Senior Living Investment Brokerage, Inc. has sold an Iowa CCRC for $11,250,000. The facility consisted of 10 Independent Living units, 41 Assisted Living units, 34 Memory Care units and 54 Skilled Nursing beds. The Seller is one of the larger owner/operators in the country and had purchased this asset as a multi-facility/multi-state transaction. They do not have a strong presence in Iowa. The Buyer is out of California but was originally from Iowa. Originally built in 1968 and renovated/expanded in 1998. Financing was provided by a regional lender. For additional information please contact Jeff Binder, Brad Clousing or George Pappas.
While attending the ASHA conference in Phoenix, Arizona, the outlook for 2011 was encouraging.
A few key factors to consider.
1) REITs have been leading the charge with new capital pouring into the market.
2) 2011 will be a defining year for debt. The local, regional and national lenders will deploy capital into the market like REITs did in 4Q and plan to do throughout 2011.
3) Seniors Housing and long-term care loans have out performed every other sector.
4) There is greater demand than supply of properties available to purchase. If you have thought about selling, now would be an ideal time.
Interest rates remain at historic lows and there is very little supply in the market. Take advantage of increasing values and high demand for your facility. Please contact me at firstname.lastname@example.org for a confidential proposal to determine market value.
Jeff Binder, Ryan Saul and Brad Clousing have sold a 102 unit Assisted Living and Alzheimer’s Care Facility in Ohio for $17,500,000. Constructed in 1998, the facility is 69,184 square feet on 4.5 acres. The Seller is a national owner/operator and the Buyer is a Florida based real estate investment company who intends on keeping the current management in place. The facility sold for a 8.5% cap rate and a 2.9 GIM.
Brad Clousing has sold a 144 bed skilled nursing facility in an Atlanta suburb. The seller was a local owner/operator and the buyer is a large regional operator. The facility sold for over $83,000/bed at an 11.6% capitalization rate. The 45,347 foot facility was built in 1992 with an addition in 1998. For additional information please contact Brad at email@example.com or at 630/858-2501.