PACIFIC, Wash. — Preservation Equity Fund Advisors (PEF Advisors) has purchased Rainier Vista, an affordable seniors housing property in Pacific. Terms of the transaction were not released. Originally developed in 2003 with low-income housing tax credits, Rainier Vista offers one three-story building with 75 one- and two-bedroom units for affordable housing for seniors age 55 and older. The community includes 20 units designated for residents earning 30 percent of area median income (AMI), 25 units for residents at 50 percent AMI and five units for residents at 60 percent AMI. …
BOSTON — Blueprint Healthcare Real Estate Advisors has arranged the sale of Advocate Healthcare of East Boston, located across the harbor from downtown Boston. The 165-bed, five-story skilled nursing facility, originally constructed in 1952 and expanded in 1965, has been a fixture in the Orient Heights neighborhood of East Boston for decades, according to Blueprint. The exiting owner-operator invested in a substantial renovation of the adult day care services wing as well as general improvements throughout the facility. Additionally, the facility has received a Determination of Need (DON) approval for …
COLORADO — VIUM Capital has provided $47.7 million in bridge financing for the acquisition of seven skilled nursing facilities in Southwest Colorado. The portfolio totals 558 beds. Further details were not disclosed.
VANCOUVER — Newmark Group Inc. has brokered the sale of eight seniors housing communities in Western Canada for more than $300 million. H&H Total Care Services sold the 1,092-unit portfolio to a joint venture between Axium Infrastructure and Optima Living. Newmark’s Mark Gallagher, BJ Bhal and Dave Kalinowsky represented the seller on the transaction. “This strategic portfolio transaction provides the joint venture partnership with immediate scale and considerable market share of funded seniors housing residences in Western Canada,” says Gallagher. The portfolio is relatively new, with an average building age …
DENVER — Evans Senior Investments (ESI) has arranged the sale of a 66-unit assisted living community in the Cherry Creek neighborhood of Denver. A large, East Coast-based private equity firm sold the asset to Novellas Living, the buyer’s first acquisition in the state of Colorado. The price was not disclosed. Built in 2002, the community was 67 percent occupied at the time of marketing while losing money. Throughout the transaction process, the community was able to increase occupancy to 79 percent while increasing the private pay payor source. ESI helped …
DALLAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Avenues of Park Forest, an 86-unit seniors housing community in Dallas. The community was built in 1998, totaling 65,000 square feet on approximately four acres of land. The seller was a large investment manager that hired a third-party manager for this community. The buyer is a private equity company specializing in seniors housing and medical office buildings. The price was not disclosed. The buyer plans to invest in capital improvements to push census growth. Jason Punzel and …
SAN JUAN CAPISTRANO, Calif. — The Ensign Group Inc. (NASDAQ: ENSG), an owner-operator based in San Juan Capistrano, has acquired nine skilled nursing facilities in Texas, South Carolina and Arizona across three separate transactions. In the first transaction, Ensign purchased six properties in Texas: Brodie Ranch Nursing and Rehabilitation, a 120-bed facility located in Austin; Onion Creek Nursing and Rehabilitation Center, a 125-bed facility in Austin; Riverside Nursing and Rehabilitation Center, a 122-bed facility in Austin; West Oaks Nursing and Rehabilitation Center, a 125-bed facility in Austin; Lakeside Nursing and …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based investor, has sold seven skilled nursing facilities in Ohio for $52 million. In connection with the completion of the sale, the company’s master lease with affiliates of Trio Healthcare was terminated. The portfolio includes approximately 600 skilled nursing beds along with approximately 100 seniors housing beds/units. “In February, we announced a plan to de-risk the portfolio by selling or re-tenanting 32 properties,” says Dave Sedgwick, CareTrust president and CEO. “Given how much the world has changed since we …
SANTA ANA, Calif. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Hollybrook Senior Living in the Orange County city of Santa Ana. The community was operating with below-market-rate rents despite upgrades in 2011. Blueprint marketed the community’s value to incoming investors by highlighting the historical performance and the potential operational upside for a local owner-operator with regional focus. Blueprint further illustrated the community’s financial improvements through continued physical plant refresh efforts and raising new resident rates to market. An owner-operator looking to exit its only seniors housing …
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Webinar: The Great Squeeze — Vanishing Seniors Housing Operating Margins
Operating margins are shrinking, with cap rates becoming harder to calculate and in-place cash flows lower than pre-pandemic levels. The Sept. 22 webinar “The Great Squeeze — Vanishing Seniors Housing Operating Margins” focused on the bottom line for industry owners and operators. The panel discussion, hosted by Seniors Housing Business and sponsored by Valuation & Information Group, sought to shed light on valuation impacts, debt, interest rates and equity. “In the early months of the pandemic, interest rates decreased. Cap rates for well-performing senior housing projects hit new lows. Meanwhile, …