Colorado SNF Gets New Owner (and Tenant)
Evans Senior Investments was engaged by an independent owner/operator in the sale of a skilled nursing facility in Aurora, Colorado. Evans targeted a select pool of prospective buyers, ensuring a competitive bidding environment and ultimately procuring 10 offers for the facility. Built in 1972 with a 2018 renovation, Summit Rehabilitation & Care Community features 110 beds on 2.44 acres across 44,630 square feet. It maintained an occupancy rate of 95% and generated over $11.9 million in annual revenue, leading to substantial profitability. The recent Medicaid rate increases in the state, with approved future increases in 2024 and 2025, made it an attractive opportunity for prospective... Read More »
SLIB Sells in Washington State
Senior Living Investment Brokerage facilitated the sale of a seniors housing community in Mercer Island, Washington. Built in 1990, the community features 50 units of assisted living and memory care and is situated in Lake Washington, east of Seattle and west of Bellevue. The seller was a private real estate fund, and the buyer is a Northwest-based regional owner/operator with a strong presence in Washington. The buyer is looking to expand further within the state. Their intent is to remodel the community and leverage operating systems. According to a local news source, the purchase price was approximately $5.5 million, or $110,000 per bed. The same source named an affiliate of... Read More »
Blueprint Closes Behavioral Health Deal
Blueprint’s Behavioral Healthcare team advised a national behavioral healthcare real estate investor in the re-tenanting of a substance abuse treatment center in the Norfolk, Virginia MSA. The existing asset had a previously strong operating history, though was not able to be conveyed with the license intact. Despite this challenge, multiple operators showed interest, with Blueprint procuring multiple LOIs. Blueprint identified and negotiated lease terms with behavioral healthcare-focused operators. Ultimately, a national substance abuse operator that Blueprint had previously closed with, was selected based on lease terms and execution capability. Andrew Sfreddo, Shane Harmon and Gunnar... Read More »
60 Seconds with Swett: WSJ’s Private Equity Analysis in Health Care
Last week, The Wall Street Journal published an article examining private equity activity in the healthcare M&A market, specifically that its activity was down compared with 2023 because of increased regulatory scrutiny and higher interest rates. The article cited Pitchbook transaction data, and some of the numbers left our editors at our sister platform LevinPro HC, which exclusively covers the healthcare M&A market, scratching their heads. According to Pitchbook, as cited in the article, there were 180 PE add-on deals, or when a PE firm buys a company through a portfolio company, through May 28. Our numbers are higher, as LevinPro HC recorded 193 deals from a PE-backed company,... Read More »
Ventas Purchases AL/MC Portfolio
Walker & Dunlop announced the closing of the Magnolia Springs portfolio consisting of seven communities across Ohio, Kentucky and Indiana. The seller appears to be a joint venture between LCS Real Estate and Nuveen Real Estate, which acquired the portfolio in 2018 and financed the deal with CBRE (before refinancing part of the portfolio in 2020). The average year built of the communities is 2014, and each had strong operating margins at the time of closing. The communities comprise more than 690 assisted living and memory care units, with average occupancy hovering in the low to mid-80s. Josh Jandris, Brett Gardner and Alex Vice handled the transaction. There were multiple offers... Read More »
Ventas Acquires AL/MC Community in Oregon
Newmark facilitated the divestment of a seniors housing community in Bend, Oregon. Built in 2013 and 2016, Mt. Bachelor Assisted Living and Memory Care comprises 156 assisted living and memory care units. Ventas revealed that it acquired this community for $55 million, or $352,600 per unit. This announcement comes shortly after Newmark facilitated 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... Read More »
Blueprint Finds Buyer/Operator for Vacant Seniors Housing Asset
Blueprint’s Behavioral Healthcare team advised a seniors housing investor to both obtain specialized zoning entitlements for a vacant seniors housing asset and to sell the asset as a potential behavioral healthcare conversion following the re-zoning. Andrew Sfreddo, Shane Harmon and Gunnar Raney handled the transaction. Upon the investor securing the specialized zoning entitlements for inpatient behavioral use, Blueprint took the asset to market and procured an offer from a behavioral healthcare owner/operator which originally planned to purchase the asset, deploy capital improvements and license the building as an inpatient substance abuse facility. However, during escrow, Blueprint was... Read More »
JLL Arranges Financing in New Mexico
JLL Capital Markets arranged refinancing for a seniors housing community in Rio Rancho, New Mexico. JLL secured the five-year, fixed-rate loan through a life insurance company. Built in 1997 and renovated in 2019, Fairwinds Rio Rancho features 220 independent living and assisted living units. It is three stories and comprises 211,213 square feet. Alanna Ellis, Jay Wagner, Aaron Rosenzweig and Alex Sheaffer handled the transaction on behalf of the borrower, Lytle Enterprises. Lytle’s portfolio consists of 18 independent living and assisted living communities that total 3,000 units, with an average property size of 157 units. Read More »
Affordable Housing Preservation Developer Purchases in California
Marcus & Millichap and Affordable Housing Advisors teamed up to facilitate the sale of an affordable seniors housing community in Campbell, California. After operating the community for over 30 years, the not-for-profit owner/operator chose to divest Corinthian House Apartments. Corinthian features 102 studio and one-bedroom units and contains 36 project-based Section-8 units. The buyer is a mission-driven affordable housing preservation developer. Rob Reis of M&M and Andy Daitch of AHA handled the transaction, which closed at the agreed-upon price. Read More »
Berkadia Secures Financing on Behalf of POAH
Berkadia announced the financing and preservation of Jesse Jackson Jr. Senior Housing, a 120-unit affordable seniors housing community in Harvey, Illinois. James Grande secured the $17.6 million low-income housing tax credit equity investment on behalf of the sponsor, Preservation of Affordable Housing. The community consists of two three-story, elevator-serviced buildings that were originally constructed in 2007 (phase II) and 2011 (phase III). The project will consist of 120 one-bedroom units serving seniors aged 62 and above, with 114 of the units set aside for persons whose income is at or below 50% of the area median income. The remaining six units will be set aside for persons... Read More »Schedule a demo
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