Marcus & Millichap Handles Sacramento Sale
After more than twenty years of ownership, a family owner/operator decided to sell its senior apartment community in Sacramento, California. The partnership chose to engage Rob Reis and Jon Holmquist of Marcus & Millichap to quietly market their property for sale. Built in 1971, the 103-unit community consists entirely of one-bedroom apartments. It is a hybrid between independent living and senior apartments, as the previous owner contracted in a meal service for two to three meals per day, and had a prep kitchen, not a full commercial kitchen. Common area amenities include a community room, game room, meal plan service and exercise classes. Plus, unit amenities include hardwood... Read More »
Newmark Handles Class-A Portfolio Deal
Newmark announced the sale of a seniors housing portfolio featuring assets spread across three states. Dubbed Project Stone, the four-community portfolio includes Class-A communities at irreplaceable locations in strong Ohio, Kentucky and Missouri submarkets. Together, they comprise 460 independent living, assisted living and memory care units. The communities had positive leasing and operating margin trends, as well as strong recent rental and care increases. The portfolio was being offered at a discount to replacement cost, but the purchase price was not disclosed. Read More »
Two ARFs Trade in California
Sherman & Roylance sold two Level-3 Adult Residential Facilities (ARFs) in Fresno County, California, representing a well-regarded, long-time owner-operator seller in the deal. Chris Minnery and Michael Belcher of S&R found a seasoned buyer eager to expand their portfolio and build upon the established legacy of care. The two ARFs, each housing six residents, have been operating since 2003 under the management of the original owner. The facilities have consistently enjoyed 100% occupancy. They sold for $1.09 million, or $90,800 per bed. Sherman & Roylance facilitated a seamless handover process, with all residents and staff remaining on board to maintain continuity of... Read More »
Haven Senior Investments Handles Kansas Closing
Haven Senior Investments facilitated the sale of two seniors housing communities in eastern Kansas that total 59 assisted living and memory care units. The purchase price was $3.4 million, or $57,600 per unit. The seller, MorningStar Care Homes, divested one of its seniors housing assets a few years ago and is now exiting the sector to retire with the divestment of these two communities. The communities were built in the mid-90s and are located about an hour apart. They are in good shape, with not much capex needed. Both struggled during the pandemic, but were stabilized at the time of sale with around 85% average occupancy and positive cash flow. They are mostly private-pay, with some... Read More »
Insignia Divests Georgia Standalone Memory Care Community
Senior Living Investment Brokerage facilitated the sale of a standalone memory care community in Alpharetta, Georgia, that benefits from strong on-site leadership and a great reputation in the local market. The seller, Insignia Senior Living, is selling its United States-based assets to focus on its core geographic markets in Puerto Rico and Latin America. Built in 1991 and renovated in 2016, Tapestry House Memory Care features 42 units across one story. The community sits on 1.93 acres in Fulton County and comprises 28,266 square feet. SLIB created a national, yet confidential market for this transaction. There were multiple offers from both regional and local buyers. The eventual... Read More »
Inspired Healthcare Capital Acquires in Texas
JLL Capital Markets arranged the sale of a Class-A seniors housing community in San Marcos, Texas. The seller was a joint venture between Bow River Capital and Investcor, and the buyer was Inspired Healthcare Capital. Built in 2020, Sage Spring Senior Living comprises 90 units of assisted living and memory care. The community was stabilized at the time of sale. Jay Wagner, Rick Swartz, Aaron Rosenzweig and Dan Baker handled the transaction. Read More »
SLR Healthcare ABL Provides Financing
SLR Healthcare ABL provided a $3.0 million asset-based revolving credit facility to a skilled nursing operator based in the upper Midwest. The management team has a combined 40 years of long-term care experience. It recently took over the operations of three skilled nursing facilities that total 230 beds in Iowa. Proceeds of the loan were used to provide working capital to support growth initiatives which include development of a memory care unit and expansion of a behavioral health unit. Stacy Allen handled the transaction. No additional details were disclosed. Read More »
Northern Wisconsin Facility Changes Hands
Marcus & Millichap facilitated the sale of a skilled nursing facility in Northern Wisconsin. Aspen Health & Rehab is a skilled nursing facility featuring 86 beds in South Range, Wisconsin. Ray Giannini, Justin Knapp and Nick Stahler of Marcus & Millichap handled the transaction. No additional details were disclosed. Read More »
BHI Senior Living Secures Financing
Ziegler announced the closing of BHI Senior Living’s $32.0 million Series 2024AB bank loans. BHI is a faith-based not-for-profit organization that owns and operates 10 CCRCs across Indiana, Ohio and Michigan. The Series 2024AB bonds marks BHI’s eighth financing with Ziegler since 2000. BHI will finance two phases of new construction at Hoosier Village in Zionsville, Indiana. Hoosier intends to construct 20 independent living townhomes with 3,200 square feet each in two phases beginning spring 2024 and another in spring 2025 for a total of 40 units. BHI currently has a waitlist with over 400 households seeking an independent living unit in the community. Ziegler conducted a full bank search... Read More »
60 Seconds with Steve Monroe: What if Boomers Are Not the Disruptors?
How many times have you heard that the boomers will be major disruptors of the seniors housing sector, causing providers to rethink, and change, how they provide their care and services? Too many times? I admit, I have been guilty of this as well. But I have been thinking about this concept (I know, a scary thought), and now I have some doubts. What do seniors housing providers do? They provide housing, care, meals, and an environment for socialization, among other services, all in a safe setting. Since I am in the middle of the pack of boomers, I don’t see those services changing much. Tweaked? Of course. But the basics should always be there. Boomers are going to be very demanding, or so... Read More »Schedule a demo
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