• Community First Solutions Acquires Again in Ohio

    Ziegler was engaged by Marquee Capital, the real estate company affiliated with Marcus Investments, LLC, the Marcus’ family office, in the sale of its seniors housing community in Mason, Ohio. Built in 2020, BrightStar Senior Living of Mason sits on 3.2 acres with 41 assisted living and memory care units. The community was well occupied at 90%,... Read More »
  • Joint Venture Acquires Nashville Active Adult Community

    An active adult community in Germantown, Tennessee, found a new owner thanks to the team at Newmark. Built in 2020, Avenida Watermarq is a 161-unit, Class-A active adult community in an affluent suburb of Nashville. There are one- and two-bedroom options averaging 919 square feet per unit. Occupancy was 87%. Inspired Real Estate Partners and GEM... Read More »
  • Institutional Owner Divests Ohio Facility

    Evans Senior Investments arranged the sale of a skilled nursing facility in Ohio on behalf of an institutional owner looking to exit the market. The facility comprises 88 beds and 20 independent living units, which served as a referral source for the nursing home. The buyer was a regional owner/operator that is actively expanding in Ohio. This is... Read More »
  • Strawberry Fields Completes Missouri SNF Portfolio Acquisition

    Strawberry Fields REIT, Inc. announced that it completed the acquisition of nine skilled nursing facilities comprising 686 beds in Missouri for $59 million, or $86,000 per bed. The REIT completed the acquisition using cash on hand and the issuance of approximately $2.0 million in OP Units of Strawberry Fields REIT LP to the seller. Eight of the... Read More »
  • Macquarie Asset Management Launches Health Wave Partners

    Macquarie Asset Management, which has over 35 years of experience in the real estate sector and a current network of 15 specialist operator investments globally, announced the launch of Health Wave Partners, a seniors housing platform aimed at targeting investments in modern seniors housing assets alongside established operators. The platform... Read More »
60 Seconds with Ben Swett: Competition For Deals in an Active M&A Market

60 Seconds with Ben Swett: Competition For Deals in an Active M&A Market

We’re not sure we have ever seen a month like this when it seemed that institutional buyers were racing to see who could announce the biggest deal. First was Welltower’s acquisition of 22 Pathway to Living communities, then came Harrison Street’s $1.2 billion purchase of 24 Oakmont communities, then Atria Senior Living acquired Holiday Retirement and Welltower jumped back in again, acquiring Holiday’s owned portfolio of 86 properties. Next, we had the Griffin American REITs 3 and 4 merging, and finally, at least of this filming, Ventas will pay $2.3 billion to purchase New Senior Investment Group. It has been a dizzying display of strength from these institutional buyers, and we are... Read More »
60 Seconds with Ben Swett: M&A Hits a High in 2021

60 Seconds with Ben Swett: M&A Hits a High in 2021

When it rains, it pours in senior care M&A. First, we noticed a significant uptick in deal activity this month, with over 30 transactions announced since June 1st. Not December’s level of activity, but we’ll take it. Then, Harrison Street announced the largest purchase in the industry in two years, spending $1.2 billion on 24 Oakmont communities. But yesterday, when we were still digesting the sale of former SNF giant Kindred Healthcare to LifePoint, Welltower made the biggest splash of all, buying Holiday Retirement’s owned portfolio of 86 independent living properties for $1.58 billion. Not only that, but Atria Senior Living will acquire the operating business of Holiday for an... Read More »
Dissecting the Holiday Retirement Deal

Dissecting the Holiday Retirement Deal

Welltower announced the acquisition of Holiday Retirement’s owned portfolio of 86 independent living communities for $1.58 billion, or just about $152,000 per unit. Simultaneously, Atria Senior Living said that it was acquiring Holiday’s operating business for an undisclosed price. Either of these announcements would normally be major news, but they also come on the heels of Harrison Street’s $1.2 billion purchase of 24 properties operated by Oakmont Senior Living and a very busy June (so far) with more than 30 individual transactions already made public. Perhaps the tide has turned for investment activity in seniors housing and care.  The Welltower deal also represents yet another... Read More »
60 Seconds with Ben Swett: M&A Hits a High in 2021

Celebrating 30 Years

The American Seniors Housing Association has been supporting the senior living industry for 30 years now, with David Schless at the helm throughout. I fondly remember going to my first annual meeting of the American Seniors Housing Association, back when it was part of the National Multifamily Housing Council. Let’s just say it was quite smaller than it is today, and I have to say, a bit more intimate. If you attended one of those early meetings, you may remember my question to Murry Gunty of Lazard Freres, when in the 1990s he was in the middle of patching together a company that seemed very disorganized, as I outlined his various, unconnected acquisitions. I asked, “So Murry, what’s the... Read More »
A Holiday with Atria

A Holiday with Atria

Last week, as part of its earnings release, New Senior Investment Group announced that Atria Senior Living would be taking over management of 21 independent living communities managed by Holiday Retirement Corporation. From a diversification perspective, this makes great sense for New Senior because Holiday had been managing 98 of New Senior’s 103 properties. In the REIT world, that kind of tenant concentration is a no-no.   Like most owners across the country, including Atria, the New Senior portfolio has seen its occupancy drop by 690 basis points in the past year. This is much better than the average for assisted living and skilled nursing, but as we... Read More »