Supportive Living sells
Looking to expand their portfolio of supportive living facilities (SLFs) in Illinois, a private owner bought four SLFs (three in the Chicago area and one in Rockford) with 539 total beds for $49 million, or $90,900 per bed, with a 9.4% cap rate. Occupancy ranged 54% at one facility to 93% at another, with the average settling at 75%. And all of the facilities were built in the mid-2000s with an average of 67,000 square feet. Operationally, they were running well (at a 31% margin on $14.7 million of revenues), but the private owner seller wanted to exit the business. Ryan Saul and Patrick Burke of Senior Living Investment Brokerage handled the transaction. Read More »SLIB’s strong 2015
Senior Living Investment Brokerage ended an already strong 2015 with eight more announced transactions, totaling over $47 million. All told, there were four skilled nursing sales, with a total of 420 beds in those transactions, located across the country in Chicago, Illinois, rural Vermont, north-central Texas and Sioux City, Iowa. Matthew Alley and Toby Siefert handled two of those sales, while Ryan Saul handled the other two, with an assist from Jeff Binder in Iowa. On the seniors housing side, the firm closed four other transactions, with a total of approximately 500 units. Matthew Alley, Toby Siefert, Brad Clousing, Patrick Burke and Ryan Saul were each involved in at least one of the... Read More »Alley at work
Matthew Alley of Senior Living Investment Brokerage recently closed two transactions, both featuring potential turnaround opportunities. First, Mr. Alley handled the sale of a 62-bed skilled nursing facility in Poteet, Texas for $850,000, or $13,700 per bed. Built in 1964, the facility was just 48% occupied, and only 49 of its total beds were dually certified. On top of that, it operated at a 0.99% margin on $1.38 million of revenues. So there is room for improvement for the buyer, a private Texas-based owner/operator looking to expand in South Texas (this asset is located over 35 miles from the San Antonio area). Next, together with Toby Siefert, Mr. Alley facilitated the sale of two... Read More »Get while the going’s good
In the last year, we have heard of many single-asset owner/operators suddenly getting the bug to retire. And who wouldn’t? While pricing may have peaked at the end of last year and beginning of 2015, per bed values are still high and cap rates may continue to sink even further. So when the owners of a family-owned business reached retirement age, they decided to sell their 106-bed skilled nursing facility in Oswego, Illinois for $13.37 million, or $126,200 per bed. Originally built in 1972, with a 16-bed addition in 1985 and an interior renovation in 2009, the skilled nursing facility was 93% occupied on 100 functional beds. Also included at the facility were a rehab company, in-house... Read More »Schedule a demo
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