Senior Living Investment Brokerage (SLIB) recently announced the sale of a portfolio of four assisted living facilities located in the Florida panhandle. The communities were all constructed in 1999 and have a total of 39 units in each community with additional land for expansion at each site. The purchaser is a joint venture between Nationwide Health Properties (NHP), a publically traded REIT and Veritas InCare a regional operator. Veritas InCare, the operator has an existing relationship with NHP and presence in the Southeast. According to Ryan Saul of SLIB, purchaser is examining expansion of some of the facilities to include memory care and feels that rent increases are a possibility given the current and historical census.
“The Alliance portfolio is an example of where the market is headed. This acquisition provides in-place cash flow for the buyer. With growing demand for memory care, the new owner will expand each campus to provide a dedicated, secure memory care unit. Sellers are getting top dollar, while buyers are purchasing facilities with upside through additional services or expansion,” said Bradley Clousing of Senior Living Investment Brokerage, Inc.