• Interview with Bryan Lockard of JLL Value and Risk Advisory

    Ben Swett, Managing Editor of The SeniorCare Investor, sat down with Bryan Lockard of JLL Value and Risk Advisory to discuss JLL’s 2024 Seniors Housing and Care Investor Survey and Trends, which you can download here. Read More »
  • Wow…Sonida Senior Living

    The last company in our sector, Sonida Senior Living, finally reported fourth quarter and full-year 2023 earnings, and while pretty good, that was not even the story. The story started four weeks ago. In February, the company announced a series of capital transactions which reduced their debt, raised some equity, and provided liquidity to take... Read More »
  • Marcus & Millichap Arranges SNF Leases

    After purchasing four senior care campuses in a large portfolio deal, a seniors housing owner/operator turned to Marcus & Millichap to find new tenants for the skilled nursing portions of each newly acquired campus. Each building was losing close to $1 million annually and had struggled with occupancy and expenses.  While the portfolio... Read More »
  • LSS Absorbs Diakon

    Two large not-for-profits announced that they were combining to create the 12th largest not-for-profit senior living organization in the country. Lutheran Senior Services, based in St. Louis, Missouri, signed an agreement to bring Diakon Senior Living operations and four CCRCs under its umbrella. Both organizations were described by Adam Marles,... Read More »
  • SNF Under Receivership Is Acquired in Kansas

    Marcus & Millichap was brought on by a limited liability company in the sale of a skilled nursing facility in Topeka, Kansas, that was under receivership. The facility, Providence Living Center, comprises 78 beds across 24,000 square feet and focuses on senior residents with mental health needs. Rod Llanos and Colby Haugness handled the... Read More »
Atlas Senior Living Grows Southeast Portfolio

Atlas Senior Living Grows Southeast Portfolio

Atlas Senior Living and Salta Capital have acquired two high-quality senior living communities from Traditions Senior Living: The Traditions of Athens in Georgia, and The Traditions of Spring Hill in Tennessee. Atlas formed Salta in 2021 to administer the financials and asset management side of their business. This purchase brings the total number of properties in their portfolio to 32, after purchasing two other communities in Florida and Mississippi last year. Atlas also bought three communities in Georgia and one in North Carolina in 2020. Built in 2016 for $11 million, or $130,900 per unit, The Traditions of Athens totals 75,824 square feet, comprising 12 independent living and 72... Read More »
Atlas Senior Living Acquires in Alabama and Georgia

Atlas Senior Living Acquires in Alabama and Georgia

Birmingham, Alabama-based Atlas Senior Living added two unique senior living communities to its growing portfolio, which the company expects to number 17 properties across the Southeast by the end of the year. Located in Savannah, Georgia and Madison, Alabama, the communities both feature 104 units of independent living, assisted living and memory care. They were developed in the last couple of years by the seller, Miami Beach-based Lucky Shepherd. As with other Lucky Shepherd communities, they feature amenities like a greenhouse, over 15,000 square feet of spa and wellness space, farm-to-table dining and animal therapy. Ari Adlerstein and Ari Dobkin of Meridian Capital Group handled the... Read More »
Cushman & Wakefield’s Strong Start to February

Cushman & Wakefield’s Strong Start to February

Cushman & Wakefield’s Seniors Housing Capital Markets team has been closing a lot of business in the shortest month of the year, negotiating the sale of a couple of portfolio transactions on opposite sides of the country. First, out West, the team of Rick Swartz and Jay Wagner advised Focus Healthcare Partners in their sale of two seniors housing communities in Portland, Oregon. Including a 127-unit independent living community built in 2006 and a 58-unit assisted living/memory care community built in 2007, these communities both recently received significant capital improvements. The AL community interestingly was the last acquisition of Sunwest Management before the company went into... Read More »
MidCap Making Moves

MidCap Making Moves

More than a year after opening a 167-unit senior living community in Lexington, Kentucky, Atlas Senior Living executed on a purchase option for the property thanks to a $35 million floating-rate loan provided by MidCap Financial. David Sharp, working out of MidCap’s Chicago office, arranged the short-term loan and expects to take it to agency after a seasoning period. The purpose-built community is already near stabilization after opening in August 2017. Atlas had leased it from the developer/owner, DMK Development, which built the community for approximately $26 million, or $155,700 per unit. With the financing, Atlas received working capital for the continued stabilization and will be... Read More »
Checking in on Chattanooga

Checking in on Chattanooga

Last month we wrote of the sale of a Chattanooga, Tennessee independent living community to a joint venture between Atlas Senior Living and Veritas Senior Living. Now, we can report that Richard Lynn of Marcus & Millichap represented both the buyer and the seller in the transaction, with an assist from Joseph McKibben, who was the broker of record in Tennessee. The community was originally a hotel but converted in 2008 to feature 136 units. It currently is a low-cost provider in the area, with rents ranging from $1,200 to $1,500 per month, but that’s where the buyers see upside. They plan on making some cosmetic renovations as well. Occupancy was around 85% and with a $3.6 million (or... Read More »