Two Assisted Living Homes Sell for $19 Million
Senior Living Investment Brokerage, Inc., facilitated the sale of two assisted living properties for $19.1 million located in Ellijay and Canton, Georgia.
The personal care homes sold in the deal, Cameron Hall Canton and Cameron Hall Ellijay, comprise 153 units of assisted living and memory care services, with a price per unit in the transaction being $124,837.
Both facilities are located approximately 40 miles from one another, and the buyer was a national owner/operator with a strong presence in Georgia. —JO
Aviv Closes $13 Million Acquisition of 3 ALFs
Aviv REIT, Inc. (NYSE: AVIV) acquires three assisted living facilities in Florida for $13 million.
The facilities are triple-net leased to new Aviv operator Better Senior Living Consulting, which is an operator of nine assisted living facilities in Florida.
The triple-net lease has an initial cash yield of 10%, initial lease term of 10 years and annual compounded escalators based on CPI.
With this transaction, Aviv has now completed $106 million of investments in 2013, according to Craig M. Bernfield, chairman and CEO of Aviv REIT.
“We are pleased to add another new operator relationship and to further diversify our portfolio by opportunistically adding three assisted living facilities,” Bernfield said.
Better Senior Living was referred to Aviv by one of the REIT’s existing operator relationships, Bernfield added.
“Our strong relationships with our operators continue to provide us with attractive acquisitions opportunities to grow the company and diversity the portfolio,” he said.” —JO
Cornerstone Core REIT Acquires 3 Meridian ALFs for $15.3 Million
Irvine, Calif.-based Cornerstone Core Properties REIT acquired three North Carolina assisted living communities for a total of $15.3 million on October 4.
The communities were acquired through a sale/leaseback transaction with wholly-owned subsidiaries of Meridian Senior Living, which will continue to operate the communities pursuant to 15-year triple net leases.
The communities include Carteret House in Newport, N.C., a 29,570 square foot facility with 64 beds built in 1994; Hamlet House in Hamlet, N.C., a 34,638 square foot facility with 60 beds built in 1999; and Shelby House in Shelby, N.C., a 23,074 square foot facility with 64 beds built in 1991.
“Cornerstone and Meridian both bring a commitment to excellence and a history of success to our relationship,” said Kent Eikanas, President and Chief Operating Officer of Cornerstone Core Properties REIT. “The folks at Cornerstone are among the best in their industry, and we are looking forward to working with these outstanding professionals.”
Since its launch in 2006, Core REIT has acquired 23 properties for a total purchase price of $209.5 million. Since 2011, 12 of those properties have been sold. — EE
NHI Acquires Florida Independent Living Community for $12 Million, to be Managed by Discovery
Following a recent National Health Investors Inc. acquisition of a Rainbow City, Alabama independent living community for $12 million, the company has entered into an agreement with Discovery Senior Living to manage the property.
The 120-unit community, Regency Pointe, will be leased to Discovery for an initial 15-year term with options to extend. The units comprise 72 rental independent living units, 36 assisted living units and 12 memory care units.
The community was built in 2003.
“Our new association with NHI provides us a solid foundation for further expansion opportunities not only in Florida, but in adjoining states,” said Discovery Senior Living Founder Thomas Harrison. “We are very excited about our continued growth with Regency Pointe, like all of our communities that cater to seniors who enjoy being active and independent in beautiful surroundings.” — EE
Private Investor Buys County Nursing Home for $16.5 Million
A Chautauqua County nursing home has been sold to a private investor for $16.5 million, reports WGRZ.com.
VestraCare deposited a $1.65 million downpayment in early October after finalizing the acquisition contract the previous day. —AG
Solterra Senior Living Buys Ariz. Rehab Facility for $357k
Scottsdale, Ariz.-based Solterra Senior Living recently purchased a Phoenix medical facility out of bankruptcy for $357,000, reports AZCentral.com.
The senior living management company plans to form a new division using the former Capri at the Pointe Rehab facility to operate Solterra Subacute Services.
The 35,000-square-foot rehabilitation facility has 106 beds and is accessible to three major hospital systems in the area: Banner Health, Dignity Health, and John C. Lincoln Network.
“It was an opportunity to have a skilled nursing presence in Arizona,” Steve Jorgenson, Solterra’s CEO, told AZCentral.com. “We felt that (the rehab facility) was not reaching its potential for patient care, and it was a great asset for the north-central Phoenix market.”
Solterra’s new business division will provide subacute services including physical, speech, and occupational therapy, wound care, and hemodialysis.
“Our objective is to do a better job of bridging the gap for the patients between the hospital and their home,”Jorgenson says in the article. “This will enable us to provide better outcomes for the patient and allow them to be back in their home sooner.” —AG
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