SLIB Handles CBRF Sale in Wisconsin
Ryan Saul and Patrick Burke of Senior Living Investment Brokerage handled the sale of a 50-unit assisted living community in Racine, Wisconsin, five years after the community last sold. The buyer back then (and the current seller) was Meridian Senior Living and its joint venture partner Blue Vista Capital. They paid $6.5 million, or $130,000 per unit, for the community, although we do not know the 2020 sale price. Originally built in the 1960s but gutted, renovated and converted to a Community-Based Residential Facility (assisted living community) in 2008, the community was around 94% occupied at the time of the November 2015 sale. The operating margin also stood at 25% at that time,... Read More »
Senior Living Investment Brokerage Handles Michigan Sale
Hands-off management led to a decline in occupancy at a senior care campus in Bay City, Michigan, and an ensuing sale was handled by Bradley Clousing, Ryan Saul and Joe Young of Senior Living Investment Brokerage. The campus consists of a 151-bed skilled nursing facility that was built in 1955 and completely renovated in 2007, and a 38-unit assisted living community added in 2001. The seller was retiring from the family business and exiting the industry after operating in it for more than 50 years. Regulatory changes, new competition in the market and the health of the remaining family member made operating the asset more difficult in recent years. As such, the SNF was facing occupancy... Read More »
Senior Living Investment Brokerage Sells Value-Add SNF in Kansas
In a deal that went to market in mid-August and closed at the end of October, Nick Cacciabando of Senior Living Investment Brokerage sold a skilled nursing facility in Conway Springs, Kansas. Situated in the south-central part of the state, the facility was built in 1964, with additions made in 1988 and 1996. It is licensed for 45 beds, with about 27 of those occupied at the time of the sale. This was the only facility owned by the Winter family, who has owned the SNF since opening, but Wichita, Kansas-based Axiom Healthcare Services had been operating it over the last year. As of June 2020, the facility was losing more than $400,000 in EBITDAR on nearly $2.45... Read More »
SLIB Closes Another Southeast Sale
A senior living community in Dahlonega, Georgia that managed to stay fully occupied throughout the pandemic found a new owner thanks to Brad Clousing and Daniel Geraghty of Senior Living Investment Brokerage. Consisting of 58 assisted living and 14 memory care units, the community was completed in September 2019 with high-end finishes and amenities. Because lease-up went so well (six months to a waitlist is pretty darn good), there is also the opportunity to expand, with 20 shovel-ready units to add on a rough graded pad with stubbed utilities. The seller was a local owner/operator who was looking to divest the community and exit the industry altogether. A not-for-profit owner/operator... Read More »Schedule a demo
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