• Q2 Senior Care M&A Falls To Seven-Year Low

    Well, we can’t say we aren’t surprised. COVID-19 and the economic ramifications stemming from social distancing and quarantine measures took a toll on seniors housing and care M&A, leaving the sector with just 59 publicly announced transactions in the second quarter. Back in early April, we said the second quarter’s deal total would... Read More »
  • Senior Living Investment Brokerage Announces Four Closings

    The floodgates opened at Senior Living Investment Brokerage. Just as we entered July, the firm announced four closings for three skilled nursing facilities and a memory care community. Jason Punzel, Brad Goodsell and Vince Viverito first represented a local owner/operator in their sale of a 59-unit memory care community in Springfield, Oregon... Read More »
  • Blueprint Handles Large Pacific Northwest Disposition

    Amy Sitzman, Dan Mahoney and Blake Bozett of Blueprint Healthcare Real Estate Advisors handled the sale of eight small assisted living communities divided evenly between Washington and Oregon. News of the deal came out in June with two separate acquisition financing announcements from JD Stettin of Carnegie Capital, the first for the Oregon... Read More »
  • Returning Home To Assisted Living

    After being pulled out of her assisted living community because of the pandemic, a mother asks to return “home.” In the June issue of The SeniorCare Investor we wrote about how an industry professional lost the argument with his younger sister about moving their mother out of her assisted living community and into the sister’s home.... Read More »
  • Fairstead Acquires Another Section 8 Senior Apartment Community

    It’s been less than a month since Fairstead, a fully-integrated real estate firm focused on the development, acquisition and operation of affordable and mixed-income housing, purchased a 123-unit affordable senior apartment complex in Sunrise, Florida. But, the firm is doubling down on its strategy and acquired another complex in South Florida. ... Read More »
Marcus & Millichap Sells in Southwest Kentucky

Marcus & Millichap Sells in Southwest Kentucky

The Knapp Group of Marcus & Millichap announced the sale of a 42-unit assisted living community in rural southwest Kentucky. Built in 2014 on over 10 acres, the community boasted occupancy around 90% and strong cash flow. It was previously a family-run business, but the Knapp Group secured a local buyer to take over both ownership and the operations of the property. Justin Knapp and Jeff Hollister, both based in M&M’s Detroit office, were the key advisors on the deal, which featured a purchase price of $8 million, or $190,500 per unit. Read More »
Reis Helps California Assisted Living Owner Exit the Business

Reis Helps California Assisted Living Owner Exit the Business

Rob Reis of Marcus & Millichap recently sold a 45-unit assisted living community in Modesto, California, representing the single-asset owner/operator who was looking to exit the business. The seller developed the property in the 1980s, and has operated it ever since. Occupancy was 84%, and it was bringing in nearly $385,000 in NOI on approximately $1.5 million of revenues, for a 25% margin. Not bad for an older building, but it could still be improved. The buyer was Senior Living West, a growing investor/asset manager in seniors housing, which purchased the community utilizing a regional management organization, Cimino Care. They clearly didn’t want to waste any time starting, as the... Read More »
Minnesota Assisted Living Community Gets A New Neighbor

Minnesota Assisted Living Community Gets A New Neighbor

In a deal that was anything but ordinary, Ray Giannini of Marcus & Millichap sold an assisted living community plus an adjacent vacant skilled nursing facility in Owatonna, Minnesota for about $2.95 million, or $59,100 per unit. Steele County previously owned both of the buildings and brought in Benedictine Health System (BHS) to manage them. Built in 2002, the 50-unit AL community was operating decently with a nearly full, all-private pay census and a margin around 15% on $1.5 million of revenues. Since it was county-owned, we imagine there is a lot of room for improvement in controlling expenses. However, at the SNF, BHS had gradually transferred the beds out of the 1970s-era... Read More »
Hurricane-Damaged SNF Sells in Georgia

Hurricane-Damaged SNF Sells in Georgia

Despite a wing still not operational since Hurricane Matthew in 2017, a skilled nursing facility in Midway, Georgia changed from one not-for-profit’s hands to another’s. Magnolia Manors, a Methodist-affiliated operator of eight other locations throughout south Georgia, acquired the 150-bed facility for a sum of $6.85 million, or $45,600 per bed. Mike Pardoll of Marcus & Millichap handled the deal. Originally built in 1972 with an addition in 1982, the facility, which is licensed for 169 beds, was 75% occupied during the marketing period, with a 15% Medicare and 9% private pay/managed care census, with the remainder made up of Medicaid patients. About $7.8 million of bond debt remains... Read More »
Pardoll Closes Another Personal Care Sale in Atlanta Area

Pardoll Closes Another Personal Care Sale in Atlanta Area

Marcus & Millichap’s Mike Pardoll sold yet another small personal care community in Georgia to Affinity Living Group, following his sales last month of a 23-unit property in Bainbridge (for $1.2 million, or $52,200 per unit) and a 36-unit community in Vidalia (for $1.3 million, or $36,100 per unit). Representing a private investor, he has most recently sold a 30-unit personal care community in the town of Dunwoody (north of Atlanta). Built in 1990, the property (which was operated by Sunrise Senior Living until 2010) was struggling with occupancy at 67% and had negative cash flow at the time of the sale on under $600,000 of revenues. Rents averaged about $2,800 per month, which was low... Read More »