Senior Living Investment Brokerage, Inc. announced this week that it has brokered senior housing deals totaling $56.23 million. The properties include assisted living and skilled nursing facilities spanning five states.
“Acquisition activity across the country remains strong with a wide range of investors continuing to have a positive impact on the market for senior living properties,” said Grant Kief, president of Senior Living Investment Brokerage.
Two of the properties, totaling $12.65 million are located in the Des Moines, Iowa area including Regency Care Center and Assisted Living in Norwalk, Iowa, and Genesis Senior Living Center in Des Moines. The Regency Center is a 101-bed skilled nursing facility and the Genesis property is a 80-unit skilled nursing residence.
Houston’s Spring Branch Transitional Care Center, a 198-bed skilled nursing property sold for $7.8 million.
Another purchase was Honey Hill Care Center, a 150-bed skilled nursing center in Norwalk, Conn., which was acquired for $5.9 million by a regional owner/operator that partnered with Sabra REIT.
Additional properties in Tennessee included Memphis seniors housing campus Waverly Gardens and Waverly Glen. Both were bought out of bankruptcy, for $3.1 million and $1.3 million, respectively.
The final property, J.H. Floyd Sunshine Manor, a skilled nursing facility, in Sarasota, Florida, was sponsored by a not-for-profit and sold for $4.98 million to a regional owner/operator.
“While recent Medicare and Medicaid cuts have presented challenges, there nevertheless is extremely strong demand for skilled nursing centers,” said Bradley Clousing, who oversaw the Florida transaction for Senior Living Investment Brokerage. “Hands-on, efficient owner/operators are growing as many not-for-profits exit the higher acuity side of the senior living business.
Written by Elizabeth Ecker
Editor’s note: A previous version of this article reported in error that the Genesis property was a 30-unit assisted living residence and that the The Regency Center was a 1-1-bed skilled nursing facility. SHN regrets the errors.