• Stacked Stone Makes Another Acquisition

    Stacked Stone Ventures, a real estate investment firm founded by Kent Eikanas, followed up on its October acquisition in Oklahoma with the purchase of two assisted living/memory care communities in Illinois, near the St. Louis MSA. Similar to the Oklahoma deal, Stacked Stone has made Illinois acquisition in a joint venture with the private equity... Read More »
  • Blueprint Handles Large SNF Deal in Pennsylvania

    Not-for-profit to for-profit are not easy, and it took a two-year process for Blueprint to successfully close the sale of a 250-bed skilled nursing facility in Philadelphia, Pennsylvania. The property appears to be Cheltenham Nursing & Rehabilitation, one of three skilled nursing facilities owned by Dublin, Ohio-American Health Foundation... Read More »
  • JDI Realty Buys Alpharetta Asset

    A partnership recently acquired Chapters Living of Alpharetta, a 79-unit assisted living/memory care community in Alpharetta, Georgia (Atlanta, MSA). Built in 2013, the high-quality community was previously known as Addington Place of Alpharetta. JDI Realty, in partnership with Purity Strategies and Chapters Senior Living, bought the community... Read More »
  • Class-A Active Adult Community Secures Refinance

    JLL Capital Markets arranged the refinancing for Connery on Providence, a newly built 200-unit active adult community in Charlotte, North Carolina. JLL represented Proffitt Dixon Partners in securing the loan through New York Life Insurance Company.  Connery on Providence is a Class-A 55+ rental community that occupies a 12.75-acre infill... Read More »
  • Public REIT Divests to Owner/Operator

    Blueprint facilitated the sale of a Massachusetts skilled nursing facility on behalf of a public REIT in the senior care sector. The REIT determined that the facility was a strong candidate for sale due to its location. Plus, the former operator was switching focus to other assets in its mutual portfolio.  Purpose-built in 1982 with... Read More »
CareTrust REIT CEO Greg Stapley Steps Down

CareTrust REIT CEO Greg Stapley Steps Down

Amid rumors that CareTrust REIT was looking to make some changes, which may have included a sale or merger of the company into another REIT, the company announced that the CEO, Greg Stapley, will be stepping down at the end of the year, and sometime next year he will commence a three-year, full-time volunteer assignment with The Church of Latter-Day Saints with his wife.  CareTrust was spun out from The Ensign Group in 2014 and Greg has been the only CEO since then. He will become the Executive Chairman at CareTrust.  Taking over will be David Sedgewick, who has been President and COO and will now add the CEO title. He was with Ensign from 2001... Read More »
The Ensign Group and CareTrust Acquire Two Texas SNFs

The Ensign Group and CareTrust Acquire Two Texas SNFs

The Ensign Group and CareTrust REIT have teamed up to acquire the real estate and operations of two skilled nursing facilities in the Austin, Texas metropolitan area. CareTrust purchased the facilities for $32.5 million, or about $135,000 per bed, while The Ensign Group recently took over operations effective August 1, 2021 as part of the acquisition. This deal brings Ensign’s growing portfolio to 242 healthcare operations, 22 of which also include senior living operations, across thirteen states.  The facilities are Sedona Trace Health and Wellness Center, a 119-bed skilled nursing facility located in Austin, Texas; and Cedar Pointe Health and Wellness Center, a 122-bed skilled... Read More »
CareTrust REIT Acquires Again in California

CareTrust REIT Acquires Again in California

A little over a month after CareTrust REIT first acquired four CCRCs in California, then a 150-bed skilled nursing facility in Santa Barbara, the company has made another Golden State purchase. The latest deal features a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center in El  Centro (Imperial County). The seller was a private individual who had owned the facility for more than 20 years. They experienced high staff turnover and occupancy decline as a result of the pandemic and decided to seek a sale. The seller had fallen out of contract with a previous buyer but was still highly motivated to exit.  That led to San Diego-based Bayshire Senior... Read More »
CareTrust REIT Acquires Again

CareTrust REIT Acquires Again

On the back of its purchase of four CCRCs in California last week, CareTrust REIT jumped back in the buyer pool to acquire a 150-bed skilled nursing facility in Santa Barbara. In the off-market transaction, CareTrust also retained the operator, California-based Covenant Care, under an assumed long-term lease. That brings CareTrust and Covenant’s relationship to eight facilities.  The REIT spent approximately $15.86 million (excluding around $40,000 of transaction costs), or $105,700 per bed on the facility. The existing lease, which has approximately four years left on its term, with two five-year renewal options, produces about $1.5... Read More »
CareTrust REIT Acquires Rental CCRC Portfolio

CareTrust REIT Acquires Rental CCRC Portfolio

CareTrust REIT acquired four former Marriott rental CCRCs in Southern California for a combined purchase price of $125.2 million, or $196,500 per unit. That just about equals the average price per unit for seniors housing properties in the 2020 M&A market, according to 26th Edition of The Senior Care Acquisition Report.  Originally developed by Marriott in 1999 and 2000, these communities total 360 assisted living units, 97 memory care units and 180 skilled nursing beds. They are all located in high-income markets in Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. An institutional owner hired Evans Senior Investments to market and sell the... Read More »