Evans Senior Investments Sells Profitable SNF in Indiana
The transactions keep on coming from Evans Senior Investments, which followed up on its value-add deal in Pennsylvania with a skilled nursing sale in Indiana. This facility was built in three phases in 1964, 1978 and 1998, and now features 204 licensed beds, although 180 are currently functional. The owner/operator has other skilled nursing facilities but primarily on the West Coast. This was its only Indiana facility, the closest facility in its portfolio being 122 miles away. So, it was slated for sale. At the time of marketing, the facility was 60% occupied and profitable, generating $2.2 million of NOI at a 22.1% margin. Helping that strong margin (despite the low census) was the $1.9... Read More »
Evans Senior Investments Sells Value-Add Property in Pennsylvania
The team at Evans Senior Investments represented an independent owner/operator in the sale of its value-add senior care campus in Rochester, Pennsylvania. Numbering 122 skilled nursing beds and 22 operational personal care units (out of a total of 62), the property sold for $9.2 million, or $63,900 per functional bed/unit. Originally built in 1965, the campus received a $2.5 million renovation from 2015 to 2019, leaving it with a modern physical plant and all rooms being either private or semiprivate. However, it was not profitable at the time of marketing, with occupancy averaging 69% and the community generating an NOI loss of over $1.0 million on $10.45 million of revenues. High... Read More »
Evans Senior Investments Sells Vacant Community in Indiana
The team at Evans Senior Investments sold a vacant seniors housing community in Valparaiso, Indiana for $9.15 million, or $93,000 per unit, which at first glance is a strong value for an empty building. After opening its doors in March 2018, the community struggled to lease up and went through two different management companies. The pandemic only made things worse, and ownership decided to shutter the community in September 2020. It currently features 98 units that were set aside for assisted living and memory care. A regional private equity group was able to buy the property at below replacement cost and hired Priority Life Care to operate and oversee the leasing of it. Before Priority... Read More »
CareTrust REIT Acquires Rental CCRC Portfolio
CareTrust REIT acquired four former Marriott rental CCRCs in Southern California for a combined purchase price of $125.2 million, or $196,500 per unit. That just about equals the average price per unit for seniors housing properties in the 2020 M&A market, according to 26th Edition of The Senior Care Acquisition Report. Originally developed by Marriott in 1999 and 2000, these communities total 360 assisted living units, 97 memory care units and 180 skilled nursing beds. They are all located in high-income markets in Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. An institutional owner hired Evans Senior Investments to market and sell the... Read More »Schedule a demo
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