Evans Senior Investments Handles Texas Transaction
Evans Senior Investments closed yet another Texas transaction this year, a month after closing a three-property, 221-unit assisted living portfolio sale there for $45 million. The firm represented an institutional group based on the East Coast in its divestment of a 77-unit assisted living/memory care community in the town of Missouri City (Houston MSA). The purchase price came to $14.35 million, or $186,000 per unit, which is below average for the sector, especially for a new community (it was built in 2010). However, this is where the issue of overdevelopment may be having its effect. Since opening, the community has averaged just 79% occupancy, albeit with a 100% private pay census. The... Read More »
Evans Senior Investments’ Big Texas Sale
We wrote last week that Texas accounted for over a third of transactions in April, but Evans Senior Investments closed out the month with one more, and it was the largest. Featuring three private pay assisted living/memory care communities and 221 total units, the Stoney Brook portfolio sold for $45 million, or $203,620 per unit, with a 6.4% cap rate. They were owned by Stoney Brook Communities and built in 2010 and 2011 in the central Texas towns of Belton, Hewitt and Copperas Cove. Two are stabilized, with occupancy in the high-90s and operating margins around 35%, but the Copperas Cove community is considered value-add at 80% occupancy and an 8% operating margin. In addition to... Read More »Regional Owner/Operator Grows in Texas
Texas transactions make up over 30% of the senior care deals announced so far in April, involving mostly assisted living communities and one skilled nursing facility trading hands in what is an overall slow month (so far). Evans Senior Investments arranged the most recent: the purchase of a 64-unit assisted living community that is nearly all private pay but could improve its 81% occupancy. Built in 2001 and renovated in 2007, the community was owned by Living Care Senior Housing Development and is located on about four acres just outside of Dallas, in the town of Frisco. In addition to census, operations could also improve, with just a 12.5% margin on $2.65 million of revenues. There is... Read More »
Two Utah Assisted Living Communities Sell
Paying $26.5 million, or $236,500 per unit, a real estate investment firm acquired two assisted living communities in southern Utah. Under “The Retreat” brand, these communities are both located in the town of St. George (in Washington County). Built in 2012, The Retreat at SunRiver has 48 units (36 assisted living and 12 memory care) on 1.72 acres, and the 64-unit Retreat at Sunbrook (50 AL and 14 MC units) sits on 2.38 acres and features unique amenities such as a putting green, bocce ball court and water landscaping. Occupancy exceeded 90% at both communities, and the operating margin was above 40% throughout the transaction period. Meridian Senior Living will lease the communities from... Read More »Schedule a demo
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