The Stahler Group Sells Monterey County Memory Care Community
The Stahler Group of Marcus & Millichap just closed the sale of a 69-unit assisted living/memory care community in Monterey County, California. Well located with strong demand and limited competition, the 22-year-old community was owned by a not-for-profit healthcare provider and originally leased by Emeritus, then ultimately by Brookdale Senior Living. Brookdale chose to not renew their lease for the community, which brought in sufficient cash flow but also offered significant operational upside with occupancy at 65%. After multiple full-price, competitive offers, a buyer with a strong regional presence stepped in to buy the community, using acquisition debt from a regional... Read More »
Ziegler Sells Two Healthpeak Properties/Brookdale Senior Living CCRCs
Ziegler’s Dan Revie Tedd Van Gorden represented Healthpeak Properties in the sale of its last two entrance-fee CCRCs that were part of its joint venture with Brookdale Senior Living. The deal includes Foxwood Springs, a 434-unit campus in Raymore, Missouri, and Robin Run, a 457-unit campus in Indianapolis, Indiana. Both were originally part of the National Benevolent Association portfolio that went through bankruptcy proceedings over a decade ago. And after Healthpeak bought out Brookdale’s interest in the joint venture in Fall 2019, these were the only two campuses excluded from that transaction. Subsidiaries of the Texas-based not-for-profit Boncrest Resource Group acquired the... Read More »
Bloom Senior Living Sells Two South Carolina Communities
Kandu Capital and its operating affiliate Bloom Senior Living just sold two of their South Carolina assisted living and memory care communities. Bloom at Hilton Head and Bloom at Bluffton have been part of the Bloom family of communities since they were purchased from Brookdale Senior Living in 2013 for $7.2 million, or $61,500 per unit. They were struggling at the time with just $3.5 million of revenues and Bloom turned them around and grew revenues and EBITDA significantly, with EBITDA reaching $1.2 million in 2016. Then, several new communities were opened in the market and COVID-19 appeared. Occupancy dipped but the communities remained very cash... Read More »
Brookdale Senior Living Bottoms Out
It has been a tough go for Brookdale Senior Living for several years, really, ever since its acquisition of Emeritus in 2014. But the pandemic was almost the final nail in its coffin. Now those nails are beginning to be removed, and perhaps the resurrection is in sight. While there is work still to be done, the big O, as in occupancy, has finally ended its slide. It looks like February was the bottom, with average occupancy dropping 60 basis points to 69.4% from January, and then remained there in March but increased 50 basis points in April to 69.9%. End-of-month occupancy also bottomed out in February at 70.1%, increasing by 50 basis points by March 31 and... Read More »Schedule a demo
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