Assisted Community Sells on Maryland’s Eastern Shore
Bob Gaines of Colliers International headed to Maryland’s Eastern Shore to sell a 32-bed assisted living/memory care community. Located in the upscale 55+ beach community of Ocean Pines, which features amenities like an 18-hole golf course, two marinas, five swimming pools, a yacht club, country club, tennis club, hiking trails and, of course, beach access, this property was previously owned by a well-known local operator. Built in 2001, it consists of two 9,600-square foot buildings, each with 16 private units. Mr. Gaines sold the property to a private owner/operator intent on improving the operating margin, which was apparently already strong. The purchase price came to $5.5 million, or... Read More »
Colliers Closes South Carolina Sale
Marcus Van Ameringen of Colliers International handled the sale of a well-operating senior care facility on the outskirts of Columbia, South Carolina. Despite being built in 1980, the 64-bed facility is dually certified for skilled nursing and assisted living. The previous owner regularly invested capex in the property and clearly managed it well, as evidenced by a Deficiency Free Survey 2016 and four-star rating from CMS. The implementation of PDPM should boost the SNF operations too, when it goes into effect next month. Mainstay Senior Living was the buyer, paying $2.4 million, or $37,500 per bed, at an 11.5% cap rate. They plan to add a dedicated post-acute rehabilitation unit, upgrade... Read More »
Colliers Team Closes Two Florida Sales
Ken and Damien Carriero of Colliers International wrapped up their 2018 campaign with a couple of closings in central Florida. They found the same buyer for both acquisitions, the not-for-profit Family Extended Care which owns five other communities in the state. The first deal involved two assisted living communities previously owned by Americare Communities Florida, LLC. Located in Sebring and Spring Hills and operated under the CrownPointe brand, both communities were built in 1999. The 66-unit community in Sebring was 76% occupied and operated at a 23% margin on over $2.0 million of revenues, while the 40-unit Spring Hills community was just 65% occupied and operated at a 25% margin on... Read More »
Blake Management Group’s Back At It
Construction has begun at a brand-new senior living community in Fort Mill, South Carolina (Charlotte MSA). Mississippi-based Cardinal Ventures is developing the $15 million project, which will be called The Blake at Baxter Village. Frampton Construction Company, based in South Carolina, will be building the facility, and Blake Management Group will manage the property. Between these companies, this is their fourth senior living community they will have completed together, the others being The Blake at Edgewater, The Blake at Carnes Crossroads, and The Blake at Woodcreek Forest, all in South Carolina. The Baxter Village community is expected to have 68 assisted living units, 33 memory care... Read More »