Summerfield Senior Living Sells
Washington State-based Morningdew, LLC is looking to expand its presence in Florida, and just added a third property to its portfolio in the Sunshine State. Built in 1998 in Summerfield (just north of The Villages), the assisted living community has 46 beds in 42 units. Under its ownership by the not-for-profit Marion County Hospice, the community did not boast a strong operating margin. Ken and Damien Carriero of Colliers International were hired to facilitate the off-market transaction. Interestingly, an individual had the property under contract with the seller, but through a clause stating that he could assign the contract, decided to sell. So, Morningdew purchased the contract for... Read More »
Seniors Find New Home In Former Hotel
During this construction boom in seniors housing, developers are getting creative with where to build their communities. Although the majority of senior care communities are purpose-built, ground-up developments, some developers are taking advantage of existing buildings (like medical office buildings or hotels) that may not have been built for senior care but could be converted to house seniors. Hotels, one would assume, are especially suitable for conversion, with each room already having a bathroom. So, when Bruckal Development saw a need for private pay seniors housing in north Phoenix, Arizona, the firm decided to buy a 126-bed, four-story hotel and reconfigure it into a 119-unit... Read More »
Carrieros’ close
Damien and Ken Carriero had their hands full, to say the least, in their latest closing. The duo from Collier’s International sold a 30-unit/50-bed assisted living community in Venice, Florida for $2.15 million, or $71,667 per unit, with an 11.79% cap rate. The deal was far from “straight-forward,” though. The current seller sold the community a few years ago as a lease with an option and then moved to California. However, the buyer/lessee apparently ran the operations into the ground, while leaving the building in a state of disrepair, and then promptly left the country. The seller, now an owner/operator in California, hired a management company to turn things around, but soon fell behind... Read More »
Memory care miniaturized
Four memory care communities with a combined 38 units in Montgomery County, Maryland recently sold to an in-state owner/operator for $4.3 million, or $113,158 per unit. All built between 15 and 30 years ago, the communities feature all private rooms and are 100% private pay. Occupancy was also usually full, with a waiting list. One building was actually larger than the other three, but they still combined for just 25,000 square feet. The transaction featured a 14.8% cap rate. Bob Gaines of Colliers International represented the private owner/operator seller in the transaction. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
