Evans Senior Investments Sells in…Sellersville
Evans Senior Investments is keeping the closings coming, following up on its five deals in December with its first 2020 transaction. Located in Sellersville, Pennsylvania (about 30 miles north of downtown Philadelphia), the target was a 94-unit assisted living/memory care community. It was built in 2007 and renovated in 2018, with a current mix of 54 AL and 40 MC units. The recent updates included new flooring, full property furniture replacement and new dining operations. Occupancy has been consistently strong, currently sitting at 94% with a 100% private pay census, and the community operated at a 24% EBITDAR margin. It was also implementing a substantial rate increase at the time of the... Read More »
National Health Investors Announces Acquisitions
National Health Investors wasted no time in making news this 2020. The REIT first announced that it was the buyer in Evans Senior Investments’ latest deal in Minnesota. Built in 2011 next to a lake about 20 miles from Minneapolis and St. Paul, the 48-unit assisted living/memory care community was previously owned by Coventry Senior Living and operated by Ebenezer. They left it in good shape, with occupancy around 90% and more than 80% of its census derived from private pay residents. In the trailing-12 months, it was also bringing in more than $660,000 in EBITDAR on more than $3.0 million of revenues, a healthy figure that also offers some room for improvement. NHI, with 41... Read More »
Tenant Purchases North Carolina Assisted Living Community
Evans Senior Investments had quite the end of the year, as yet another December 31st closing was revealed to us. It featured a 45-unit/70-bed assisted living community that was built in 1984 and significantly renovated in 2005 in Clemmons, North Carolina (Winston-Salem MSA). About a year ago, Evans actually worked with the seller to procure a new tenant to operate it. At the time, occupancy had averaged 85% for the previous two years. A regional owner/operator was selected, and the partnership was clearly successful, as they are now exercising on a purchase option to buy the community for $5 million, or $111,000 per unit. Read More » Evans Senior Investments Sells Three Properties
The end-of-year rush of closings continued for Evans Senior Investments, which announced two more 2019 deals. The first involved a 94-bed skilled nursing facility in Lawrenceburg, Indiana (Cincinnati MSA) being sold by a local owner/operator. Built in 1983 and renovated in 2010, the facility was nearly 80% occupied and was operating at an 8% EBITDAR margin at the time of marketing. However, those financials exclude revenues the facility began earning in 2019 after joining Indiana’s UPL program with a local hospital. Acquired in December 2015, this was the seller’s only facility in the state, so a larger operator could capitalize on not only the new UPL revenue, but scale too. A national... Read More »