Senior Housing Investments & Transactions: Blueprint, Greystone

Greystone Real Estate Advisors Closes Sale of Seniors Housing Community in Texas

Greystone, a real estate lending, investment and advisory company based in New York City, announced its Real Estate Advisors group closed the sale of Spring Creek Village, a newly-constructed 108-unit memory care and assisted living community in Spring, Texas.

Financial details were not disclosed.

SRP Medical sold the senior housing property in September to a joint venture between Houston, Texas-based Bridgewood Property Company and Chicago-based Harrison Street Real Estate Capital. The property is set to be managed by Bridgewood’s wholly-owned management company, Retirement Center Management, going forward. Retirement Center Management focuses exclusively on senior living communities.

Built in 2013, Spring Creek Village offers 48 memory care units and 60 assisted living units. Spring Creek Village is a Class A property offering an abundance of amenities including housekeeping; linen services; chef-prepared meals; transportation; emergency call system; 24/7 nursing services; salon; organized activities; game room; library; arts and crafts; theater; chapel; and fitness center.

Cody Tremper, a managing director of Greystone Real Estate Advisors, led the sale for SRP Medical. “The quality of the Spring Creek Village property should serve as an example for new construction in the assisted living market,” Tremper said. “The amount of interest in this property is certainly a testament to its location and amenities.”

With 30 years of experience in commercial real estate development and more than 10 years focused exclusively on senior living communities, Bridgewood has developed more than 3,000 independent, assisted living and memory care living units, representing over $500 million in asset value.

Blueprint Announces Sale of Two Skilled Nursing Facilities in Texas

Blueprint announced the successful sale of two skilled nursing facilities, one located in suburban Dallas, Texas, and one located in Houston, Texas.

Winterhaven, located in Houston, Texas, was built in 1970 and has 160 beds, 143 of which are dually certified. Heritage Place, located in Mesquite, Texas, was built in 1977, and has 149 beds, including 138 dually-certified beds. At the time of sale, the facilities were collectively approximately 75% occupied with a quality payor mix of 15%.

The buyer, a private investor recognized for its national presence as a skilled nursing landlord, paid $10,000,000 for the properties, representing a price of slightly more than $30,000 per bed.

Though the facilities generated more than $12.5 million in total revenue on a consolidated annualized basis, the trailing cash flow at the time of sale was about $500,000, which represented an operating margin of just 4%.

Blueprint said it succeeded in effectively communicating the value-add story from the beginning of the confidential marketing process through to closing. Blueprint’s marketing campaign fostered a competitive bidding process, which resulted in achieving and surpassing its client’s proceeds objectives.

Blueprint’s Ben Firestone served as the lead advisor on the transaction.

Marcus & Millichap Arranges Sale of Seniors Housing Property in West Louisiana

Marcus & Millichap brokered the sale of The Gardens and The Guardian, a 108-bed seniors housing property in Lake Charles, Louisiana.

The list price was $9.6 million, but the sale price was undisclosed.

Doug O’Toole and Rod Llanos of Marcus & Millichap’s Houston office represented the seller, a limited liability company, in the transaction. O’Toole and Llanos also secured the buyer, which was a limited liability company.

Marcus & Millichap’s William Hoffpauir also assisted in the transaction.

Healthcare Transactions Group Arranges Sale of Two New York Skilled Nursing Facilities

Reisterstown, Maryland-based Healthcare Transactions Group arranged the sale of Riverside Center for Rehabilitation and Nursing, an 80-bed licensed skilled nursing facility in Castleton-on-Hudson, New York, and Capstone Center for Rehabilitation and Nursing, a 120-bed licensed skilled nursing facility in Amsterdam, New York.

The sale of the two skilled nursing facilities closed on Oct. 1. Price and other details of the transaction were not disclosed.

Mark Davis of Healthcare Transactions Group served as mergers and acquisition intermediary and advisor to the seller, a religious nonprofit health care organization based in Chicago. Healthcare Transactions Group, Inc. initiated the transaction, identified the purchaser and assisted in the negotiations. The buyer was a group based in New York that operates additional skilled nursing facilities in the state.

Healthcare Transactions Group has been facilitating sales of long-term care facilities since 1996 and has closed almost $2 billion dollars in transactions in more than 30 states.

Columbia Pacific Buys Talyst’s Hardware Division

Seattle-based alternative investment firm Columbia Pacific Advisors announced that the Columbia Pacific Growth Capital strategy has acquired the hardware division of Talyst, a leading provider of medication management and dispensing solutions to skilled nursing facilities and hospitals.

Financial terms of the transaction were not disclosed.

The transaction is anticipated to enable Kirkland, Washington-based Talyst, which has a network of over 350 acute-care hospitals and 125 long-term care facilities in the U.S., to leverage Columbia Pacific’s deep operating history and extensive network of leading international and domestic healthcare providers.

“Our team recognized an opportunity to fuel strong potential growth by supporting ongoing advancement in Talyst’s medication management systems and placing them into more healthcare providers, both domestically and abroad,” said Dan Baty, co-founder of Columbia Pacific Advisors.

Talyst’s medication management solutions include a comprehensive suite of automated packaging and dispensing equipment, as well as integrated software for inventory management, pharmacy management and next-generation pharmacy dispensing capabilities.

“Columbia Pacific’s extensive knowledge of the broader healthcare market and differentiated approach toward strategy and structure will enable us to deliver solutions that can help transform how medications are dispensed and managed,” said Talyst CEO Carla Corkern.

The transaction is expected to result in the separation of Talyst’s long-term care and acute care businesses – now Talyst Systems, LLC – from the 340B software business. The two companies are expected to continue to work closely together to best serve their joint customers and provide valuable solutions to healthcare systems of all sizes. Carla Corkern is expected to stay in her role as CEO of Talyst Systems, LLC and Kevin Barber, portfolio manager for Columbia Pacific’s Growth Capital strategy, is set to join the board of directors.

Written by Mary Kate Nelson