Jeff Binder and Patrick Byrne facilitated the sale of a 37 unit Assisted Living Community in Central Illinois for over $140,000/unit. The facility was developed by a group of local investors to service the local seniors housing residents. After years of stable operations, the facility experienced a downturn in 2011-2012 and a decision was made by the partners to sell. The Buyer was American Realty Capital which retained Good Neighbor Care as the operator. The census at the time of sale was 92%. The 37,000 square foot building was built in 2005. For additional information, please contact Pat Byrne or Jeff Binder at 314/961-0070.
Ryan Saul has sold a 292 Bed Skilled Nursing Facility in Norridge/Chicago, Illinois. The 99,979 square foot building on 1.36 acres, sold for over $135,274/bed, a record for Illinois. The Seller is a regional owner/operator who plans on focusing his energies on his other skilled nursing facilities in the Chicagoland area. The Buyer is a Chicago based owner that aligned with a local operator to run the property day to day. The overall census at the time of sale was 89% (23% Medicare/13% Private Pay). The price reflected the reputation of the property coupled with the rare opportunity to acquire facilities on the north side of Chicago. The capitalization rate at the time of sale was 8.10% on approximately $24,000,0000 in revenues. Aside from the record price per bed, the transaction took 47 days from listing engagement to closing. For additional information on this transaction or how Ryan can assist you in buying or selling your seniors housing community, contact Ryan Saul at 630/858-2501 or firstname.lastname@example.org
After attending this year’s NIC Conference, it became abundantly clear that money (both debt and equity) are chasing nursing home and seniors housing deals. Everywhere you turned, there were lenders and equity players looking for opportunities to place capital. Times are good, real good, but how long will it last? That is the question. There are rumblings about HUD, Fannie, and Freddie reaching their limit. This should provide opportunities for other capital in the space.
I know I am always beating my SELL drum, but really, if you have ever thought about selling, now is THE time. Please contact Ryan Saul if you would like to know what your nursing home or seniors housing property is worth. I am always available to put together a confidential analysis.
Jeff Binder and Matt Alley sold two Assisted Living Communities in Northern Idaho located approximately 30 miles from each other. The properties totaled 90 units and are newer (2005/2006), purpose built facilities aligned in a pod format on attractively landscaped sites. A Receiver was appointed for the properties in July 2012. There were two major challenges regarding the census once the Receiver was appointed: 1. “No further placement” order until September 2012, 2. The buildings did not meet bathroom/resident ratio. Significant capital was invested to bring the properties to code. The 2006 site is four 15 unit one and two story buildings on 1.43 acres totaling 34,700 square feet. The 2005 site is two 15 unit one and two story buildings on 0.82 acres totaling 18,300 square feet. At the time of sale, the census had risen to 71%. The Buyer is a national owner/operator looking to expand their presence in Idaho. The properties sold for close to $80,000/unit. For additional information, please contact Matt Alley at email@example.com or Jeff Binder at firstname.lastname@example.org
Pat Burke sold a 64 unit/120 bed Adult Care Home in North Carolina. The building was originally developed as a skilled nursing facility but was converted to assisted living in 1996. The community has struggled with occupancy (51%) and was 95% Medicaid census at the time of the sale. The Seller is a local couple that had owned/operated the community since 1996. The Buyer is an investment holding company based out of Hong Kong. The Buyer plans on investing over $1,ooo,ooo in renovations/capital improvements. They have engaged a national operator with a North Carolina presence. For additional information, please contact Patrick Burke at 630/858-2501 or email@example.com