Senior Housing Investments & Transactions: Sabra, Sentio, Blueprint

Sabra Acquires Nine Senior Housing Facilities for $84.7 Million

Maryland-based Sabra Health Care REIT (Nasdaq: SBRA) announced the acquisition of a portfolio of four senior housing facilities in Washington and Oregon, as well as the acquisition of a portfolio of five senior housing facilities in Illinois.

On Sept. 1, Sabra acquired the Life’s Journey Senior Living portfolio, which consists of five senior housing facilities with 149 memory care beds/units in Illinois for $19.7 million.

On Sept. 17, Sabra acquired the Radiant Senior Living portfolio, which consists of four senior housing facilities with 196 assisted living units and 18 independent living units in Washington and Oregon for $65 million.

The acquisitions bring Sabra’s year-to-date investments to $443 million, with an average weighted yield of 7.7%, Sabra Health Care REIT CEO Rick Matros said, adding that the acquisitions represent new markets for Sabra.

South Carolina Agapé Senior Living Portfolio Sells for $153.9 Million

Evans Senior Investments (ESI) facilitated the sale of the Agapé Senior Living portfolio in South Carolina for $153.9 million.

The Agapé portfolio, representing 10 facilities with 856 units of senior housing and three facilities of 294 skilled nursing beds, is anticipated to be one of the largest asset portfolios available for sale in the Southeastern U.S. in 2015.

An undisclosed private equity firm emerged as the winner in a competitive bidding process. The final purchase price amounted to $156,424 per unit for assisted living/memory care units and $68,027 per bed for the skilled nursing beds.

“The portfolio’s assets are relatively young and large in size, making this a turn-key portfolio for a national operator to grow NOI through economies of sale,” ESI CEO Jeremy Stroiman said in a press release. The oldest building in Agapé’s portfolio was built in 1990, and the smallest facility has 58 units.

Sentio Healthcare Properties Completes Investments in Nine Next-Generation Senior Assets

Orlando, Florida-based Sentio Healthcare Properties, a real estate investment trust concentrated on health care-related real estate, announced growth in its senior housing portfolio, investing in the development and acquisition of nine state-of-the-art projects in late 2014 and 2015.

Sentio entered the Missouri market with The Parkway, located just outside Kansas City. The community opened in July with 100% occupancy in its independent living community. The memory care and assisted living communities are slated to open this fall.

The Delaney at Georgetown Village broke ground in May in Georgetown, Texas. Sentio’s investment is structured as a participating development loan with purchase rights for the 207-unit assisted living, independent living and memory care community.

Sentio expanded its footprint in the Denver market with Accel at Golden Ridge, located in Golden, Colorado. This development features a 120-unit, transitional rehab and care facility, and is scheduled to open in August 2016.

Buffalo Crossing celebrated its opening in May. This property is a 108-unit, assisted living community located in The Villages, the country’s premier active adult retirement community.

In addition to new development, Sentio has also acquired multiple new properties that include independent living, assisted living, and memory care communities in Florida, Massachusetts, Ohio and Maryland. Encompassing 549 units, several of these acquisitions can be attributed to repeat business with Sentio’s operating relationships.

“While we continue to acquire stabilized properties, one of our main initiatives has been ground-up development and lease-up opportunities, many of which have been completed with existing partners,” said John Mark Ramsey, Sentio’s President and CEO.

Blueprint Announces $64 Million Sale of 186-Unit Senior Housing Community in Richmond, Virginia

Blueprint announced the successful sale of a 186-unit, Class-A senior housing community in Richmond, Virginia. The community was built in 1999 and houses independent living, memory care and assisted living services.

At the time of sale, the community had revenues greater than $9.5 million and had over 96% overall occupancy.

The transaction yielded $64 million, representing premium pricing of $344,000 per unit.

Hawthorne Gardens Assisted Living in Portland, Oregon, Sells for $10.8 Million

Marcus & Millichap has arranged the sale of Hawthorne Gardens Assisted Living, an 84-bed, 58-unit memory care and assisted living facility in Portland, Oregon, for $10.8 million.

Hawthorne Gardens, which was constructed in 2007, was 88% occupied at the time of the sale.

Skylark Assisted Living in Ashland, Oregon, Sells for $10.8 Million

An undisclosed buyer has purchased Skylark Assisted Living, a 34-bed memory care and 75-unit assisted living facility in Ashland, Oregon, for $10.8 million.

Skylark Assisted Living, which opened in 1997, was 90% occupied at the time of the sale. Skylark Assisted Living is located within the age-restricted community of Mountain Meadows.

Presbyterian SeniorCare and Shenango Presbyterian SeniorCare Sign Affiliation Agreement

Presbyterian SeniorCare — the largest aging services provider in Western Pennsylvania — and Pennsylvania-based Shenango Presbyterian SeniorCare signed an affiliation agreement intended to cement their longstanding business relationship.

The affiliation has to be reviewed by the Commonwealth Attorney General’s office, a process that could take as many as three months or longer.

The pending agreement between Presbyterian SeniorCare and Shenango Presbyterian SeniorCare will not involve any exchange of charitable assets or money, and it will have no effect on the existing collective bargaining agreement.

Presbyterian SeniorCare has been planning to build an aging services network that is best-positioned for success in the current dynamic health care environment, according to a press release.

Presbyterian SeniorCare, which delivers a continuum of living and care options across 53 communities in 44 locations in 10 Western Pennsylvania counties, has been providing management consulting services to Shenango Presbyterian SeniorCare for over 25 years.

Shenango Presbyterian SeniorCare offers personal care, independent living and skilled nursing services as well as memory care and short-term rehabilitation services. Its staff of 110 serves over 200 older adults per year.

Blueprint Announces Sale of Assisted Living Community in Oneonta, New York

Blueprint announced the successful sale of an Oneonta, New York, assisted living community. The sale included both an adult home and an assisted living program license designation. Blueprint did not disclose the sales price.

Blueprint Managing Director Tim Cobb and Vice President Steve Thomes served as lead advisors on the transaction.

The seller, a private investor group, was looking to exit the New York market. The buyer, a regional owner operator with an increasing presence in the region, bought the asset without a financing contingency.

Written by Mary Kate Nelson