The Stahler Group Announces First Seniors Housing Closing
The Stahler Group of Marcus & Millichap, headed by JCH Senior Housing Investment Brokerage alum Nick Stahler, has its first deal under its belt. Mr. Stahler and Mike Mooney sold an 89-unit assisted living/memory care community in Walnut, California, representing the private investor seller. Built in 1987, the community was originally leased to Summerville Senior Living, then to Emeritus, and finally to Brookdale Senior Living after its 2014 merger with Emeritus. There was limited competition in the area, and some positive cash flow, but the property was considered to be a value-add/turnaround opportunity. Brookdale had chosen not to renew its lease, so the sale process was... Read More »
Reis Handles Stockton, California Closing
Another small, local owner is exiting the senior care business, with the sale of its assisted living community in Stockton, California. Rob Reis of Marcus & Millichap represented them in the transaction and found a small, regional owner/operator to acquire the property. Featuring 87 units and 96 licensed beds, the community was 78% occupied at the start of negotiations. Plus, the community was producing about $220,000 in NOI on gross revenues of $1.8 million. In addition to improving the operating margin, there is upside in taking care of deferred maintenance and adding more care services. The final purchase price leaves room for adding value, with the regional owner/operator paying... Read More »
Infinity Health Care Management Acquiring Quad Cities-Area SNF
Ray Giannini of Marcus & Millichap is close to closing the sale of a large skilled nursing facility in the Quad Cities region of Illinois and Iowa, although the process has not been easy. Featuring 245 beds and around 140,000 square feet on a 12-acre campus, the facility is owned by Rock Island County. Built in 2007, it is actually the newest in the area, but heavy competition has kept census low (below 70%). Unfortunately, the facility has also operated at quite a significant loss for some time, too. But with such a relatively new physical plant, the opportunity is there for a new owner to turn operations around. In September 2019, the facility was originally listed for $19... Read More »
Reis Sells Stockton, California SNF
Rob Reis of Marcus & Millichap handled the sale of a 75-bed skilled nursing facility in Stockton, California, yielding multiple offers and ultimately closing over the asking price at $8.3 million, or $110,700 per bed. Mr. Reis represented the seller, a local single-asset owner that decided to sell the property to a new partnership looking to do business in California. Built in 1989 and renovated in 2009, the facility was occupied in the high-80s, with a quality mix around 20%. There are three private rooms and 36 semiprivate rooms on a 1.77-acre lot. It operated at a 15% margin on nearly $8 million of revenues and, under the previous tenant, generated more than $710,000 in triple-net... Read More »Schedule a demo
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