• Interview with Bryan Lockard of JLL Value and Risk Advisory

    Ben Swett, Managing Editor of The SeniorCare Investor, sat down with Bryan Lockard of JLL Value and Risk Advisory to discuss JLL’s 2024 Seniors Housing and Care Investor Survey and Trends, which you can download here. Read More »
  • Wow…Sonida Senior Living

    The last company in our sector, Sonida Senior Living, finally reported fourth quarter and full-year 2023 earnings, and while pretty good, that was not even the story. The story started four weeks ago. In February, the company announced a series of capital transactions which reduced their debt, raised some equity, and provided liquidity to take... Read More »
  • Marcus & Millichap Arranges SNF Leases

    After purchasing four senior care campuses in a large portfolio deal, a seniors housing owner/operator turned to Marcus & Millichap to find new tenants for the skilled nursing portions of each newly acquired campus. Each building was losing close to $1 million annually and had struggled with occupancy and expenses.  While the portfolio... Read More »
  • LSS Absorbs Diakon

    Two large not-for-profits announced that they were combining to create the 12th largest not-for-profit senior living organization in the country. Lutheran Senior Services, based in St. Louis, Missouri, signed an agreement to bring Diakon Senior Living operations and four CCRCs under its umbrella. Both organizations were described by Adam Marles,... Read More »
  • SNF Under Receivership Is Acquired in Kansas

    Marcus & Millichap was brought on by a limited liability company in the sale of a skilled nursing facility in Topeka, Kansas, that was under receivership. The facility, Providence Living Center, comprises 78 beds across 24,000 square feet and focuses on senior residents with mental health needs. Rod Llanos and Colby Haugness handled the... Read More »
Ten-Property Portfolio Sells in the Southeast

Ten-Property Portfolio Sells in the Southeast

As the year comes to an end, many companies are announcing big portfolio deals, including Evans Senior Investments representing a regional owner/operator in their sale of a ten-property seniors housing portfolio located in Louisiana, Mississippi and South Carolina. The communities, which were built between 1972 and 2016 with a median year-built of 2007, comprise 590 seniors housing units (117 independent living, 293 assisted living and 180 memory care) and 666 functional beds. All of the communities have undergone significant renovations and capital improvements over recent years. The portfolio had an average bed occupancy of 91% in 2019 and produced a net operating income margin of 34%.... Read More »
Evans Senior Investments Facilitates SNF Sale in New Mexico

Evans Senior Investments Facilitates SNF Sale in New Mexico

Evans Senior Investments represented the seller of a 100-bed skilled nursing facility in New Mexico for an undisclosed amount. A Chicago-based skilled nursing facility owner bought the facility from a regional owner/operator based in Louisiana. The acquisition presented an opportunity for a new operator to grow its presence in New Mexico.  The facility, which was built in the late 1990s, is approximately 50 miles away from the nearest nursing home in New Mexico. Shortly before going to market, it experienced an outbreak of COVID-19, which led to the loss of over 25 residents and lowered occupancy to an all-time low of 46% (after averaging 93% in fiscal year 2019). However, census... Read More »
Evans Senior Investments Facilitates Sale in West Virginia

Evans Senior Investments Facilitates Sale in West Virginia

Hamister Group, a Buffalo, New York-based owner/operator, entered the West Virginia seniors housing market with the acquisition of a 65-unit assisted living/memory care community located outside of Charleston in the town of Dunbar. Originally built in 1990 but with expansions in 1999, 2003 and 2007, community has 75 functional beds and 85 licensed beds, with a 100% private pay census.   At the time of marketing, occupancy averaged 95% based on functional beds, but the pandemic caused census to plummet to 69%. However, at the time of the sale, occupancy had rebounded to 87%. In the trailing-12-month period before the sale, the community operated at a roughly 10% margin on more... Read More »
Legacy Senior Living Acquires Tennesee Community

Legacy Senior Living Acquires Tennesee Community

Legacy Senior Living announced its acquisition of a 58-unit assisted living/memory care community in Hendersonville, Tennessee for $5 million, or $86,000 per unit. The deal brings Cleveland-based Legacy’s portfolio to 16 senior living communities across the eastern United States. We learned about the sale earlier this month when Evans Senior Investments announced its role in brokering the deal, although the private equity seller has still not been disclosed.  Built in 2000, the community was just 62% occupied at the time of market and losing over $900,000 in NOI on revenues of $1.525 million. Once it turns operations around, Legacy will then expand the community into the excess land... Read More »
Evans Senior Investments Facilitates Sale of AL Community

Evans Senior Investments Facilitates Sale of AL Community

Evans Senior Investments is continuing its busy month, representing a private equity company for the $6.5 million sale of Quail Creek, a 103-unit assisted living and memory care community. Built in 1999, this community in Quail Creek, Oklahoma is in the Oklahoma City metropolitan area. The community averaged 41% occupancy at the time of marketing (100% private pay) and had revenues of $1.76 million. However, it was not profitable due to the low census and lost over $1 million of net operating income in the last 12 months. Quail Creek also had below-average rental rates compared to competing communities in the area, trailing their competitors by over 40% and contributing to the negative... Read More »