Local Governments Exit Senior Care Operations
The team at IPA Seniors Housing including Mark Myers, Josh Jandris and Ryan Fleming announced a couple of public-to-private senior care sales, something the IPA team has seen a lot of in the past several years. Both properties were previously owned by local government and attracted buyers with an eye to adding value. The first sale featured a 36-unit senior living community built by the City of Monona, Iowa in 2005 that was operating well (with occupancy consistently above 85%) but did not align with the City’s eventual consensus that they should not be in the senior living space. Before the sale, the City did invest considerably in capex, including installing new windows and exterior... Read More »
IPA Sells “A” Property in California
High-quality “A” level assisted living communities may have taken a back seat to the “B” properties in the 2018 M&A market, according to new statistics in our soon-to-be-published Seniors Housing Acquisition and Investment Report, but the team at IPA Seniors Housing (a division of Marcus & Millichap) sold one in a Sacramento, California suburb. Opened in September 2015, it was previously owned by a family company based in the Northwest. Its 85 assisted living and 32 memory care units were occupied in the mid-90s, and the community produces strong cash flow. An owner/operator with a strong presence on the West Coast that was looking to add high-end assets to its portfolio ended up... Read More »
Alternative Living Acquires Auglaize County-Owned SNF
Drawing on plenty of experience selling county-owned skilled nursing facilities, Joshua Jandris, Mark Myers and Alex Vice of IPA Seniors Housing just sold their first in the state of Ohio. Although this was the team’s first county-owned SNF sale in the state, it was their 64th overall in Ohio (for $600 million in total transaction value) and 21st county-owned SNF deal to date. Quite prolific. Owned by Auglaize County, which was looking to follow many counties out of the long-term care industry, this 91-bed facility in Wapakoneta was originally built in 1909 with a renovation in 1976. Its new owner, Auglaize Holdings LLC will lease the facility to Alternative Living Solutions, which has... Read More »
American House Strikes North
American House Senior Living Communities is continuing its expansion outside of its home states of Michigan and Florida, following up on its first acquisition in Ohio (from September) with its first in New England. The target was built in 2009 with 109 units of independent living and assisted living in Keene, New Hampshire with a variety of one- and two-bedroom floorplans. With Senior Management Group, LLC (a subsidiary of Kaplan Development Group, LLC) managing it, the community was occupied in the high-90s and sold at a roughly 7% cap rate on trailing figures. American House will rebrand the community to the aptly-named American House Keene. IPA Seniors Housing handled the... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
