


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
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 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 »