SLIB Announces Two Assisted Living Sales in the Southeast
Senior Living Investment Brokerage announced two sales in the Southeast. First, Daniel Geraghty and Bradley Clousing represented a local owner in their exit from the seniors housing market by selling their personal care home in Holly Springs, Mississippi. Built in 1999, the community has 38 units (all of which feature a private bathroom), with 11 dedicated to memory care. There is limited competition, and the community has historically been well occupied, currently at 95%. It also has a good local reputation. However, the operating margin could be improved significantly from 8% on approximately $1.45 million of revenues. The buyer, a regional owner/operator based in Mississippi, plans to... Read More »
Active Adult Attracts Buyer in SoCal
Active adult communities continue to draw attention from investors, particularly those not traditionally involved with the more service-oriented property types like assisted living and memory care. Brad Goodsell and Jason Punzel of Senior Living Investment Brokerage recently represented a privately-owned multifamily group in its sale of a 320-unit age-restricted community in Hemet, California. The buyer was another multifamily investor with a strong presence in California, including several active adult communities. Built in 1984, the target was operating well at 93% occupancy and a 53% operating margin on approximately $3.04 million of revenues. While you don’t often see margins like... Read More »
Milwaukee-Based Operator Buys Struggling Wisconsin Community
After being placed into receivership when its not-for-profit owner failed to make its bond payments, a senior living campus in Racine, Wisconsin just sold to a regional owner/operator with the help of Jason Punzel and Ryan Saul of Senior Living Investment Brokerage. Featuring 74 units of independent living (with limited services) and 40 units of assisted living, the community was built in 1989 near the shore of Lake Michigan. Amid the financial difficulties, occupancy fell to 77% for the IL and just 28% for the AL. After SLIB was hired to solicit offers and led the court-approved sale, a Milwaukee-based operator emerged as the buyer, paying $5.5 million, or $48,250 per unit, at an 8.0% cap... Read More »
Senior Living Investment Brokerage’s Active August
It has already been an active August for Senior Living Investment Brokerage, which closed four deals on the first of the month, one of which we already covered last week. First up, Jason Punzel sold a seniors housing property in Brookings, Oregon. Built in 1999 and 2004 on a 17-acre site, the all-memory care community has 55 beds in 40 units. It was deemed to be non-core by its REIT owner, with occupancy sitting at just 75% and operating margin falling below 10% on nearly $2.8 million of revenues. The new owner will look to utilize its strong presence in Oregon to improve operations. They left some room to add value, paying $3.45 million, or $86,250 per unit. Then, the team of Ryan Saul,... Read More »Schedule a demo
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