Two 2018 Transactions From Senior Living Investment Brokerage
Senior Living Investment Brokerage rang in the New Year with two transactions closed, one on the west coast and one on the east. At a price of $1.5 million, or just over $23,000 per bed, a 65-bed skilled nursing facility in Cashmere, Washington sold to a regional owner/operator based in Idaho that is seeking to expand its presence in Washington State. Built in stages in 1962, 1976 and 1984, the facility was 91% occupied but losing money. It did, however, bring in nearly $3.9 million of annual revenue and the four-acre property provides room for expansion, so there is opportunity to add value. The buyers certainly left themselves some wiggle room with that price. Jason Punzel, Brad Goodsell... Read More »
Improvements Ahead For Irma-Affected Assisted Living Community
New ownership has changes in store for a 64-unit Florida assisted living community it acquired for $3.675 million, or $57,400 per unit, with a 9.25% cap rate. Built in 1989 in Lauderhill (located just west of Fort Lauderdale), the community, which was owned by a partnership between a local owner and a local operator, totals 105 beds in 64 rooms. Historically, its occupancy has been near full (resting at 94% at the time of the sale), but that was in part driven by its below-market rents. That in turn also affected the community’s operating margin of roughly 20% on approximately $1.77 million of revenues. It didn’t help that the facility sustained about $30,000 in damage from Hurricane Irma.... Read More »
Nice Sale In Bluewater Bay, Florida
American House Senior Living Communities continued its growth in Florida with the acquisition of a 94-unit independent living community, its seventh senior living property in the Sunshine State. There are plenty of things going for this property. It is located in the mixed-use residential/resort community of Bluewater Bay, adjacent to Elgin Airforce Base. So, in addition to enjoying the local amenities, the property also draws some of its census from affluent retired military officers. There is also a large fifth floor bar and lounge, a movie theater, heated pool, full-service concierge and valet parking. It was developed in 2015 by a partnership between Bluewater Commercial Developers,... Read More »
Moving Forward In Moberly
An assisted living community in Moberly, Missouri is getting a fresh start, following its acquisition by a Pacific-Northwest operator with a growing presence in the Midwest. Originally built as an independent living community in 2005, the community struggled with census during the Great Recession. That prompted the owner, a regional operator, to convert a portion of the building to assisted living, and while census eventually stabilized (at 93%), the operating margin remained relatively low (at 16%). So, the decision was made to convert the entire building to assisted living. However, the regional operator’s investors were looking to exit the troublesome asset, and as the conversion... Read More »Schedule a demo
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