SLIB Closes Minnesota Deal
Wanting to fund continued investments in the seniors housing space, the owner of a 118-unit seniors housing community in Mankato, Minnesota, sold the property to a private equity group, for an undisclosed price. Jason Punzel, Jake Anderson, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction. Built in 2019, The Pillars of Mankato consists of 98 independent living/assisted living units and 20 memory care units, approximately 75 miles southwest of Minneapolis. The IL/AL units were all interchangeable. Occupancy was close to full, and the community was stabilized, but no financial details were disclosed. The out-of-state private equity group... Read More »
Two Separate Sellers Divest Seniors Housing Assets in Michigan
Meiser Commercial Real Estate recently closed two separate seniors housing transactions. First, in a transaction that closed before year-end, an owner/operator engaged Meiser in its divestment of an assisted living community in Clinton County, Michigan. Built in the 1980s and remodeled since then, Serene Gardens of DeWitt comprises 58 beds, and occupancy was 98% at closing. The purchase price was $4.0 million, or around $69,000 per bed. The buyer financed 70% of the acquisition cost through a local bank. Next, DeShano Companies Inc. brought on Meiser in its divestment of two assisted living communities in Michigan: Close to Home Saginaw in Saginaw and Bay City in Bay City. DeShano, a... Read More »
Arrow Adds Three Missouri Seniors Housing Communities
Arrow Senior Living added three seniors housing communities to its portfolio in Missouri that comprise 252 independent living, assisted living and memory care units. The Burlington Creek Senior Living, formerly known as Anthology of Burlington Creek, first opened in 2016 and features 85 units. Opened in 2017 and 2018, respectively, The Plaza at Wildwood consists of 91 units and The Town & Country comprises 86 units. Arrow, with its joint venture partner O’Reilly Development, also announced the opening of The Boulevard Senior Living of St. Peters. The community includes 93 IL, 44 AL and 18 MC units. No other details were disclosed. Read More »
Welltower On The Move
What can one say about a healthcare REIT, Welltower, that is the largest in the world with a $48.8 billion market cap, more than twice the size of its nearest rival, Ventas? Not much, other than at some point they may become too big to maintain order in its portfolio. Welltower is also the most prolific buyer of all the REITs, and for anyone else for that matter. In the fourth quarter 2023 alone, they completed $2.8 billion in gross investments, and $4.8 billion for the entire year. Plus, they have another $1.2 billion under contract ready to close in the first half of 2024. No one is boasting that kind of activity these days, but most don’t want to boast about it either. Back when they... Read More »
Owner/Operator Purchases in Ohio
Senwell Advisors was engaged by a large CCRC in the transfer of skilled nursing beds across contiguous counties in southwest Ohio. The CCRC was divesting with the goal of reconfiguring its skilled nursing capacity in response to escalating demand for its other senior living options on campus. The buyer, an established regional owner/operator, intends to repurpose its RCF bed to SNF beds, which aligns with its expansion plans to provide more enhanced skilled nursing care. Ben Bohland of Senwell handled the transaction. No additional details were disclosed. Read More »
Mom & Pop Divests After Facing SNF Headwinds
A mom & pop recently divested a 180-bed skilled nursing facility in Lancaster, Ohio. The facility has been in operation for almost five decades but faced challenges exacerbated by staffing and occupancy headwinds. The local family owner/operator engaged Blueprint in the sale of the SNF. Blueprint targeted regional providers and mostly private investors, generating multiple offers resulting in the ultimate selection of an owner/operator seeking to capitalize on the Ohio Medicaid rate increase implemented in 2023. The transaction and the transition of operations closed prior to year end to preserve eligibility for the Ohio Quality Incentive Program. Connor Doherty and Ryan Kelly handled... Read More »
Struggling SNF Sells in Ohio
Blueprint was brought on in the divestment of a skilled nursing facility in Columbus, Ohio, which faced challenges with occupancy and escalating staffing headwinds, an all-to-familiar story for many SNFs across the country. The facility has been operational and well maintained since 2001, comprising 123 licensed SNF beds and 23 seniors housing units. Blueprint ran a targeted marketing campaign, securing four offers from reputable groups. The emerging buyer was an owner/operator with an established Ohio healthcare enterprise that wished to expand its footprint in the Columbus MSA and capitalize on Ohio’s recent Medicaid reimbursement enhancements for both skilled nursing and seniors... Read More »
Omega Acquires Two SNFs in Louisiana
Blueprint was engaged by CommCare, a Louisiana-based not-for-profit organization, in its divestment of two skilled nursing facilities in Center Point and Jonesville, Louisiana. Together, the two SNFs comprise 244 licensed beds, and they were performing at stable levels. The facilities were cash-flowing and following Louisiana’s rebasing of Medicaid rates that went into effect on July 1, 2023, consolidated EBITDAR across the two assets reached $3.0 million. Brooks Blackmon and Lauren Nagle of Blueprint handled the transaction, procuring offers from almost half of the reviewing groups. The buyer ultimately was a joint venture between Omega Healthcare Investors and Venza Care, Omega’s... Read More »
Skilled Nursing Divestments in Texas and Tennessee
Forest Healthcare was enlisted by a large nursing home group in its divestment of a skilled nursing facility in Austin, Texas. The seller has an existing footprint in the state, however, this was its only facility in Austin. The buyer, an owner/operator based near Austin, has other properties in the area and wanted to further grow its footprint. Built in 1985 with recent renovations, the facility comprises 120 licensed skilled nursing beds with occupancy over 82% at the time of closing. There are an additional 45 assisted living beds that the buyer intends to convert to licensed SNF beds. Jeffrey Vegh and Joe Schiff handled the transaction. Vegh and Schiff also recently closed a... Read More »
Bravo Provides $10M Bridge Acquisition Loan
Bravo Property Trust, an affiliate of Bravo Capital, provided a $10.0 million bridge loan to Birchwood Health Care Partners for the acquisition of a skilled nursing facility in Des Moines, Iowa. The building was constructed in 2016 as a senior care campus with 70 skilled nursing beds and 30 assisted living beds. The previous owner converted the AL units to SNF beds in October 2022, and the building was re-licensed as a 100-bed SNF in December 2022. With occupancy based on 100 SNF beds beginning in October 2022, the facility leased up over the next nine months and stabilized in August 2023 at 91%. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
