SNH) and its tenant Five Star Senior Living (FVE). And then on Thursday, SNH officially dropped its quarterly dividend by 61.5% from $0.39 to just $0.15 per share, with a forward yield of 7.43%. The company had previously mentioned that they would lower its annual dividend to between $0.55 and $0.65 (and deciding on $0.60), but if a dividend decline is bad on its own, it’s even worse for SNH whose high, double-digit yield was probably its best asset in the eyes of its shareholders. Now, SNH’s yield still ranks higher than a number of... Read More »
American House Sells IL Community in Michigan
Mike Garbers and Cody Tremper of Greystone Real Estate Advisors worked on behalf of American House Senior Living Communities to sell their independent living community in Southfield, Michigan to a local owner. Featuring 202 units, the community was built in 1987 on a 10.4-acre campus. It was well-occupied at 95%, so the new owner should be hitting the ground running. It also helps that the new owner has several other IL communities in the area. Read More »
Original Owner Exits Two AL Communities in Illinois
The original developer of two assisted living communities totaling 135 units in Illinois (St. Louis MSA) is finally exiting the assets, after more than 10 years of ownership, with the help of Mike Surak and Matthew Andriano of Marcus & Millichap and Mark Myers and Joshua Jandris of IPA Seniors Housing. Operated under the Fountains Assisted Living brand, the properties are located in Granite City (built in 2000) and Godfrey (built in 2006), or about 23 miles apart from each other. They were previously owned by a local investment group that featured a large number of individual investors. The out-of-state buyer, an affiliate of Triloma Seniors Housing, will look to use their operating... Read More »Schedule a demo
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