Diversicare to Operate 22 Facilities
Diversicare Healthcare Services, Inc. (Nasdaq: DVCR), a long-term care services provider to patients in 54 skilled nursing and senior housing centers, has entered into an agreement to assume the operations of 22 facilities from Golden Living, totaling approximately 2,600 skilled nursing beds.
The facilities are located in Alabama and Mississippi, and the transaction is expected to be completed in the fourth quarter of 2016. The agreement is subject to closing conditions, including licensure and due diligence.
The portfolio is expected to contribute more than $185 million in annual revenues. Diversicare will lease 20 facilities from Golden Living and assume the leases of the remaining two facilities. The transaction brings Diversicare’s facility count up to 76 upon completion and up to a $570 million revenue run-rate.
Blueprint Sells Two Southwest SNFs for $27.5 Million
Blueprint Healthcare Real Estate Advisers had arranged the sale of two skilled nursing facilities (SNFs), both located in Forth Worth, Texas, for the purchase price of $27.5 million.
The sale includes Southwest Nursing & Rehabilitation Center, a 198-bed SNF, and West Side Campus of Care, a 240-bed SNF. The seller was a well-known SNF business that has operated in Texas since the mid-1970s. The seller received 15 qualified offers for the two campuses. The buyer is a Los Angeles-based real estate private equity firm with an operating partner that was ultimately the winning bidder. The closing took place within 60 days of agreement execution by the parties.
Tim Cobb and Steve Thomes partnered with Blueprint’s Texas expert Josh Salzman to close the transaction.
SLIB Sells $2 Million SNF in Missouri
Senior Living Investment Brokerage Inc. (SLIB) sold a skilled nursing facility in Liberty, Missouri, for $2 million. Matthew Alley, Patrick Byrne and Toby Seifert of SLIB handled the transaction.
The facility was built in 1992 and consists of 143 beds. It is currently vacant. The buyer is a private equity group that partnered with a regional operator.
“CMS closed the facility and moved out all of the residents in August 2015, and the license remained active for a full calendar year,” Alley said. “Senior Living procured multiple offers despite this challenge and a new provider agreement is in the process with CMS.”
Peachtree Assisted Living Announces New Facility Ownership
Peachtree Assisted Living of Trussville, Alabama, has new ownership of a 25-bed assisted living facility. Trussville Senior Housing Investors, LLC purchased the property with plans for additional construction, including an expansion of assisted living and 30 new independent residences for seniors.
Birmingham, Alabama-based LIV Development, LLC, which led the ownership group, intends to invest in upgrades to the existing facility and develop the additional independent living community, which breaks ground this month. The new independent living community will feature fine dining, fitness facilities, a movie/theater room and activities.
Traditions Senior Living, LLC, of Franklin, Tennessee, has contracted with Trussville Senior Housing Investors, LLC, to provide management and oversight of the property’s operations. Traditions managers senior living communities in Alabama, Georgia, and Tennessee.
Written by Amy Baxter