• Public REIT Purchases Texas Class-A Seniors Housing

    by | Apr 23, 2024 3:56 pm | Acquisitions

    Blueprint was engaged in the divestment of a Class-A seniors housing community in San Antonio, Texas. Built in two phases in 2011 and 2017, Franklin Park TPC Parkway comprises 269 independent living, assisted living and memory care units. Following the completion of a six-year freeway expansion project that affected leasing, access to the... Read More »

  • Eads Sells Its 24th & 25th Missouri Community

    by | Apr 23, 2024 3:54 pm | Acquisitions

    Patrick Byrne of Eads Investment Brokerage facilitated the divestment of two seniors housing communities in Missouri. This marks the 24th and 25th communities sold in Missouri for Eads. The Moberly community (which we believe to be Mark Twain Assisted Living) comprises 35 assisted living/independent living units and sold for $2.57 million, or... Read More »

  • 60 Seconds with Swett: CMS Raises the Minimum Staffing Mandate

    by | Apr 23, 2024 3:48 pm | 60 Seconds

    On Monday, CMS came out with its final minimum staffing standards for nursing homes, but the eventual outcome is anything but final. Despite the outcry from nursing home providers from the previous proposed mandate of three hours per resident per day, asking simple questions like how can we pay for this and where will this newly needed staff come... Read More »

  • More Shareholder Activism

    by | Apr 22, 2024 9:04 am | Opinion

    Fresh from its success in getting two people voted onto the Ventas Board of Directors, Land & Buildings is at it again, this time with National Health Investors. Like all the REITs, NHI’s managers and tenants had their share of problems during the pandemic. Who didn’t? Most of these issues are behind it, but the REIT could be in even stronger... Read More »

  • Active Adult Expansion A Hit With Investors

    by | Apr 22, 2024 9:02 am | Developments

    How often have we heard that new development is dead? Or that CCRCs (LPCs) are on their way out? Too often. But how often do you hear about an Active Adult expansion on a CCRC campus, and one with entrance fees? Not often enough. That didn’t stop Three Pillars Senior Living Communities and Cain Brothers from putting together a plan that may... Read More »
Knapp-Stahler Group Handles Two Deals

Knapp-Stahler Group Handles Two Deals

by | Aug 25, 2021 9:57 am | Acquisitions

The Knapp-Stahler Seniors Housing Group of Marcus & Millichap announced a couple of seniors housing sales, led by Jim and Justin Knapp. Jim first sold a CCRC in Waterville, Maine for $10.2 million, or $69,400 per bed. Located on an entire city block, the campus includes a 111-bed skilled nursing facility plus 27 assisted living/memory care beds and nine independent living units. It was originally built in 1922 and renovated in 1970 and 1995. Five years ago, it was acquired by a regional not-for-profit. Occupancy has consistently been above 90% for all levels of care, and revenues were just below $13.8 million, so the unidentified new owner is coming into a strong operation. They used... Read More »
Marcus & Millichap Arranges Refinancing for Arizona Portfolio

Marcus & Millichap Arranges Refinancing for Arizona Portfolio

by | Aug 20, 2021 2:33 pm | Financings

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

Knapp-Stahler Group Closes Arizona Deal

by | Jul 16, 2021 9:32 am | Acquisitions

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

Marcus & Millichap Sells in Southwest Kentucky

by | Jan 14, 2020 4:51 pm | Acquisitions

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

by | Dec 4, 2019 8:33 am | Acquisitions

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 »