• Community First Solutions Acquires Again in Ohio

    Ziegler was engaged by Marquee Capital, the real estate company affiliated with Marcus Investments, LLC, the Marcus’ family office, in the sale of its seniors housing community in Mason, Ohio. Built in 2020, BrightStar Senior Living of Mason sits on 3.2 acres with 41 assisted living and memory care units. The community was well occupied at 90%,... Read More »
  • Joint Venture Acquires Nashville Active Adult Community

    An active adult community in Germantown, Tennessee, found a new owner thanks to the team at Newmark. Built in 2020, Avenida Watermarq is a 161-unit, Class-A active adult community in an affluent suburb of Nashville. There are one- and two-bedroom options averaging 919 square feet per unit. Occupancy was 87%. Inspired Real Estate Partners and GEM... Read More »
  • Institutional Owner Divests Ohio Facility

    Evans Senior Investments arranged the sale of a skilled nursing facility in Ohio on behalf of an institutional owner looking to exit the market. The facility comprises 88 beds and 20 independent living units, which served as a referral source for the nursing home. The buyer was a regional owner/operator that is actively expanding in Ohio. This is... Read More »
  • Strawberry Fields Completes Missouri SNF Portfolio Acquisition

    Strawberry Fields REIT, Inc. announced that it completed the acquisition of nine skilled nursing facilities comprising 686 beds in Missouri for $59 million, or $86,000 per bed. The REIT completed the acquisition using cash on hand and the issuance of approximately $2.0 million in OP Units of Strawberry Fields REIT LP to the seller. Eight of the... Read More »
  • Macquarie Asset Management Launches Health Wave Partners

    Macquarie Asset Management, which has over 35 years of experience in the real estate sector and a current network of 15 specialist operator investments globally, announced the launch of Health Wave Partners, a seniors housing platform aimed at targeting investments in modern seniors housing assets alongside established operators. The platform... Read More »
National Health Investors Beats the Odds

National Health Investors Beats the Odds

Sometimes the regular, tried and true sale/leaseback arrangements that used to be the mainstay of REIT financing still work. Just ask National Health Investors (NHI). After reading some of the depressing second quarter earnings releases, some more than others, it was a bit refreshing to see that NHI reported an 8% increase in lease income, an 11% increase in net income, an 8% increase in net income per share and a 7% increase in FFO per share, all year over year. And you thought the sky was falling.  The REIT collected about 100% of second quarter’s contracted rents, and approximately 96.9% of rents due in July (so far). Have they granted some concessions? Sure, for the... Read More »
National Health Investors Beats the Odds

National Health Investors: What Pandemic?

It seems that National Health Investors is doing just fine during this pandemic, as are its operators, apparently. The Tennessee-based REIT reported that it has collected 99.7% of its contractual rent in April, 100% in May, and so far, 99.4% in June. That should make shareholders feel pretty good right now.  On the occupancy front, excluding communities that have been open less than 24 months, it was not quite as rosy but nothing they can’t handle. For 41 same-community properties operated by Bickford Senior Living, occupancy has dropped 240 basis points, from 86.6% in March to 84.2% in May. The first quarter averaged 87.3%.   Senior Living... Read More »
Elmcroft Senior Living Portfolio Completes Transition

Elmcroft Senior Living Portfolio Completes Transition

Ventas has officially transitioned management of its Elmcroft portfolio to newly-formed Eclipse Senior Living. It is now official. The operations of the Elmcroft Senior Living portfolio of 76 properties, with the real estate owned by Ventas, has officially been transferred to Kai Hsiao’s new company, Eclipse Senior Living. Ventas has acquitted a 34% interest in Eclipse, with the remaining 64% being held by Eclipse management, which now includes Shamim Wu, Kai’s former colleague at Holiday Retirement Corporation. She recently did a 10-month stint as president and COO of Silverado. This will be an interesting test, since the Elmcroft portfolio was obviously having some financial problems... Read More »
Private Equity Taking Center Stage

Private Equity Taking Center Stage

In every investment cycle, there are different factors that impact valuations and transaction volume. In the seniors housing and care acquisition market, there have been periods when public REITs came to dominate acquisition activity, then there were nontraded REITs that took center stage (at least for smaller transactions), and there has been the private equity (PE) market, which has very different investment criteria and time horizons than many of the other buyers. The two largest acquisitions by private equity firms in the seniors housing and care market occurred about 10 years ago. This was The Carlyle Group’s acquisition of Manor Care for $6.3 billion and The Fortress Group’s purchase... Read More »

Seniors Housing Weekly Update – Another Holiday Sale For Fortress

June 23, 2015. 60 Seconds with Steve Monroe. New Senior Investment Group pays $640 million for 28 Holiday Retirement Communities… It has been eight years since Fortress Investment Group closed on its acquisition of Holiday Retirement Corporation for $6.6 billion, or $188,500 per unit. It saw occupancy drop from around 90% to well below 80% in less than three years. There was high turnover among the staff. There were some debt extensions to give it more time. Did we mention the Great Recession hit a year after closing the deal? A lot can happen in eight years, including continued low interest rates which help keep valuations up. This week, they announced another portfolio sale, this... Read More »