Pegasus Senior Living Expands in Texas
Pegasus Senior Living took over management contracts for eight senior living communities in Texas and New Mexico. Previously operated by LifeWell Senior Living and developed by Pinpoint Commercial, the portfolio comprises 652 assisted living and memory care units. A small group of investors primarily based in Houston owns the communities. The transition is set to occur September 1, and LifeWell will still operate active adult communities after the transition. Pegasus now operates 43 senior living communities across 13 states, and its goal before the end of the year is to increase average occupancy to 90%. Read More »
Ensign Continues To Rock
When quarterly earnings season hits, we have always been nervous about some company reporting unexpected bad news and maybe sending shock waves through the industry. The one exception is The Ensign Group, which rarely, if ever, has had a negative surprise. They did not disappoint us with their second quarter results. We have been waiting for Harvard Business School to do a case study on how to run, and grow, a primarily nursing home company at a time when so many providers seem to struggle. We are four and a half years past the beginning of the pandemic, which should not be used as an excuse anymore, but Ensign does not need any excuses. Everything was up in the second quarter, except for... Read More »
Family Office Acquires Florida Seniors Housing Portfolio
Berkadia facilitated the sale of a four-property assisted living and memory care portfolio along Florida’s West Coast. Brooks Minford closed the transaction on behalf of two separate sellers. The buyer of all four properties, a Central Florida-based family office looking to expand its existing footprint, finalized the closings on July 23. The total purchase price was $42.55 million, or $127,400 per unit. In the first transaction, a Florida-based seniors housing and multifamily developer sold an early 2000s-build community comprising 59 assisted living and 20 memory care units. Occupancy was hovering around 85%, and it was stabilized at the time of the sale. The seller was divesting because... Read More »
Forest Facilitates Florida SNF Acquisitions
Forest Healthcare Properties handled two separate skilled nursing transactions in Florida. First, engaged by a regional owner/operator looking to exit the Tampa and Orlando MSAs, Forest helped facilitate the sale leaseback for a portfolio of seven SNFs. Built in 1980, the portfolio encompassed 866 beds with an occupancy rate above 90%. At the time of sale, the portfolio was not stabilized. The buyer was a regional owner/operator with a presence in Georgia and North Carolina and was looking to expand into Florida. Jeffrey Vegh and Joe Schiff handled the transaction, which involved the approval of three different banks due to the existence of three separate loans. Interest in the... Read More »
The Zett Group’s Summer Surge
The Zett Group, a brokerage firm focused on the Pacific Northwest, has hit a rich vein of activity, closing four separate transactions in recent weeks. Blake Bozett handled the transactions, with even more deals to be announced soon. First, built in 2006, Streamside Assisted Living and Memory Care features 79 assisted living and memory care units in Nampa, Idaho. It was stabilized at the time of sale. The seller was Ohana Ventures, and the buyer was Titan SenQuest, which was looking to expand its footprint within the state. The transaction navigated through various fire, life and safety needs that arose from the licensure inspection. Upon securing the listing agreement, Bozett made one... Read More »
StoryPoint Acquires in Michigan
Alex Vice, Josh Jandris and Thomas Falkenberg of Walker & Dunlop facilitated the sale of two seniors housing communities in Oakland County, Michigan, which included Blossom Ridge (Rochester) and Blossom Village/Blossom Springs (Oakland Charter Township). In total, the communities encompass 245 units: Blossom Ridge features active adult, independent living and assisted living units whereas Blossom Village and Blossom Springs offer assisted living and memory care units. Built in 2019 by the Moceri family, the combined assets have been rebranded as the Flourish Collection by StoryPoint Group and will be added to StoryPoint Senior Living’s portfolio of seniors housing communities that... Read More »
Not-For-Profit Defaults and Divests in Pennsylvania
Evans Senior Investments was engaged by a not-for-profit organization in its divestment of the real estate of a skilled nursing facility in Indiana, Pennsylvania. After the not-for-profit defaulted on its existing bond debt, ESI was brought on to market the property as part of the Section 363 bankruptcy process. A select group of skilled nursing buyers were targeted and nine competitive offers were procured. The selected buyer offered the most advantageous terms for all parties involved. Law firm Duane Morris LLP also handled the transaction. Built in the 1970s with two major renovation projections completed since then, Beacon Ridge comprises 118 beds and offers private units,... Read More »
Carlton Senior Living Secures Two Freddie Mac Loans
Lument secured two separate Freddie Mac loans for Carlton Senior Living, one of Northern California’s largest seniors housing providers with 11 independent living, assisted living and memory care communities in operation. The loans total $38.8 million and were secured across two separate California properties: $13.5 million to refinance a 123-unit seniors housing community in Fremont and $25.3 million to refinance a 126-unit seniors housing community in San Jose. Both loans feature a fixed interest rate, a 10-year term and 30-year amortization. Additionally, the loan for the San Jose property provides funds for renovations. Nick Hamilton and Casey Moore handled both... Read More »
2nd Quarter Investor Call Recording
On Wednesday, July 24, The SeniorCare Investor hosted its Second Quarterly Investor Call, discussing the latest seniors housing and care M&A data, relevant case studies on recent transactions, and audience questions. Ben Swett, Managing Editor of The SeniorCare Investor, moderated the conversation with panelists Ross Sanders, Managing Director, Investment Sales Seniors Housing & Healthcare of Berkadia, Rick Swartz, Senior Managing Director, Seniors Housing Group Leader of JLL, and Hank Fuller, Director of Evans Senior Investments. Read More »Atlas Acquires Florida Seniors Housing Portfolio
Atlas Senior Living and Salta Capital acquired three stabilized seniors housing communities with healthy cash flow in the Orlando, Florida MSA, including Madison at Clermont, Madison at Ocoee and Madison at Oviedo. According to The Business Journals, the seller was Longview Senior Housing, an affiliate of Blackstone Real Estate. We believe these to be former Brookdale Senior Living properties that were previously sold to Longview. Three to four years ago, Longview brought Atlas on as an operator. Built around the late 1990s and all having received some major capex improvements around 2020/21, the assisted living/memory care communities are in Clermont, Ocoee and Oviedo, Florida. The... Read More »Schedule a demo
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