MINEOLA, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Wood Memorial Nursing Home, located in Mineola approximately midway between Dallas and Shreveport, Louisiana. The skilled nursing facility was built in 1964 and features 115 total beds. The facility saw improved EBITDAR from $100,000 in 2017 to over $1 million in 2020. An owner-operator based in Central Texas sold the property to a Texas-based regional owner-operator for $7.4 million. Matthew Alley, who previously sold this community in 2017, arranged the transaction for SLIB.
Acquisitions
HURST, Texas — Senior Living Investment Brokerage has arranged the sale of Bishop Davies Nursing Care Center, a 161-bed skilled nursing facility in Hurst, located between Dallas and Fort Worth. An owner-operator looking to exit the industry sold the property to a regional owner-operator from Louisiana for $8 million. The 70,000-square-foot facility sits on a 5.2-acre lot. It was 74 percent occupied at the time it was placed on the market, which was before the COVID-19 pandemic struck the United States.
MedCore Partners Purchases 582-Unit Seniors Housing Portfolio in Washington, California
by Jeff Shaw
WASHINGTON and CALIFORNIA — MedCore Partners and The National Realty Group, together with BMO Harris Bank and Locust Point Capital, have acquired a 582-unit independent living, assisted living and memory care portfolio in seven markets in Washington and California. The communities in the initial acquisition include five assets in Washington: Birchview Memory Care in Sedro-Wooley with 60 units Discovery Memory Care in Sequim with 55 units The Sequoia in Olympia with 92 units Cooks Hill Manor in Centralia with 72 units The Village in Tacoma with 136 units The transaction also …
SPRINGFIELD, Ore. — Senior Living Investment Brokerage has negotiated the sale of ElderHealth & Living Memory Care Village in Springfield. Built in 1988 and expanded in 1996, the memory care community features 95 beds across 59 units. The facility is approximately 30,215 square feet and is situated on approximately 5.1 acres of land. A regional operator with multiple West Coast communities acquired the property for an undisclosed price. The seller, a local owner-operator divesting its only seniors housing community, will stay on as a consultant. A local bank provided a …
WASHINGTON and OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of eight private-pay assisted living assets in Oregon and Washington totaling 321 units. A joint venture between an Arizona-based private equity firm and an Oregon-based owner-operator acquired. The seller and price were not disclosed. The buyer intends to reposition the communities, possibly adding more memory care units.
BOCA RATON, Fla. — Fairstead has acquired Gould House, a 101-unit Section 8 housing development for the elderly in Boca Raton. The property is located on the 100+ acre Jewish Federation of South Palm Beach County Campus. While the seller and price were not disclosed, Fairstead did unveil plans for a $6 million rehabilitation of the entire complex. The project will include new kitchens, baths, lighting, HVAC, flooring and windows for all apartments, as well as common area improvements to the physical plant, security systems, grounds, lobbies, community room and …
KNOXVILLE, Tenn. — Propel Insurance, a leading retail insurance agency and a portfolio company of Flexpoint Ford, has acquired HealthCare Services (HCS), a boutique risk management and insurance consulting firm based in Knoxville. HCS specializes in serving senior care organizations. The combined agency expects to generate more than $120 million of annual revenue in 2020 and will have seven offices across the country. The acquisition will expand Propel’s existing senior living practice, as well as the Charlotte, North Carolina-based company’s geographic spread. Ed Sims and Taylor Preston, senior partners at …
SPRINGFIELD, Pa. — Tryko Partners has purchased the Harlee Manor and Springfield Commons skilled nursing campus in Springfield, approximately 12 miles west of downtown Philadelphia. Located on more than six acres, the property totals 173 skilled nursing beds and personal care units. It will be rebranded as Springfield Rehabilitation & Healthcare Center and Springfield Crossings. The acquisition price was not disclosed. Tryko is planning to immediately start a $2.5 million improvement plan for both the physical plant and programming. Tryko Partners’ regional portfolio includes three additional skilled nursing facilities in …
NORTH PROVIDENCE, R.I. — Private equity investment firm Tryko Partners has been selected to acquire Hopkins Manor, a 200-bed skilled nursing facility in North Providence. Tryko will purchase the property out of receivership for $14.5 million. Tryko and its healthcare affiliate, Marquis Health Services, will assist Jonathan Savage of Shechtman Halperin Savage, the Rhode Island Superior Court-appointed special master for Hopkins Manor. Savage, with the facility’s team of caregivers and staff, has stabilized and successfully marketed the facility, culminating the court approval just seven weeks after the start of the …
WEST LINN, Ore. — Owner-operator Cadence Living has partnered with boutique investment firm Dylan Investments to acquire Tanner Spring, an assisted living and memory care community in the affluent Portland suburb of West Linn. The community comprises 62 assisted living units and 26 memory care units. The partnership also acquired the adjacent vacant land and has plans to add 100 residential units in the future. Orix Securities advised the seller on the transaction and Blueprint Healthcare Real Estate advised the buyer. “We have been focused on the northwest for our …