ENNIS, Texas — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Ennis Care Center in the Dallas-Fort Worth Metroplex city of Ennis. The price was not disclosed. The 155-bed skilled nursing facility will be added to CareTrust’s existing master lease with affiliates of Eduro Healthcare, which took over operations on Feb. 1. The acquisition of the Ennis Facility increases CareTrust’s relationship with Eduro to nine facilities and increases annual rent under the Eduro master lease by $815,000. The initial term of Eduro’s master lease with CareTrust was also extended by four …
OHIO — Evans Senior Investments (ESI) has arranged the sale of a 180-bed skilled nursing community in Ohio for $10.8 million, or $60,000 price per bed. Built in 1965 with a $220,000 renovation in 2019, the community has nine private units with the rest being semi-private occupancy. In fiscal 2019, the community posted $10.3 million in total revenue and 72 percent occupancy. Despite the large revenue generation, the community did not reach industry standard net operating income margins of 12 to 15 percent due to the below-average Medicaid rate and …
INDIO and SAN BERNARDINO, Calif. — The Ensign Group, Inc. (NASDAQ: ENSG) has acquired the operations of two skilled nursing facilities in Southern California. The assets include Arrowhead Springs Healthcare, a 119-bed skilled nursing facility located in San Bernardino, and Desert Mountain Care Center, a 99-bed skilled nursing facility located in Indio. The acquisition of Arrowhead Springs Healthcare includes the real estate and operations at the facility. Desert Mountain Care Center will be subject to a long-term, triple-net lease. “We are very excited to add these facilities to our California …
FLORIDA — Blueprint Healthcare Real Estate Advisors has arranged the $51 million sale of two skilled nursing facilities, on in Central Florida and one in Northeast Florida. The communities offer a total of 300 licensed beds near local medical centers. A Florida-based owner operator sold the properties to an undisclosed buyer in an off-market transaction.
KANSAS CITY, Mo. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 400-bed skilled nursing portfolio in the Kansas City metro area. The seller was a Missouri-based family office that developed the portfolio in the late 1990s along with its wholly owned management company, Capital Health Management. The buyer was an East Coast-based investor and its operations partner, both looking to expand in Missouri. The price was not disclosed.
HOUSTON — Hicks Ventures, a Houston-based development company, has signed a $100 million joint venture agreement with Washington, D.C.-based Artemis Real Estate Partners to develop inpatient rehabilitation facilities and behavioral health hospitals. “This joint venture will give our operator partners surety of close and execution,” says Patrick Hicks, founder and CEO of Hicks Ventures. “More importantly, it will allow us to perform multiple unit facility transactions with our operator partners that will generate great efficiencies and cost savings.” Hicks Ventures and its principals — Patrick Hicks, David Steidley and Larry …
CHARLESTON, S.C. — Berkadia Seniors Housing & Healthcare has arranged $47 million in financing for five skilled nursing facilities across the country. Jay Healy secured the financing on behalf of multiple borrowers. In the first loan, Berkadia arranged the HUD refinancing of a 40-bed, Medicare-only skilled nursing facility in Sacramento. The $14.5 million, 48 percent loan-to-value financing retired the construction debt and covered transaction costs for the California-based client. The facility was constructed in June 2018, but did not receive its Medicare certification until August 2019. Occupancy at the time …
OHIO — Blueprint Healthcare Real Estate Advisors has arranged the sale of five skilled nursing facilities, four in Northwest Ohio and the remaining property southeast of Columbus. The five facilities were originally built throughout the 1980s and 1990s and had recently struggled with occupancy across the portfolio. Acquired as part of a larger portfolio transaction in 2017, the private equity owner and its operating partner decided to pursue a strategic exit. An Ohio-based regional owner-operator purchased the assets for an undisclosed price.
WHARTON, EL CAMPO, SCHULENBURG and YOAKUM, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of four skilled nursing facilities in South Texas. The properties total 466 beds across 112,000 square feet on 11.5 acres. Located in Wharton, El Campo, Schulenburg and Yoakum — between San Antonio and Houston — all four facilities are within 70 miles of each other. A regional owner-operator looking to consolidate its portfolio sold the properties for $39 million. The buyer is a Chicago-based owner-operator looking to expand in Texas. Matthew Alley of …
INDIANA — Evans Senior Investments (ESI) has arranged the sale of a 186-bed skilled nursing community in Indiana for $25 million, or $134,000 per bed. An independent owner-operator seeking to exit the long-term care industry sold the asset to a regional operator. The name of the facility was not disclosed. Built in the last 50 years, the community exhibited a large number of private rooms with all units being private or semi-private occupancy. Additionally, the community had a five-star Medicare rating and has historically been over 85 percent occupied. Despite …