Garbers of Greystone
With some of the largest units in the region, a 211-unit assisted living/memory care community in Bedford, Ohio sold to Pritok Capital for $6.5 million, or $30,805 per unit. The community was not purpose-built for assisted living, which caused some operational challenges and thus resulted in a lower price. But, the 198 AL units average 564 square feet and the 13 MC units average 664 square feet (on the high side for the region). The community was built in 1988 and sits on 20 acres in the Cleveland area. Mike Garbers of Greystone Real Estate Advisors represented the seller, a public healthcare REIT, in the transaction, for which Joel Gordon of MB Financial served as lender. Read More »Greystone’s giant deal
Greystone Real Estate Advisors certainly ended May with a bang, closing the largest transaction of the month at a value of $210 million, or $202,117 per unit. Involving seven senior living communities in Texas and one in Oklahoma City, the sold portfolio was owned by Harrison Street Real Estate Capital and Bridgewood Property Company. Built between 1989 and 2000, it included 1,039 total units, with two independent living communities, three independent/assisted living communities and three that included independent living, assisted living and memory care services. Texas-based Cardinal Bay was the buyer, which will retain Retirement Center Management as operator. Cody Tremper of Greystone... Read More »Build it and sell it
Carmel, Indiana-based seniors housing developer Leo Brown Group sold two of its recently completed Indiana communities to an undisclosed private equity investment fund for $44.8 million, or $240,591 per unit. The price is a step up from a previous transaction from Leo Brown, when the developer sold a fully occupied, three-year old 140-unit senior living community in Fort Wayne, Indiana to Sabra Health Care REIT for $23.8 million, or $170,000. Included in the 2016 sale was an 81-unit community in Avon and a 105-unit community in Indianapolis. Both will continue to be operated by Traditions Management, an affiliate of Leo Brown. Cody Tremper of Greystone Real Estate Advisors handled the... Read More »Sell on top, or near it
Despite many believing we have already reached the peak, pricing-wise, in the seniors housing M&A market, it is still a very good time to sell. That is at least what SRP Medical was banking on when it sold its newly built 108-unit assisted living/memory care community to a joint venture between Harrison Street Real Estate Capital and Bridgewood Property Company. Opened in 2013, the community features 60 AL units and 48 MC units and is located near The Woodlands, Texas, in the town of Spring, an area which has seen plenty of seniors housing construction recently. A change in operators a year after opening caused some marketing issues, which contributed to bringing occupancy down to 50%.... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
