Second-Generation Owner Exits Skilled Nursing Business
Bradley Clousing, Daniel Geraghty and Toby Siefert of Senior Living Investment Brokerage helped a second-generation owner of a skilled nursing facility in Northport, Alabama (Tuscaloosa MSA) exit their only asset and the industry altogether with the facility’s sale. Built in stages from 1973 to 2008, the facility earned a good reputation in the local market and was 90% occupied with a 46% quality mix. It also has a well-maintained physical plant and a high percentage of private units across the 182 total beds. The operating margin, however, can be significantly improved from the current 2%. That onus will be on a private group based in New York who is looking to expand in growing markets... Read More »
Naples Memory Care Community Gets Fresh Start
Wrapping up his work before the holidays, Brad Clousing of Senior Living Investment Brokerage sold a 72-unit memory care community in Naples, Florida. He found a Florida-based private equity firm to buy the community for $6 million, or $83,300 per unit. That buyer and the new operator, Concordis Senior Living, plan on making a few changes to ramp up operations and take advantage of the highly desirable submarket. Originally built in 1995 and designed for both assisted living and memory care, this community had been well-maintained but operated as strictly memory care under previous ownership. Occupancy was low (just 44%), and it was losing over $40,000 a year on nearly $2.3 million of... Read More »
Arkansas Operator Exits Assisted Living Industry
When a local assisted living operator in Arkansas wanted to exit the seniors housing industry, they turned to Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage to get the job done. Their final property was a 30-unit assisted living community in the town of Clarksville in northwest Arkansas. Built in 1996 and 2008, it converted from all-independent living to assisted living in early 2017 to become the only ALF in the county. Each unit was recently renovated, and rates were also increased. With 97% occupancy and an operating margin above 35%, we imagine the new owner won’t have to change much. That buyer was a Mississippi-based regional owner/operator who paid $3.25... Read More »
SLIB Seals the Deal
Brad Clousing of Senior Living Investment Brokerage successfully sold a 32-unit assisted living community in Dawsonville, Georgia to a private partnership that includes affiliates of Gryphon Senior Living. Also helping to facilitate the deal was the Proprietary Loan Group at Hunt Real Estate Capital, which kicked off its balance sheet lending program with a $6.2 million loan to fund not only the $5.8 million, or $181,250 per unit, acquisition but also an expansion project. Originally built in 2015 with 32 units and 37 operating beds, the community has been consistently fully occupied and now is set to expand with another 12 private units of either assisted living or memory care. About... Read More »Schedule a demo
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