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 »
SLIB Closes First 2020 Deal
Dave Balow just closed Senior Living Investment Brokerage’s first deal of 2020, featuring a 42-unit active adult community in Ithaca, New York. Built in 1986 with all cottage-style apartments, the community was well-maintained and boasts a long wait list. It’s not affiliated with Cornell University, but apparently a number of Cornell professors live there. Operations were strong, with a 46% margin on about $1.1 million of revenues, but its private owner was looking to retire. The buyer is an Ithaca-based senior living owner/operator group that has a strong senior living footprint in the area and is partnered with several individuals to further develop the adjacent land to add more... Read More »Schedule a demo
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