Senior Housing Investments & Transactions: Welltower, Summit

Welltower Buys Florida Senior Living Community for $79 Million

Welltower (NYSE: HCN) acquired the 325-unit Aston Gardens senior living community in Parkland, Florida, for $78.62 million, or $241,908 per unit.

AG Parkland Senior Housing I LLC, an affiliate of Boca Raton, Florida-based Kayne Anderson Real Estate Advisors, sold the retirement community to the Toledo, Ohio-based REIT.

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The 349,250-square-foot property, managed and operated by Discovery Senior Living, features independent living units and assisted living units.

The deal also included the assumption of a $57.67 million mortgage with Fannie Mae.

Diversicare Completes Acquisition of Skilled Nursing Facility

Diversicare Healthcare Services (NASDAQ: DVCR), a premier provider of long-term care services, acquired a 60-bed skilled nursing facility in Fulton, Kentucky, for a purchase price of $3.9 million.

The acquisition, effective Nov. 1, increases the number of centers operated by the company to 55 and is anticipated to contribute in excess of $3.5 million in yearly revenues.

“This center fits well into our current geographical footprint presenting the opportunity for a seamless integration process for our operations team and should be a great addition to our portfolio of owned properties,” said Kelly Gill, Diversicare’s CEO. “As we continue to methodically evaluate potential acquisitions in an ever-changing marketplace, we remain committed to pursuing those opportunities that present opportunities to create value for our shareholders.”

As of Nov. 1, Diversicare offers long-term care services to patients in 55 skilled nursing and senior housing centers with 6,560 licensed beds.

Summit Healthcare REIT, Inc. Acquires Four Assisted Living and Memory Care Facilities in Wisconsin

Lake Forest, California-based Summit Healthcare REIT, Inc. announced that it has acquired four memory care and assisted living facilities in Wisconsin. The properties are located in the cities of Appleton and Green Bay, and were purchased for about $18.4 million on Nov. 2.

The facilities, which have a total of 125 units, have been triple-net leased pursuant to a 12-year term to an affiliate of Eugene, Oregon-based Compass Senior Living, LLC . Its principals, Will Forsyth and Dennis Garboden, have more than 30 years of combined experience in senior housing. Compass also operates an additional property in the REIT’s portfolio.

“We look forward to working again with Compass on these four new acquisitions,” said Kent Eikanas, president and chief operating officer of Summit Healthcare REIT, Inc. “We have been very pleased with the job they have done for us so far.”

Senior Living Investment Brokerage Facilitates Sale of Companions Specialized Care Center for $3.5 Million

Senior Living Investment Brokerage facilitated the sale of Companions Specialized Care Center, a 102-bed skilled nursing facility in Tulsa, Oklahoma, on Oct. 30. The sale price was $3.5 million.

Patrick Byrne and Bradley Clousing of Glen Ellyn, Illinois-based Senior Living Investment Brokerage handled the transaction.

Heritage Home Healthcare Sold to Affiliate of the Evangelical Lutheran Good Samaritan Society

Albuquerque, New Mexico-based Heritage Healthcare Services Inc. has been acquired by an affiliate of the Evangelical Lutheran Good Samaritan Society for an undisclosed price.

Heritage offers home care services at five locations in New Mexico and one in Arizona. Heritage also provides physical therapy, skilled nursing, hospice care and personal care.

The locations run by Heritage, which was founded in 1993 by husband-and-wife team Len and Liz Trainor, are set to keep the same name. No layoffs are anticipated, Len Trainor said.

Heritage currently has 2,000 employees, approximately 75% of whom are full-time.

Trainor said Heritage’s home health care, hospice and personal services are expected to complement Good Samaritan’s holdings, which include Manzano del Sol Village in Albuquerque.

The South Dakota-based Good Samaritan Society has 240 locations in 24 states, including eight in New Mexico. It operates skilled nursing facilities and assisted-living centers, as well as provides in-home and skilled nursing care.

Blueprint Announces Successful Sale of 107-Bed Skilled Nursing Facility for $3.21 Million

Blueprint announced the successful sale of Kindred Hallmark, a skilled nursing facility with 107 beds in New Bedford, Massachusetts, for $3.21 million or $30,000 per bed.

Blueprint conducted an exclusive process as part of a larger mandate on behalf of a publicly-traded REIT which sought to strategically divest of multiple non-core assets.

Though Kindred Hallmark’s trailing 12-month total revenues were about $6.8 Million, EBITDAR during the same period was marginal. Consequently, Blueprint said it positioned the offering as a value play on a price-per-bed basis.

Using its extensive network of qualified investors and regional operators, Blueprint produced multiple competitive offers to acquire the facility.

The undisclosed purchaser ultimately chosen was a privately held, regional owner/operator looking to broaden its regional footprint in the Northeast United States.

Tim Cobb and Steve Thomes, along with Ben Firestone, worked to execute the transaction.

Written by Mary Kate Nelson

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