Only in Oregon
Evans Senior Investments sold a portfolio of three seniors housing properties in McMinnville, Oregon, for $36.5 million, or $272,388 per unit. Built in 2008, 2014 and 2015 all within four miles of each other, the properties consist of 134 total units and 181 beds of independent living, assisted living and memory care. The two stabilized communities have occupancies in the mid- to high-80s, while the third is currently in lease-up. All three have majority Medicaid censuses. National Health Investors (NYSE: NHI) acquired the portfolio from FirCrest Community Living. Chancellor Health Care will operate the communities under a lease with NHI. Read More »
Five years on…
A 94-unit senior living community in Covington, Louisiana changed hands five years after its last sale, more than doubling in value in the time. Granted, the community added a 24-unit memory care wing in 2014, which helped push the value. Nevertheless, after purchasing the community for $11 million, or $142,857 per unit, Arcadia Communities brought occupancy up from 91% to 99% in five years (even with the expansion) and nearly doubled the EBITDA. Now, the regional operator is selling the community to a national private equity firm for $22.2 million, or $236,170 per unit, with a 7% cap rate. Evans Senior Investments handled the transaction. Read More »
A graceful exit
Grace Healthcare has made a clean break from both the Arizona and California markets, selling three skilled nursing facilities for a combined $14.7 million. There were two California facilities located about 10 miles from each other in the San Francisco area, which sold for $8.24 million, or $64,600 per bed. Sold to a California-based investor and leased to an operator with a California presence, they included a 50-year old 49-bed facility that offers dementia and rehabilitate care (with a 75% occupancy rate and 34% quality mix), and a 51-bed facility that was built in 1958 and underwent renovations in 2012 (with a 90% occupancy rate and 34% quality mix). Plus, Grace sold its 100-bed... Read More »CareTrust’s buying spree
What has gotten into CareTrust REIT this year? When most other REITs are taking a significant step back in terms of buying, the California-based CareTrust has made 11 acquisitions, for 21 facilities, so far in 2016 (which already equals the number of facilities acquired in 2015). First, the company purchased two communities in North Carolina for $11.7 million, or $113,592 per unit, handled by Evans Senior Investments. The deal included a 16-year old 46-unit assisted living/memory care community and a 17-year old 21-unit memory care community. Premier Senior Living Group will operate the two stabilized properties. Next up, CareTrust bought a 175-unit independent/assisted living community in... Read More »Schedule a demo
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