Holiday Retirement Acquires Tex. Independent Living Community
Holiday Retirement recently announced the acquisition of Colonial Village, an independent living community in Longview, Tex., for an undisclosed amount.
Colonial Village has 131 units and features a library, village church, cinema room, emergency call system, covenience store, and a beauty salon/barber shop.
Under the Holiday Retirement operating model, Colonial Village will provide residents with three chef-prepared meals a day and will have live-in managers available 24/7, along with complimentary scheduled transportation and a schedule of daily activities and events. All services, amenities, and most utilities are combined in one all-inclusive month-to-month rent with no buy-in fees.
Holiday Retirement also offers a travel program which extends to the new community, allowing residents to stay free-of-charge in fully-furnished guest suites at nearly all other communities owned by the brand across the country.
Texas Independent Living Community Sells for $13 Million
A 131-unit independent living community in Longview, Tex. recently sold for $13 million to an undisclosed national operator in a transaction handled by Senior Living Investment Brokerage, Inc.
The community is a 102,000-square-foot, three-story community built in 1985 on 4.52 acres with an addition built in 2010. In addition to provided amenities, residents can receive other care services from unaffiliated home health agencies.
The transaction includes an adjacent 1.62 parcel of land, comprising $250,000 of the purchase price.
At the time of sale, the property was approximately 98% occupied.
Jeff Binder and Matthew Alley of Senior Living Investment Brokerage handled the transaction.
Mass. Skilled Nursing Facility Sells for $12.6 Million
Briarwood Healthcare and Rehabilitation Center, a 120-bed senior care facility in Needham, Mass., recently sold for $12.55 million at a 13.8% cap rate.
The property consists of three 40-bed units providing sub-acute, long-term, and Alzheimer’s care. The center, built in 1970, also features a main dining room, kitchen, laundry room, beauty salon, offices, & conference rooms in the 46,000-square-foot building.
At time of sale, Briarwood’s census was at 95% with a 55% Medicare and private pay mix.
The seller was a local owner/operator looking to retire from the long-term care business, and the property sold to a regional owner/operator who leveraged conventional financing to close the acquisition quickly.
Evans Senior Investments represented the seller.
Senexus Buys Ariz. Senior Community for $10.3 Million
Las Vegas, Nev.-based STAZ, LLC recently sold a senior housing community in Mesa, Ariz. to Senexus BV LLC of Fort Lauderdale, Fla. for $10.3 million in a transaction negotiated by Hendricks & Partners.
Bella Vista is a 195-unit independent and assisted living community that was built in 1978. In the past three years it has undergone $3.5 million of upgrades.
Greg Thielen and Daniel Wesson, National Director of Hendricks & Partners’ Senior Housing Group, handled the deal.
Las Vegas Senior Care Community Sells for $4 Million
A 78-unit assisted living and memory care community in Las Vegas, Nev. recently sold for $4 million in a transaction handled by Jeff Binder and George Pappas of Senior Living Investment Brokerage, Ing.
The 3.8 acre property has a 58-unit/64-bed assisted living building and a 20-unit/45-bed memory care building built in 1996 and 1997 totaling 55,000 square feet. A vacant parcel of land about 37,740 square feet is located between the two buildings and can be used for the development of additional units.
The property’s seller was a regional operator who chose to divest the community in order to focus on is larger assets. The buyer is a regional operator out of California with plans to improve the community’s census, which was about 76% at time of sale.
Ensign Acquires Senior Care Community in Texas
The Ensign Group, Inc. (Nasdaq:ENSG) recently announced the acquisition of Richland Hills Nursing and Rehabilitation Center, a 92-bed skilled nursing facility located in Fort Worth, Tex., effective Dec. 17, 2012.
Ensign expects the newly-acquired facility, which had an occupancy rate of 58% at acquisition, to be accretive to earnings in 2013.
The purchase was made with cash.
Ohio Senior Living Community Sells for $10.83 Million, 8.5% Cap Rate
An Ohio senior living community recently sold for $10.83 million at an 8.5% cap rate.
Harbor Court is a 130-unit community with 96 assisted living units and 34 memory care units in one- and two-bedroom apartments. It was built in 1986 and renovated in 2009, which included the development of a 30-unit memory care unit on the sixth floor.
The local family that developed, owned, and operated the community kept its census at nearly 90% until selling it to a publicly traded senior housing operator that used Fannie Mae financing for the acquisition.
The seller was represented by Evans Senior Investment.