Kaukauna closing
Ray Giannini of Marcus & Millichap went to Kaukauna, Wisconsin to close his latest transaction, when a private individual sold their 46-unit assisted living community to a confidential buyer for $8.5 million, or 184,783 per unit. The community features two buildings that were built in 2009 and 2012, respectively, on nearly four acres near a retail shopping area. With 95% occupancy, about 70% of the census was private pay, and the remaining 30% was Family Care, which is a Medicaid managed long-term care program in Wisconsin. Rates were solid too, with an average of $4,420 per month for private pay and $3,451 per month for Family Care. As a result, the community operated at about a 40%... Read More »
Setting Records in the Bronx
You almost never see a single senior care property sell for over $100 million. In fact, only two had ever been recorded with a higher price: a 423-unit/bed CCRC for $165 million in 2007, and a 499-bed skilled nursing facility for $105.5 million in 2015. Now, there is a third. Joshua Jandris, Charles Hilding and Mark Myers of Marcus & Millichap closed the sale of a 744-bed skilled nursing facility in Bronx, New York, for a whopping $110 million, or $147,850 per bed, making it the second-largest single-property sale (and the largest stand-alone skilled nursing facility sale) ever. Located on a 2.46-acre parcel, the facility is spread out among three connected buildings that were built in... Read More »
Divest in Dallas
A West Coast-based private equity group is divesting itself of a 30-year old independent living community in Garland, Texas (Dallas MSA). Built in 1984, the 111-unit community had received numerous renovations over the years and was in good shape. Its occupancy (around 83%) and operating margin (approximately 18% on $1.7 million of revenues) however could be improved. Rod Llanos and Heidi Castiglione of Marcus & Millichap represented the buyer, a regional Texas owner/operator looking to add to their holdings in the area. The seller will maintain a handful of properties in the state despite this sale. Mark Myers, Ryan Fleming and Joshua Jandris of Marcus & Millichap represented the... Read More »
Iowa outta here
An owner/operator is exiting the industry, selling its last seniors housing property in Burlington, Iowa, with the help of Ryan Fleming, Eric Bell, Mark Myers, Joshua Jandris and Charles Hilding of Marcus & Millichap. Located on the Mississippi River about 80 miles southwest of Davenport, this 36-unit assisted living community was built in 1999 on 3.2 acres. It was 83% occupied at the time of the sale, and sold for $3.7 million, or $102,778 per unit, to a private regional owner/operator. Read More »Schedule a demo
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