Not-For-Profit Buys Privately Owned Florida Community
Private to not-for-profit transitions certainly constitute the minority of senior care transactions, but it was nevertheless the case for a 190-unit independent/assisted living community that sold in Deland, Florida. Mike Pardoll of Marcus & Millichap represented the previous private owner/operator (who also developed the property), and sold the community to a 501-C3 for $19 million, or $100,000 per unit, with a 10.1% cap rate. The original seven-story 124-unit building was built in 1986, and a four-story (70-unit) addition was constructed in 1996, with a common area connecting the two buildings. Currently, four of the units are used for corporate purposes, lowering the total resident... Read More »
Senior Apartments Sell In Fridley, Minnesota
We continue to hear of the growing interest in 55+ senior apartment communities, which would, many believe, provide an affordable bridge to independent or assisted living for Baby Boomers. Ray Giannini and John Klement of Marcus & Millichap capitalized on that interest and sold a 110-unit senior apartment community in Fridley, Minnesota (Minneapolis MSA) for $13.5 million, or $122,700 per unit, with a 6% cap rate. Built in 1999, the property is located on 3.3 acres and features an underground parking garage. Each unit comes with a private bathroom (with walk-in showers), kitchens, dishwashers and large windows, while community amenities include a beauty shop and spa, a large great room... Read More »
Ray’s Evansville Sale
Ray Giannini of Marcus & Millichap has sold a health care campus in Evansville, Wisconsin, the only property of its sort in town. The campus includes a 71-bed skilled nursing facility (built in 1971) that is 69% occupied with a 42% quality mix, and a 25-unit assisted living community (built in 2009) that is fully occupied with mostly private pay residents. Mr. Giannini sold the property for $5.1 million, or about $53,100 per bed/unit, with an 11.9% cap rate on annualized 2017 figures. The buyer was not disclosed. Read More »
Aron Will Closes Two More Financings
Heading into the Thanksgiving holiday, Aron Will of CBRE certainly had a bountiful month, closing nearly $80 million in two transactions. First, working on behalf of joint venture partners Harrison Street Real Estate Capital and The Springs Living®, Mr. Will arranged a $66.4 million construction loan to fund the construction of a 216-unit senior living community in Lake Oswego, Oregon (Portland MSA). A pair of national banks provided the floating rate loan, which came with a four-year term and 48 months of interest only. Using a conservative loan-to-value for the project, that would result in a per-unit value most likely above $400,000. The property’s location in one of the most affluent... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
