Marcus & Millichap Arranges Refinancing for Arizona Portfolio
Marcus & Millichap pulled double duty for a Tucson, Arizona-area owner for several of its assisted living communities, arranging a refinance for their existing AL/memory care portfolio in the area and acquisition financing for two others. Representing a limited liability company and seniors housing operator, Volt Migrino and Alex Snyder of Marcus & Millichap worked on deal, which resulted in total consideration of $4.61 million, for a loan-to-value of 125%. Part of the proceeds will help fund working capital needs at the properties. Both acquired communities feature 30 beds. Read More »
Knapp-Stahler Group Closes Arizona Deal
Nick Stahler and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap sold a memory care community in an attractive submarket of Scottsdale, Arizona at the end of June. The deal is the first of the newly formed partnership between Mr. Stahler’s and Jim Knapp’s respective broker teams to create a truly national brokerage service. Mr. Stahler brings a focus on the West Coast, while Michigan-based Mr. Knapp will concentrate on East Coast deals, but we imagine the two teams will help each other out whenever needed too. Back to the Scottsdale deal, a 1031 exchange buyer paid $5.1 million, or $127,500 per unit for the property, which was struggling at the time of the sale. Built in... Read More »
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
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 »Schedule a demo
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