Turnaround Texas Senior Living Portfolio Sells
There is plenty of potential to add value in a portfolio of three seniors housing properties in Texas that recently sold. That is mainly because two of the communities are currently vacant. Located in eastern Texas within a two-hour drive of each other, the portfolio comprises 132 total units of assisted living. The one property that is operational was performing well, with positive cash flow and 90% occupancy at closing. But a new owner will have the chance to acquire the vacant communities below replacement cost, while also adding a stabilized property to its portfolio. That buyer ended up being Dallas area-based WindRiver Companies, a seniors housing developer, owner and... Read More »
Kayne Anderson Acquires Again
Kayne Anderson Real Estate Advisors has already been one of the most active acquirers during the pandemic, with its purchase of seven senior living communities from Welltower for approximately $500 million as the major highlight. We have thought that private equity, with its deep pockets and billions of dollars on the sidelines, was well positioned to take advantage of value-add deals this year and would help kick start the senior care M&A market. The M&A market hasn’t really come back to life, but private equity firms have certainly been the biggest players of the year. Just look at AEW’s acquisition of another Welltower portfolio. Kayne Anderson recently acquired two... Read More »
Blueprint Sells Oregon Community
A memory care community in Coos Bay, Oregon may have closed a couple of years ago, but a new owner recently took over the building thanks to Dan Mahoney and Blake Bozett of Blueprint Healthcare Real Estate Advisors. Built in 1998, this 55-unit memory care community is located in Coos Bay on the central Oregon coast. Its previous owner originally acquired the community as part of a four-property portfolio in 2008, and Tyler Merrill of Merrill Commercial Real Estate was brought in to sell all four in 2018. Together, the four properties make up a continuum of care in the local area, but the Coos Bay community has been vacant since 2018. In late 2019, the entire portfolio went into... Read More »
Blueprint Sells Washington State Community
A former JEA Senior Living-operated assisted living/memory care community in Pasco, Washington found a new owner with the help of Jacob Gehl, Humair Sabir, Dan Mahoney and Blake Bozett of Blueprint Healthcare Real Estate Advisors. Built in 1975 and owned by a private group, the community features 82 units of assisted living and memory care. It has positive cash flow and was close to 90% occupancy at the time of marketing, but its operating margin could be improved. Some capital improvements may also be needed. On a positive note, the building has been well maintained and the market has limited direct competition. That attracted Greenlake Management, a... Read More »Schedule a demo
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