Brad Clousing and Patrick Burke Sell a Florida Assisted Living Community

Brad Clousing and Patrick Burke recently sold a 50 Unit Assisted Living Community in Naples, Florida. The transaction was subject to the assumption of an approximately $3.3 million HUD loan and replacement reserve balance. The sale price of the 1997 building was $5,600,000. The census at the close of escrow was 80% and the cap rate was 3.7%. The Seller was a partnership based in Naples and operated by a related entity. The Buyer was a Memphis based partnership and will be operated by a Florida based management firm. The Buyer intends to improve census and operating margins through a dedicated focus on memory care. For additional information on this or other Senior Living Investment Brokerage transactions, please contact Brad at clousing@slibinc.com or Patrick at burke@slibinc.com 630/858-2501

Nick Cacciabando Sells Kansas Retirement Community

Nick Cacciabando has sold a 54 bed Skilled Nursing Facility and 40 unit Residential Care Facility. Census at the time of sale was 94.7% and the capitalization rate was 9.9%. The communities were family owned and operated by a local owner/operator. These were the Seller's only remaining long term care/seniors housing communities as they are retiring from the business. The Buyer is a regional owner/operator with numerous properties and their headquarters are nearby. This was a strategic acquisition as they have a significant presence in Kansas and are hoping to realize operational efficiencies through economies of scale. For additional information, please contact Nick at nbando@slibinc.com or 314/961-0070.

Clousing, Saul and Binder Sell Georgia Assisted Living/Memory Care Community

Brad Clousing, Ryan Saul and Jeff Binder teamed together to sell a 93 unit Assisted Living/Memory Care community in north central Georgia. The community consisted of 74 assisted living units and 19 memory care units on 15 acres. The community consists of 2 buildings, built in 2011 and 2012, an additional 20 unit expansion permitted and graded overlooking a private lake. The property leased up ahead of schedule and was fully stabilized by April of 2013. The Seller is a local developer of which this was their first seniors housing development. The Buyer is a national REIT and the asset will be operated by their affiliated operating company. Senior Living Investment Brokerage was able to procure a sale price of $236,833 per unit at a 7.5% capitalization rate.

Matthew Alley and Jeff Binder Sell Two Idaho Assisted Living Communities

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 alley@slibinc.com or Jeff Binder at binder@slibinc.com

Jeff Binder Sells ALF/MC Community in Iowa

Jeff Binder sold a 42 unit Assisted Living and Memory Care Community in one of the fastest growing cities in Iowa. The community consisted of 36 assisted living units and 6 memory care units. Originally constructed in 1995 as a condominium, it was converted and renovated for assisted living in 2000. The three story building is comprised of approximately 29,000 square feet on 0.6 acres. The spacious units have a number of amenities not typically found in assisted living communities such as gas fireplaces and balconies. At the time Senior Living was hired to market the community, the occupancy was near 70% and had been experiencing a slow decline in performance over the past 4 years. The Seller is an Iowa owner/operator divesting this asset in order to exit the seniors housing sector. The Buyer is a regional owner that plans to use their broader base to gather economies of scale. For additional information on this transaction, please contact Jeff Binder at 314/961-0070 or binder@slibinc.com

Jeff Binder Sells Oregon Assisted Living Community

Jeff Binder was engaged to sell a 53 unit  Assisted Living facility in northwest Oregon.  The building consisted of 41 studio units and 12 one-bedroom units.  Constructed in 1999, the attractive two-story building sits on 2.15 acres.  The community has a strong operating history, including several years at, or near, full capacity, and an excellent reputation in the market.  At the time of the sale, census was near 93%.  The building is a participant in the Medicaid program and the Medicaid census at the time of sale was 50%.  The transaction closed at a 9.3% capitalization rate/$128,302 per unit.  The Buyer assumed debt issued by the Oregon Housing and Community Services Department that carried unfavorable terms but certain penalties associated with the debt prevented pre-payment.  The Seller is based in Oregon and divested the asset to exit the seniors housing sector and plans on using the proceeds on a more passive investment.  A national seniors housing operator managed the facility for the Seller and will remain under a new third-party management agreement.  The stable financial history, solid reputation and quality location just outside of Portland, helped secure multiple offers.  The Buyer is a national owner with plans to increase their operating presence in Oregon.  For additional information, please contact Jeff binder at 314/961-0070 or binder@slibinc.com 

Ryan Saul Sells Assisted Living/Memory Care Facility in Ohio

Ryan Saul has sold a 61 unit assisted living/memory care facility in Ohio.  Ryan had previosly sold the facility 4 years ago for $6 million.  It had been operationg just below breakeven and the Buyer's plan was to expand in the state.  The owner's plans changed and they made the decision to focus on other states within their portfolio.  The new Buyer, based out of Kentucky, plans on increasing occupancy by utilizing the Medicaid waiver which the facility was certified for in July.  For additional information please contact Ryan Saul at 630/858-2501.

Cacciabando, Alley and Binder Sell Kansas Facility

Jeff Binder, Matt Alley and Nick Cacciabando have sold a 56 bed skilled nursing/20 unit assisted living facility in Kansas.  The facility is located in Rose Hill, Approximately 18 miles outside of Wichita.  The one-story, 33,000 square foot facility was built in 1971 and 1978 and renovated in 2001-2002.  At the time of the sale, the census was 94% and the property sold at a 14% cap rate/.97x GIM for $55,900/bed/unit.  The Seller was a local owner/operator.  Senior Living was able to generate multiple offers and after a competitive bidding process, the successful Buyer was an owner/operator headquartered in the Dallas-Fort Worth area with an existing presence in Kansas.  For addisional information on this sale or to request a confidential proposal on your seniors housing facility, contact Senior Living Investment Brokerage, Inc.

Ryan Saul and Brad Clousing Sell Ohio CON

Brad Clousing and Ryan Saul have sold an Ohio Certificate of Need. The Seller had purchased a portfolio of facilities and elected to close one of the facilities located in Toledo due to poor census. The decision was made to sell the 100 Bed CON and the facility separately. The Buyer plans on developing a new campus at another nearby location that would include both skilled nursing and assisted living on the same campus. For additional information, please contact Ryan or Brad at 630/858-2501.

Jeff Binder, Brad Clousing and Ryan Saul Close Las Vegas Transaction

Ryan Saul, Brad Clousing and Jeff Binder have sold a 152 Unit Independent and Assisted Living Community in Las Vegas, Nevada. Constructed in 1986, the three story facility consists of 83 independent living units and 69 assisted living units. At the time of sale, census was near 88% but the facility was underperforming. Senior Living Investment Brokerage, Inc. was able to procure multiple offers from local, regional and national Buyers. The Seller is a national owner/operatorwho was making a strategic divestiture of a non-core asset. The Buyer is a national provider of senior housing services based in California. The Buyer will look to boost operational and financial performance through local economies of scale and referaal relationships. For additional information on this transaction or to request a confidential proposal, please contact Brad, Jeff or Ryan.

Senior Living Announces Sale of Oregon Memory Care Community

Jeff Binder, Ryan Saul and Matt Alley sold an Oregon Memory Care Community for over $240,000 per unit. Constructed in 2000, the 49 unit/75 bed campus consists of five residential buildings and one admistrative building. At the time of sale, the census was 100% and the cap rate was 10.8%. The Seller is a national owner/operator and the Buyer is a regional provider of Seniors Housing. For additional information or to request a confidential proposal to learn the value of your facility, please contact Ryan, Matt or Jeff.

Jeff Binder and Brad Clousing Facilitate Sale of Senior Housing Community

Brad Clousing and Jeff Binder have sold a Senior Housing Community in Chattanooga, Tennessee. The five story building consists of 42 Independent Living units, 59 Assisted Living units and 15 Memory Care units. Constructed in 1985 and renovated in 2004, the facility is 109,463 squre feet on 12.36 acres. At the time of the sale, the facility's census was 97%. The Seller is a national owner/operator of seniors housing and the Buyer is a Florida based real estate investmant company. For additional information,please contact Brad or Jeff.