Evans Senior Investments Completes CareTrust’s Metron Michigan Exit
Evans Senior Investments has done it again, announcing the closing of a skilled nursing portfolio sale in the state of Michigan just a couple of days after another SNF sale in Rhode Island. The deal first rose to the surface in November 2019, when the seller, CareTrust REIT, announced the intended sale after the operator, Metron Integrated Health Systems, had stopped paying rent and decided to exit the buildings in the midst of Medicaid fraud allegations involving millions of dollars of improper payments. The news came as quite a shock to CareTrust at the time, and a sale was pursued. The portfolio was about 86% occupied across the 496 licensed beds at the time of marketing and was... Read More »
Evans Senior Investments Closes SNF Sale in Rhode Island
The recent senior care deal drought mercifully ended with a closing from Evans Senior Investments, which seems to have figured out how to get a deal across the finish line these days, closing four SNF transactions so far since the onset of the pandemic. The most recent target was a 57-bed skilled nursing facility in East Providence, Rhode Island. Originally built in 1962, it was acquired by the seller, an East Coast owner/operator, with the intent of moving the licensed beds to another county in the state. However, regulatory hurdles prevented that plan from going forward, so an exit was pursued. At the time of the sale, the facility was 89% occupied, with a 14% quality mix, but was... Read More »
Evans Senior Investments Closes Two Seattle-Area SNF Sales
Selling a SNF in Washington State (let alone near Seattle) these days seems like a fruitless task, yet Evans Senior Investments sold two of them (yes, two) in early April. First, in Seattle itself, an East Coast capital group formed a joint venture with a Los Angeles-based operator to acquire a 165-bed facility for $10.5 million, or $64,000 per bed. To add to the deal’s complexity, the facility was placed into receivership in June 2019 after the local not-for-profit owner defaulted on their existing HUD loan. At the time of the sale, the facility, which was built in 1974, was 77% occupied and was losing over $500,000 in annual NOI. An abundance of contracted staff at the facility... Read More »
California-Based REIT Buys in Fresno Market
Evans Senior Investments handled the sale of a 112-unit senior living community in the Fresno, California market, representing its independent owner in the transaction. Built in 2005 in the town of Madera, the community presented an opportunity to improve operations through synergies and expense management. It offers independent living, assisted living and memory care services, and was 87.6% occupied in the 12 months prior to the sale, with a 100% private pay census. A California-based REIT stepped in as the buyer, paying an undisclosed price. The transaction comes amid a flurry of activity from Evans Senior Investments, which recently closed deals in Georgia, Indiana, Utah, Minnesota and... Read More »