Matt Alley and Ryan Saul Sell Texas Skilled Nursing Portfolio

Ryan Saul and Matthew Alley have sold 3 Skilled Nursing Facilities in Texas,  The facilities combined for a total of 337 beds.  They were operated by a regional operator based in San Antonio and owned by a trust.  The Buyer is a publicly traded owner/operator with other facilities in Texas.  The properties are older (one built in 1940 while the other two were built in the 1970's) and the new owner will invest in the communities and hope to increase cash flow by improving operating efficiencies.  There is also room for improvement in census at two of the facilities.  For additional information, please contact Matt or Ryan at 630/858-2501.

Matthew Alley and Patrick Burke Sell 2 Texas Assisted Living Facilities

Pat Burke and Matt Alley have sold a 38 unit ALF (licensed for 60) and a 30 unit ALF (also licensed for 60) in Southeastern Texas. Located next to each other, one of the facilities focused on Alzheimer care.  The Seller is a local independent owner/operator.  The Buyer is headquartered on the East Coast and owns several facilities in Texas.  The facilities sold for $6.750,000 ($99,250/unit).  The census at the time of sale was 77% and the transaction sold at a 10.3% cap rate.  The new owner expects to take advantage of increased marketing and expense management to further improve the financial performance.  For additional information, please contact Matt Alley or Patrick Burke at 630/858-2501.

Patrick Byrne and Ross Sanders Sell Iowa Skilled Nursing Facility

Ross Sanders and Patrick Byrne sold a 50 bed skilled nursing facility in Western Iowa.  The facility had experienced a sharp decline in revenue recently due to a new facility opening nearby.  Although the facility was unprofitable and was facing competition for residents from a newer facility, Pat and Ross were able to procure multiple offers from local and regional Buyers.  The Seller was an owner/operator from outside the state that wanted to focus on their core markets.  The new owners are committed to improving the asset and giving it additional attention.  Also, the reimbursement environment in Iowa is improving which will have a significant improvement on the bottom line.  For additional information, please contact Ross Sanders or Patrick Byrne at 314/961-0070.

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.

Brad Clousing Sells 168 Unit Florida Assisted Living Facility

Bradley Clousing sold a 169 unit Assisted Living/Memory Care Facility located in the St. Petersburg/Tampa Bay MSA.  The facility was built in 2010 and consists of 168 units/218 beds and 8 commercial suites.  The facility has enjoyed a steady lease-up to over 80% occupancy since opening and outpacing the initial projections.  The facility had existing assumable, non-recourse HUD debt with favorable terms.  For additional information on this transaction or information regarding the Florida seniors housing market, contact Brad Clousing at 630/858-2501 or clousing@slibinc.com

Brad Clousing Brokers Florida Skilled Nursing Facility

Brad Clousing has sold a 101 Bed Sarasota, Florida, Skilled Nursing Facility. This was the only skilled nursing facility owned by the Seller, a local non-profit organization. The Seller will continue to own and operate the adjacent assisted living facility and age-restricted apartments. Although occupancy has been an issue recently(61%), the facility was still profitable. The facility is in good physical condition and is competitive in the local market. The Buyer is a regional owner/operator of 6 other SNF's and plans to increase census and improve operating efficiencies. With the quality physical plant coupled with the favorable Sarasota market, the Buyer should be able to generate strong returns. The 44,651 sq. ft facility was built in 1967 with an addition in 1990. Brad was able to generate multiple offers by actively marketing the facility to qualified Buyers. Thje final sales price was $4,975,000 ($49,257/bed) which translated into a cap rate of 6.8% and a GIM of .9x. For additional information, please contact Brad Clousing at 630/858-2501 or clousing@slibinc.com

George Pappas Sells 4 Facilities in South Dakota

George Pappas has sold a portfolio of four Assisted Living Facilities in South Dakota. Built between 1999 and 2003, the four facilities total 104 units/130 beds. At the time of sale, the overall occupancy was 85%. The Seller is looking to exit the seniors housing market. The Buyer is a regional operator looking for immediate savings with many of the larger cost centers. For additional information, please contact George at 630/858-2501 or pappas@seniorlivingbrokerage.com

Brad Clousing Closes on Another Florida Assisted Living Sale

Brad Clousing has sold a 120 Unit Assisted Living Facility for a UK based owner/operator. This was the only Seniors Housing property they owned and were looking to exit the market in the United States. The facility consisted of 114 studio units and 6 one bedroom units. The facility, built in 2008, boasted over 63,000 square feet and has been very well maintained. The census at the time of sale was 69% The Buyer looks to improve census and rates-the current resident mix is primarily private pay. The Buyer is a regional owner/operator who completed the transaction with bank financing through a regional lender. Brad was able to exceed the Seller's expectations with a well implemnted marketing plan. For additional information, please contact BradClousing at 630/858-2501 or clousing@seniorlivingbrokerage.com

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.

June 8, 2011 Press Release

Senior Living Investment Brokerage, Inc., the nation's leading specialist in services for selling skilled nursing centers and seniors housing, announces it has brokered over the course of a one-month period the sale of 17 senior living properties in 13 separate transactions with a total value exceeding $71,500,000.

The seven skilled nursing centers and 10 retirement communities located in 10 states have accommodations for over 1,400 residents.

Grant Kief, President of Senior Living Investment Brokerage, says a number of factors are driving the growing interest among a wide range of investors in senior living properties.

"Buyers 12 to 18 months ago were cautious, because it wasn't clear where the market was headed and lending sources were on the sidelines. We've seen a lot more acquisition activity during the last several months, due mainly to favorable interest rates, a lack of new construction, the impending impact of demographics, and the fact that senior living held up so well compared to other real estate sectors during the recession," he reported.

Ryan Saul Sells Indiana Not-For-Profit SNF

Ryan Saul has sold another Indiana Skilled Nursing Facility. This is the fourth skilled nursing facility Senior Living Investment Brokerage sold for the regional not-for-profit owner/operator. The Seller focuses on hospitals and operates seniors housing when it compliments it's existing hospital campuses. Senior Living was able to procure a Buyer that not only met the mission and operational values of the Seller, but was also financially qualified to complete the transaction. The facility is an 177 bed SNF in Northern Indiana and was operating at a loss. The Buyer purchased the facility and immediately leased it to an operator that runs 59 facilities in Indiana. For additional information, contact Ryan at 630/858-2501 or at saul@seniorlivingbrokerage.com

Ryan Saul and Brad Clousing Announce Utah CCRC Sale

Brad Clousing and Ryan Saul recently sold a 327 Unit/Bed CCRC in Salt Lake City. The Seller is a not-for-profit health care system headquartered outside Utah. This was their only asset in Utah. The Buyer is a national owner/operator out of California. Brad and Ryan were able to procure 10 offers on the facility. Due to confidentiality, please contact Ryan or Brad at 630/858-2501 for additional information.

Matthew Alley Sells Texas Portfolio

Matthew Alley sold six skilled nursing facilities in Texas for $68,500,000. The portfolio consisted of 894 skilled beds with 54 assisted living units and 17 independent living units at one of the locations ($76,620/bed/unit). The facilities were at 80% census. The facilities, built between 1986 and 2009, were the last six owned by a regional owner/operator. Matthew had been hired to sell six facilities for this group previously. Because of his success and the relationship, he was hired to sell the remaining properties in the portfolio. For additional information, please contact Matthew at 630/858-2501 or alley@seniorlivingbrokerage.com

Ryan Saul and Brad Clousing Close on Florida Portfolio

Brad Clousing and Ryan Saul sold a portfolio of four assisted living facilities in the Florida panhandle. Each facility is 39 units and were constructed in 1999. There is available land with each site and the buildings were each designed for expansion of 12 to 14 additional units. The properties were well maintained and offered both assisted living and memory care. The facilities sold for $109,000/unit at a 10.1% capitalization rate. For additional information, please contact Ryan or Brad at 630/858-2501.

Senior Living Sells Ohio Assisted Living/Alzheimer's Care Facility

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.

Senior Living Announces Iowa SNF Sale

Jeff Binder, Ryan Saul and Ross Sanders sold a 102 Bed Skilled Nursing Facility in one of the largest cities in Iowa. Constructed in 1976, the facility is in good condition and is comprised of approximately 29,000 square feet on 2.83 acres. Census was 66% at the time of sale.
The Seller is a for-profit group of investors and they were the original owners of the facility. This was their only long-term care facility.
The West Coast based Buyer owns/operates a number of skilled nursing facilities in both the Midwest and West Coast. The new owners seek to significantly enhance the Medicare census by offering a number of new therapy programs at the facility. The Buyer looks forward to taking advantage of the new Quality Assurance Program/Provider Tax which the State of Iowa implemented in April 2010. Please contact Ross, Ryan or Jeff for additional information.

Matthew Alley Closes on Texas Nursing Home

Matt Alley sold a 70 bed Skilled Nursing Facility June 2, 2010. The facility was owned and operated by a local family. All 70 beds are dually certified for Medicaid and Medicare residents. The facility had negative cash flow and the new owner expects to take advantage of the positive revenue base through cutting expenses and increasing census. The Buyer is a promineent real estate owner from California that owns several facilities in Texas. The new owner intends to lease the facility to a regional operator out of Houston.
For additional information, please contact Matt at 630/858-2501 or alley@seniorlivingbrokerage.com

Jeff Binder and Patrick Byrne Close Skilled Nursing Facility Transaction in Illinois

Patrick Byrne and Jeff Binder have announced the sale of a 99 bed Skilled Nursing Facility in Southern Illinois. The facility, constructed in 1971, is located in a rural town with a population of approximately 1,000 but draws residents from the entire county. Marketing of the facility was enhanced by assumable HUD debt. The Transfer of Physical Assets took nearly eight months to complete. During the process the facility's performance improved considerably. The Seller is a national owner/operator that acquired the facility in 2006. The Buyer is a regional operator based near the asset that will be able to create some economies of scale by absorbing this property into their current operations.

Clousing and Binder Sell East Coast Florida Assisted Living Facility

Jeff Binder and Brad Clousing have sold a 44 unit assisted living facility on A1A in Florida. The 44 unit facility is 32,000 square feet and was built in 1996. Census at closing was 60%. The Seller is one of the larger owner/operators in the U.S. and had purchased the facility as part pf a multi-state/multi-facility transaction in 2006. The Buyer is a regional operator out of Florida.
The Seller assisted the Buyer by providing Seller financing in the form of a second mortgage. The primary financing is being provided in the form of conventional financing by a regional lender out of Central Florida.
Please contact Brad or Jeff for additional information.

Senior Living Announces Chicago SNF Sale

Ryan Saul and Michael Brundage sold a 313 Bed Skilled Nursing Facility in Chicago. Senior Living was able to procure 10 offers on the facility. In addition, the transaction took 82 days from listing engagement to closing. The Seller was a regional owner/operator and the Buyer, located on the East Coast, was seeking an opportunity to expand into the Midwest. The price per bed was over $71,000 even though the facility had negative cash flow. The 72,432 square foot building on 1.15 acres had a census of 64%. The facility enjoys an excellent reputation and a great location.