National Health Investors Partners Ravn Senior Solutions
National Health Investors continues to grow at a steady pace. In the last 10 months, the REIT has publicly announced seven transactions, comprising 43 senior care or seniors housing properties. Just last month, NHI acquired five seniors housing communities operated by Senior Living Management. Now, it is purchasing two assisted living/memory care communities in North Carolina and entering into a new operating relationship at the same time. The adjacent communities are located in the town of Hendersonville (about 20 miles south of Asheville), with one being built in 1999 with 26 AL and 13 MC units, and the second opening in 2002 with 47 AL units. NHI funded the transaction with borrowings... Read More »A value-add opportunity in Whitehouse?
As our former President jetted off to California on Inauguration Day, a California-based public REIT moved out of Whitehouse, Texas, with the sale of its 120-bed skilled nursing facility. Located in the Tyler MSA, this facility was 88% occupied at the time of the sale with a 24.5% quality mix. But the REIT seller considered the property non-core (the previous operator was also looking to exit), and the buyer, a New York-based owner/operator with a notable presence in East Texas, saw a value-add opportunity. It paid $6.42 million, or $53,500 per licensed bed, and Chris Hyldahl and Gideon Orion of Blueprint Healthcare Real Estate Advisors handled the transaction. Read More »Net-worth nets results
A high net-worth healthcare real estate investor saw quite the value-add opportunity in a portfolio of five assisted living communities located throughout Central Florida. The properties were perhaps fated to change hands, as they were acquired by the seller (a publicly traded REIT) as part of a large merger a few years ago, but were not seen as “core” communities. There is some work to be done too. Built from the mid-1980s to the early-1990s, the buildings need some capex. And despite a stable occupancy in the mid- to high-80s, a significant portion of the census was Medicaid payors. Under management of a national operator (which had been in place for a short time before the REIT took... Read More »
No Worries in Missouri
The trio of Ben Firestone, Michael Segal and Josh Salzman, Esq. from Blueprint Healthcare Real Estate Advisors sold three rural skilled nursing facilities in the southeast corner of Missouri on behalf of a public REIT owner. The facilities were the only three in the state to be managed by the Texas-based tenant. So management could perhaps be tightened by an in-state operator, as the portfolio’s census had fallen in recent years to below 50% in the six months ended March 2016, annualized. Cash flow was also negative at two of the facilities, and not trending well. The age of the buildings did not help matters, with one facility built in 1967, although the other two in the early-1990s. But... Read More »