Platinum does it again
A few weeks ago, we wrote of a turnaround sale by Platinum Health Care, which after two years of ownership sold a 114-unit assisted living/memory care community in Peoria, Arizona for more than double its original investment. Now, the owner/operator is selling two more of its non-core assets that it purchased in February 2014, for a pretty profit. First up, in Fort Myers, Florida, Platinum sold a 74-unit assisted living/memory care community for $5.65 million, or $76,000 per unit and 71% higher than the $3.3 million the company paid in 2014. A joint venture between a publicly traded REIT and a regional operator was the buyer, and Trent Gherardini and Ben Firestone of Blueprint Healthcare... Read More »
Platinum turnaround
Just two years after acquiring a 114-unit assisted living/memory care community in Peoria, Arizona (Phoenix MSA), Platinum Health Care decided to sell, more than doubling its value in the process. Back in February 2014, the Skokie, Illinois-based owner/operator bought the 30-year old community when it was just 64% occupied, and losing money to boot. But pro forma revenues and EBITDA, assuming 83% occupancy, were projected to grow to $2.6 million (from $1.8 million) and $625,000, respectively. Currently, the occupancy is at 77% and EBITDA is postive (though not $625,000), but both are trending upwards. Now, looking to strategically divest some non-core assets, Platinum decided to sell the... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
