Kandu Capital Can Do It Again
Last month we reported on the sale of two senior living communities in South Carolina by Kandu Capital and its operating affiliate Bloom Senior Living. They did well on the sale, especially at the tail end of COVID, and we referred to it as maybe a triple based on the price compared with the original cost basis. It looks like they have done it again, but this time with a property in St. Petersburg, Florida. This 94-unit assisted living and memory care community was operating at breakeven when Bloom purchased it in 2017 from a local owner/operator. It didn’t do much better the next year, but finally made it into reasonable positive territory by 2019, and then doubled... Read More »Glenview Gardens blooms
What a difference a year makes. When Kandu Capital acquired Glenview Gardens in August 2014, the 119-unit independent living community was in bad shape, with an occupancy of 56%. The property was losing money too, on just $98,000 of monthly revenues. So after spending $5.5 million, or $49,100 per unit, to purchase the community, Kandu also spent an additional $1 million to both renovate the community and convert 36 units to assisted living. Kandu’s affiliate, Bloom Senior Living, also took over operations. After a little over a year, occupancy is up to 89%, and cash flow turned positive on $193,000 of monthly revenues. Plus, seven IL units had to be taken off line during the conversion... Read More »Schedule a demo
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