• Interview with Bryan Lockard of JLL Value and Risk Advisory

    Ben Swett, Managing Editor of The SeniorCare Investor, sat down with Bryan Lockard of JLL Value and Risk Advisory to discuss JLL’s 2024 Seniors Housing and Care Investor Survey and Trends, which you can download here. Read More »
  • Wow…Sonida Senior Living

    The last company in our sector, Sonida Senior Living, finally reported fourth quarter and full-year 2023 earnings, and while pretty good, that was not even the story. The story started four weeks ago. In February, the company announced a series of capital transactions which reduced their debt, raised some equity, and provided liquidity to take... Read More »
  • Marcus & Millichap Arranges SNF Leases

    After purchasing four senior care campuses in a large portfolio deal, a seniors housing owner/operator turned to Marcus & Millichap to find new tenants for the skilled nursing portions of each newly acquired campus. Each building was losing close to $1 million annually and had struggled with occupancy and expenses.  While the portfolio... Read More »
  • LSS Absorbs Diakon

    Two large not-for-profits announced that they were combining to create the 12th largest not-for-profit senior living organization in the country. Lutheran Senior Services, based in St. Louis, Missouri, signed an agreement to bring Diakon Senior Living operations and four CCRCs under its umbrella. Both organizations were described by Adam Marles,... Read More »
  • SNF Under Receivership Is Acquired in Kansas

    Marcus & Millichap was brought on by a limited liability company in the sale of a skilled nursing facility in Topeka, Kansas, that was under receivership. The facility, Providence Living Center, comprises 78 beds across 24,000 square feet and focuses on senior residents with mental health needs. Rod Llanos and Colby Haugness handled the... Read More »

MorningStar Shines Brightly In Phoenix Market

MorningStar Senior Living is set to open its fourth senior living community in the Phoenix market, with the help of construction financing arranged by Aron Will of CBRE. Together with joint venture partners N-Shea Group and an institutional equity partner, MorningStar is developing a 144-unit independent living (38 units), assisted living (71) and memory care (35) community in Glendale, a growing suburb roughly 10 miles northwest of downtown Phoenix. Although the development cost was not disclosed, MorningStar’s three previous projects in the metro area had cost between $200,000 per unit and $230,000 per unit to develop, and we imagine the Glendale project is similar. Mr. Will provided a... Read More »
What Are the Memory Care Investors Saying?

What Are the Memory Care Investors Saying?

On March 9th, we hosted a webinar entitled “Building or Buying Memory Care,” with moderator Steve Monroe and panelists Clint Malin of LTC Properties, Mark Myers of Marcus & Millichap, Michael Stoller of LCB Senior Living and Matthew Turner of MorningStar Senior Living. The panelists covered a range of topics (you can listen to the discussion here) including the risks of overbuilding, effectiveness of memory care conversions and fill-up risk, among others. But our audience also chimed in, answering three poll questions throughout the webinar. First, when asked if they would build stand-alone MC, assisted living with MC or stand-alone AL, 60% preferred the mix, 32% would build... Read More »
Memory Care: Buy or Build?

Memory Care: Buy or Build?

Investors in seniors housing have been flocking to the memory care market, as the sector has experienced unprecedented growth since the Great Recession. They are attracted to its need-based demand, higher rents, private payors and apparent dearth in supply in a number of markets (though given the amount of construction in the last few years that is becoming less and less true). But those investors that are interested in getting into or expanding their holdings in this market are faced with a question: do they build memory care, or buy? That is the topic of our upcoming webinar this Thursday at 1PM aptly named, “Buying or Building Memory Care.” Our moderator Steve Monroe and panelists Clint... Read More »
Iron Will

Iron Will

We can’t go long without seeing another Aron Will (of CBRE) transaction, or two. The first of his latest deal duo took place in California when a joint venture between Auctus Capital Partners and Och-Ziff Capital Management acquired a 54-unit assisted living/memory care community in San Francisco. Located on an irreplaceable site, the building was originally built it 1923 as a hospital but was purchased by a Mom & Pop in the 1990s who then converted it to senior care. It has some underutilized “dead space” that the JV will convert to add significantly more assisted living and memory care units. Plus, Auctus and Och-Ziff will make some cosmetic improvements to help drive operations,... Read More »
CBRE sells MorningStar trio

CBRE sells MorningStar trio

For over $400,000 per unit, a joint venture between MorningStar Senior Living and Arcapita, a Bahrain-based global investment manager, purchased (in two transactions) a portfolio of three newly built assisted living/memory care communities in Colorado. One of the properties, a community in Jordan with 55 AL units and 29 MC units, opened in July 2014 and was already 80% occupied at the time of the sale. It sold for approximately $34.5 million, or $411,000 per unit. While the other two properties, located in Colorado Springs, included a 48-unit MC community that opened in September 2014 and an already stabilized community with 45 AL units and 19 MC units that opened in late 2013. Combined... Read More »