Mike Pardoll’s Southeast Swing
Marcus & Millichap’s Mike Pardoll crisscrossed the Southeast to close two transactions. First, Mr. Pardoll sold a 99-unit independent living community in Durham, North Carolina for $15.8 million, or about $160,000 per unit, with a 6.3% cap rate. Originally built as a hotel in 1985, the building was purchased in 2012 and converted to independent living in a multimillion-dollar renovation. It was clearly the right move, with occupancy reaching 100% and the operating margin currently at 32% under management by Meridian Senior Living. The community features an interior courtyard with an in-ground pool, bocce court, putting green and community garden, among other amenities at the property.... Read More »
Two Oregon Originations for Grandbridge Real Estate Capital
Two Portland, Oregon-area seniors housing communities received financing from Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group, headed by Richard Thomas and Meredith Davis. Starting in Portland proper, the team closed a $12 million non-recourse loan for a 58-unit assisted living/memory care community that at one point was the last acquisition of Sunwest Management before the company filed for bankruptcy protection. The original TIC investors then sold the community in late 2015 to Chicago-based Focus Healthcare Partners. Artegan began managing the 10-year old community, which was 85% occupied and earning over $630,000 in EBITDA at the time of the sale. Focus... Read More »Upside in Oregon
Dan Mahoney and Tony Cassie of Marcus & Millichap handled the sale of two assisted living/memory care communities in Oregon, both with operational upside. First, Focus Healthcare Partners saw potential in a 58-unit community in downtown Portland, which they snapped up for $10.8 million, or $186,200 per unit. Built in 2007, the community was the last acquisition of Sunwest Management and has been owned by a TIC of 17 different investors ever since who were all very hands off, hiring a management company in the area to operate (the buyer, in fact, uses the same manager for its buildings in Oregon and Washington). There were a small number of Medicaid residents in the building. By making... Read More »