Heavenrich & Company Announces Oklahoma Sale
Brian Clark of Heavenrich & Company sold a pair of Oklahoma senior living communities for a price of $12.25 million, or just over $90,000 per unit. Located in Oklahoma City and Mustang, the communities were previously owned by Bridge Investment Group and total 135 units, including 113 assisted living, 16 memory care and six independent living units. Both were built in the late-1990s and combined for 79% occupancy (all private pay) at the time of the sale. One of the communities also accepted VA residents. An undisclosed private equity firm emerged as the buyer and will look to improve operations and add value to the properties. Read More »Heavenrich Closes Sale To Summit Healthcare REIT
Brian Clark of Heavenrich & Company just sold a 77-unit assisted living/memory care community in Chandler, Arizona (Phoenix MSA) for $13.4 million, or about $174,000 per unit. Mr. Clark represented the stand-alone not-for-profit seller, Pennington Gardens, in the community’s sale to Summit Healthcare REIT, a public non-traded REIT. Built in 2000, the community was 87% occupied at the time of the sale. We imagine operations could improve somewhat, as despite its good location and age, it sold for nearly $40,000 per unit less than the national average price of $217,000 per unit, for the 12 months ended June 30, 2017. Summit leased the community to Compass Senior Living, which already... Read More »Mainstreet Buys Big
Mainstreet just closed a large acquisition of 11 skilled nursing facilities with 2,477 beds in the Chicago, Illinois market for $302.5 million, or $122,100 per bed. It will be leasing them back to the seller, Symphony Post Acute Care, at an initial lease rate of 8.0%. While the purchase price was not disclosed, Chicagoland SNFs can be very expensive, so we assume the price came in above $100,000 per bed, making it one of the largest SNF portfolio sales of the year so far. Heavenrich & Company represented the seller in the transaction. Read More »Schedule a demo
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