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, …
GLASTONBURY, Conn. — Cushman & Wakefield has arranged the sale of Buckingham Heights, a 46-unit, 52-bed memory care community in Glastonbury, a suburb of Hartford. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Jack Griffin represented the seller, Longview Senior Housing, in the transaction. Hamister Group, a seniors housing investor and operator, purchased the property for an undisclosed price. “This community had some of the most durable cash flow we’ve seen in today’s market and its strong location was especially attractive,” says Wagner. The property is a single-story building …
BALTIMORE — The Jack and Nancy Dwyer Workforce Development Center Inc., a Baltimore-based investor, has acquired Regency Integrated Health Services and its 50-property skilled nursing portfolio throughout Texas for $590 million. The Regency properties are home to approximately 4,600 residents. Dwyer plans to transition the portfolio from a for-profit to a nonprofit organization under the terms of the transaction. The seller is a group of multiple owners. The transition to a nonprofit was the vision of entrepreneur Jack Dwyer to end systemic poverty and address the growing workforce crisis plaguing …
GREENVILLE, S.C. — Evans Senior Investments (ESI) has arranged the sale of a 52-unit assisted living community in Greenville. A large, East Coast-based private equity firm sold the asset to regional owner-operator Windriver Cos. for an undisclosed price. Built in 2001, the community is 100 percent private pay. Having been all studios, the community was 40 percent occupied at the time of marketing and losing money. “The buyer plans on utilizing their existing resources in the state to oversee the community, begin construction on a refurbishment and add memory care …