Embattled Senior Living Community Sells in California
There was a lot more than meets the eye for Evans Senior Investments’ latest closing in California, and it’s something the industry should take notice of. The sale involved an 87-unit senior living community in San Luis Obispo, which was built in 2000 and expanded in 2006 to now include 74 assisted living units, four independent living units and nine separate cottages. Operations were solid, until its owner was charged with manslaughter for the death of a resident. The story boils down to a resident with pretty advanced dementia living in a community not licensed for memory care. In the end, the resident was hit by a car and died. These stories unfortunately appear from time to time, but... Read More »
Evans Senior Investments Closes in Connecticut
Evans Senior Investments traveled to Danbury, Connecticut to sell an assisted living community with a lot of room for improvement, operationally. Built in 2000, the 48-unit community was independently owned and operated but ran with unusually high expenses. Cash flow was still positive, but the operating margin fell just below 12%. Occupancy averaged 85% over the last 12 months, with a 100% private pay census. The new Maryland-based owner/operator expects to immediately improve profitability and paid $9.75 million, or $203,000 per unit, for the property. Read More »
Dakota Dealing
A private REIT based in North Dakota purchased a private pay assisted living community in Rapid City, South Dakota with hopes of improving occupancy and operations to increase value. Built in 2004, the 87-unit community was 85% occupied with a 20% EBITDAR margin in the trailing 12 months. The seller was an independent owner/operator, so the buyer should be able to introduce some economies of scale and professional management to the community. Evans Senior Investments handled the sale, closing the purchase price of $7.1 million, or $81,600 per unit. Read More »
Evans Senior Investments Sells Ohio Senior Care Campus
An independent owner/operator’s only senior care campus in Norwalk, Ohio sold to a regional operator thanks to the guidance of Evans Senior Investments. In the exit, the seller received $7.3 million, or nearly $55,000 per bed/unit, at an 8.9% cap rate, for the campus. This is not like any senior care campus. The property includes a 112-bed skilled nursing facility, a 21-unit independent living community and an adult day care center open to the public. Spread out across seven buildings, the IL community gets its meals and services from the SNF and operates at a roughly 30% margin at full occupancy. Meanwhile, the SNF (which operates on 110 beds) is just 75% occupied, with a 10% quality mix.... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
