Evans Senior Investments Announces a Slew of Deals
Evans Senior Investments has announced a slew of closings, including a three-transaction portfolio deal and a separate assisted living community. The separate community, Main Street Senior Living in Hendersonville, Tennessee, sold for $5 million, or $86,000 per unit. Built in 2000, the 58-unit community is located in the Nashville suburban area and provides assisted living and memory care services. Main Street had a 62% occupancy rate and $1.53 million in revenue at the time of marketing, with 100% private pay residents. However, it was not profitable and lost over $900,000 in NOI over the last 12 months. A Southeast regional owner/operator purchased the community to expand its seniors... Read More »
Evans Senior Investments Arranges Sale in Indiana
Evans Senior Investments arranged the sale of a non-performing assisted living community in Indiana on behalf of the publicly traded REIT seller. The buyer, a regional owner/operator with an existing footprint in Indiana, bought the property below replacement costs, but the exact purchase price was not disclosed. The community was previously stabilized, with occupancy levels in 2018 hovering around 95%. However at the time of the sale, occupancy dropped to 60%, and it was operating with negative cash flow margins due to new competition in the surrounding area. Read More »
Evans Senior Investments Sells Louisiana SNF
An owner/operator is exiting the long-term care industry with the sale of its 189-bed skilled nursing facility in Lafayette, Louisiana. Selling for $30 million, or $159,000 per bed, this transaction represents the highest per-bed price ever in the state of Louisiana, according to our M&A database, LevinPro LTC. Evans Senior Investments handled the transaction. Built in 1992 and expanded/renovated in 2009 and 2012, the facility has a modern physical plant with 125 private rooms and 32 semiprivate units. Historically, it has been well occupied between 93% and 95%, with a quality mix of 26%. Before the pandemic, in FY2019, the facility generated $14.7 million in revenues, but operations... Read More »
Evans Senior Investments Sells Garden State SNF
Evans Senior Investments represented the seller of a 120-bed skilled nursing facility in New Jersey, which traded for $24 million, or $200,000 per bed. The facility was built in 2000 and has seen multiple renovations since then, with the 65 rooms being private or semi-private. Its residents primarily pay through Medicare and Medicaid. Occupancy at the time of marketing was 77%, leading to subpar operations for the community. Prior to the pandemic, the community averaged a 90% census with 41 short-term rehabilitation residents contributing to $15.6 million in revenue. But the facility also had a high expense structure and was not very profitable even before the pandemic. ESI marketed the... Read More »Schedule a demo
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