Seattle calls, again
Washington D.C.-based Capitol Seniors Housing has been quite active in Washington State, announcing its fourth acquisition there in less than a year. The private equity firm acquired some 368 units of assisted and independent living across four communities located in the Seattle area. These properties were built from 1989 to 2005, with various additions in that time, and Capitol Seniors Housing plans to make significant capital investments at the communities while converting a number of units to assisted living and memory care. MBK Senior Living will manage. The purchase price came to $78 million, or $211,957 per unit, and Jason Punzel of Senior Living Investment Brokerage handled the... Read More »Better in the long-run
Private equity group Valstone Partners is not looking back with the sale of its 42-unit assisted living/memory care community in Newport, Tennessee, barely a half year after acquiring the community as part of a portfolio transaction in December 2015. Built in 2000, the Brookdale Senior Living-operated community features 32 assisted living and 10 memory care units. It was operating decently with a 20% margin on approximately $1.62 million of revenues, with a 95% occupancy. But, the community’s size and location (rural eastern Tennessee) did not align with Valstone’s long-term strategy, prompting the sale. Mainstay Financial Group, a growing regional owner/operator, paid $3.9 million, or... Read More »Siefert’s smooth sale
Toby Siefert of Senior Living Investment Brokerage arranged the sale of an 87-bed skilled nursing facility in Philadelphia, Pennsylvania on behalf of a family owner wanting to exit the market. Despite its age (built in 1980), high Medicaid census (traditionally 80%) and lack of private units (there was just one combined with 27 semi-private units and eight four-bed units), the facility sold for $10 million, or nearly $115,000 per bed, which is well above the national average of $85,900 per bed. Helping its case was the facility’s 14.5% operating margin on about $8.9 million of revenues, as well as a 95% occupancy rate. Mr. Siefert procured 12 offers for the facility, eventually bringing in... Read More »
A class of its own
A former school building in Liberty, Missouri, that converted to residential care-II (effectively low-acuity assisted living) sold to a growing skilled nursing operator and large mental health operator in the Midwest, with the help of Patrick Byrne of Senior Living Investment Brokerage. The building was originally built in 1962, and after it was licensed for RCF-II, it also provided mental health services for a younger population. Amenities like a basketball court and plenty of common space better equipped it to care for younger residents, and as many mental health facilities in the state closed, its census steadily increased. While the building features 206 beds, its functional capacity... Read More »Schedule a demo
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