Public REITs can sell seniors housing assets too
We’ve read a lot about public REITs shedding their skilled nursing assets, but that’s not all they’re selling. A publicly traded REIT sold a pair of West Coast assisted living communities for $23 million, or $365,079 per unit. There is a 48-bed/24-unit assisted living/memory care community in Corvallis, Oregon, and a 78-bed/39-unit AL community in Citrus Heights, California. Over 93% occupied, the communities earned around $6.5 million in annualized revenues. The buyer, Summit Healthcare REIT, triple-net leased the properties for a term of 10 years to an affiliate of Compass Senior Living. Acquisition financing was arranged by Capital One, and Tim Cobb of Blueprint Healthcare Real Estate... Read More »
Insured success
Fortegra Financial Corporation, an affiliate of Tiptree Financial Inc., is a specialized insurance and insurance services company that is dipping its toes in the seniors housing market. That is not to say Tiptree is a debutante to the industry, with its wholly owned subsidiary Care Investment Trust making five acquisitions for 17 properties since 2013. For Fortegra, the company is acquiring a 77-unit senior living community with independent/assisted living and memory care services in Baton Rouge, Louisiana. The stabilized property was owned by a regional operator which is exiting the industry with this sale. Fortegra is paying $11.5 million, or $149,351 per unit, for the community and is... Read More »
Blueprint’s Mass of deals
Continuing Blueprint Healthcare Real Estate Advisors’ active 2016, Steve Thomes and Chris Hyldahl were the lead advisors in the sale of a 123-bed skilled nursing facility in New Bedford, Massachusetts, owned by a New York-based national owner, for $4 million, or $32,520 per bed. Occupancy could be improved from 79%, but that will be the job of a regional owner/operator with a significant presence in eastern Massachusetts. But wait, there’s more…in Massachusetts. Mr. Thomes, with the assistance of Michael Segal and Ben Firestone, sold an 87-bed skilled nursing facility to a regional owner/operator that is growing its Massachusetts portfolio. Really operating at 78 beds, the facility was 83%... Read More »Two dually-certified SNFs sell
A pair of skilled nursing facilities with 235 dually-certified beds in Texas changed hands this month, with the help of Chris Hyldahl and Gideon Orion of Blueprint Healthcare Real Estate Advisors. The facilities combined for a total purchase price of $10 million, or $42,553 per bed, and they differed slightly in quality. The facility in North Central Texas was built in 1969 and was just 74% occupied, while the other facility, located in East Texas, was built in 1982 and had stronger occupancy, at 91%. Both had a quality mix of around 14%. So there will be some work to improve census and quality mix for the regional owner/operator buyer, which purchased the facilities from a national... Read More »Schedule a demo
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