Senior Living Investment Brokerage Sells Illinois Portfolio
It’s not always easy to get a senior care deal done in Illinois. But Patrick Byrne and Jeff Binder of Senior Living Investment Brokerage took the challenge and sold a portfolio of three skilled nursing facilities and two assisted living communities in the central and southern part of the state. Built between 1976 and 2004, with various capital improvements made in 2011, 2014 and 2016-2018, these properties are located within 100 miles of each other. The SNFs total 286 beds, while the AL buildings combined for 97 units, with an overall average occupancy of 79%. Operations at the skilled nursing facilities had been very stable in the last three years, averaging $2.8 million in annual... Read More »
Senior Living Investment Brokerage Announces Active Start to March
A slew of sales were announced by Senior Living Investment Brokerage, closing just before we headed out to NIC. And they spanned the entire senior care spectrum. First, Matt Alley and Patrick Burke represented Invesque in the REIT’s sale of an independent living community in Arlington, Texas. Built in 2002 with 178 units, comprised of 24 studio, 130 one-bedroom and 24 two-bedroom units, the community was just 67% occupied at the start of marketing. The operating margin could also be significantly improved from 4.6% on approximately $3.4 million of revenues. A small regional owner/operator saw the opportunity to add value and acquired the community for $12.45 million, or $69,900 per unit.... Read More »
Milwaukee Senior Care Complex Sells
A large (67,000 square feet) and old (built-in 1964) Residential Care Apartment Complex (“RCAC”) in Milwaukee, Wisconsin sold after falling on hard times. Known as St. Clare Terrace, it is made up of 59 units in a large building that sits on 2.4 acres. At the time of sale, occupancy was just 64%. The property was placed into receivership after the former not-for-profit owner/operator defaulted on their outstanding bonds. The receiver appointed BAKA Enterprises to manage the community until it was sold. Annualized revenues were just under $1.1 million, which would put average monthly rates close to $2,400. Before debt payments, there was a negative cash flow of about $175,000. Next... Read More »
Punzel Sells in Portland
It wasn’t a complete exit, but a local owner/operator in Portland, Oregon sold its assisted living community with the help of Brad Goodsell, Jason Punzel and Vince Viverito of Senior Living Investment Brokerage. This was the seller’s only senior living community, but they will stay on as a consultant post-closing. A regional operator with several communities in Washington acquired the property, its first in the state. Originally built in 2012 and expanded in 2018, the 47-unit/50-bed community catered to a high-acuity population. It was operating well, with 96% occupancy and a 39% margin on over $2.9 million of annual revenue. So, the incoming owner won’t change much, and why should they?... Read More »