Senior Housing Sales: Senior Living Investment Brokerage, Marcus & Millichap, CLW, ARA

Senior Living Investment Brokerage Sells Two Illinois Skilled Nursing Facilities, Kansas Facility

Senior Living Investment Brokerage (SLIB) announced the completion of the sale Elm Brook HealthCare and Rehabilitation Centre located in Elmhurst and Dolton HealthCare and Rehabilitation Centre is located in Dolton, Illinois.  The Elm Brook facility, located on 1.07 acres, had a total of almost 44,000 square feet with 180 beds and was sold for a purchase price of $12.4 million that included a seller note for $3.87 million.  The 80 bed Dolton HealthCare and Rehabilitation Centre is located on 1.27 acres of land and has over 22,000 square feet.  The buyer paid $500,000 for the leasehold position which includes the right to exercise the purchase option for $4,020,000 in October of 2017.

“This was a complex transaction involving Senior Living securing one buyer for both proprieties, then securing different operators for each facility to lease from the buyer.  With the high quality physical plants and strong markets, the new operators should do well once they build overall census,”  said Ryan Saul, Managing Director of Senior Living Investment Brokerage, Inc.

Additionally, SLIB facilitated the sale of an assisted living facility located in Olathe, Kansas for $2.5 million, or approximately $55,555 per unit.  The facility which was constructed in 1970 has a total of 45 units and is comprised of approximately 25,000 square feet and sits on 2.45 acres.  With nearly 40% of the revenue coming from the Medicaid waiver program, the Buyer, a regional owner / operator, is planning to focus on increasing the number of private pay residents to enhance the EBITDA.  At the time of the sale, occupancy was at 100%.Your browser may not support display of this image.

Advertisement

“Senior Living Investment Brokerage is extremely happy to have represented the Seller of this facility as he executed his exit strategy, enabling him to retire after serving the needs of seniors for several years,” stated Nick Cacciabando.

 

Marcus & Millichap Handles Bankruptcy Sale of Assisted Living Facility in Jackson Hole, WY

Marcus & Millichap’s Chicago Office announced the recent sale of of River Rock Lodge, a 58-unit Alzheimer’s and Assisted Living Facility in the affluent resort town of Jackson Hole, Wyoming. The asset sold for a price of $3,000,000 or $51,724 per unit. The seller was Salem, Oregon based Sunwest Management and the property was sold via a 363 auction.

Advertisement

The buyer was Wichita, Kansas based construction and holding company Oxford Development Holdings. Oxford currently owns one other senior housing community, The Reserve at Hamilton Estates in the Wichita suburb of Derby, Kansas. Oxford Development Holdings is controlled by Mr. Eric Legleiter.

“Purchasing this facility has allowed us to expand our holding company,” said Mr. Legleiter. “We look forward to bringing operational efficiencies to this facility, as well as expanding and improving upon the already exceptional care. The residents are our number one priority and we strive to give them the best care possible.”

 

Recommended SHN+ Exclusives

CLW Represents Senior Housing Owner in a $13.9 Million Transaction

CLW Health Care Services Group recently announced that it assisted Herbert J. Sims and their joint venture partner in the sale two Assisted Living communities located in Tupelo, Mississippi and Gulf Breeze, Florida. The aggregate sale price is $13,900,000 or $110,317 per unit.  The purchaser, LTC Properties, acquired the Avalon Lea in Tupelo that included 65 Assisted Living units, 20 Independent Living Cottages.  The assisted living facility, approximately 41,000 square feet on 5.6 acres, was built in 1999 and renovated in 2003.  The Gulf Breeze Courtyard – Gulf Breeze, Florida had a total of 61 Assisted Living/Memory Care units in a single story building with over 36,000 square feet on 2.5 acres.  The building, originally built in 2001, was at 75% occupied at closing.

ARA Brokers the Sale of Assisted Living Facility

Courtesy ARAARA recently announced the sale of Sierra Springs, a 32 unit assisted living property located in Hartselle, Alabama.  The transaction was arranged by ARA Seniors Dallas-based Ryan Maconachy and Scott Corbin who exclusively represented the seller, LSJ Investments, LLC. 

The property, built in 2000, traded for approximately $1.8 million or $56,000 per unit with funding provided by CB&S Bank.   Sierra Springs was licensed for 40 beds and at the time of closing the property was 87% occupied. Approximately 5 acres of undeveloped land adjacent to the property was included in the sale. 

“This transaction was a strategic disposition on the part of the seller as it allowed them to sell their only existing seniors property in their portfolio for a desired price,” says Ryan Maconachy who represented the seller.   “In addition, the design of the facility matched the buyer’s existing portfolio of seniors properties. “