Ryan Saul and Patrick Burke of Senior Living Investment Brokerage, Inc. were engaged to handle a Skilled Nursing Portfolio sale in of three facilities in Colorado (1) and Utah (2). The Seller is a private owner based in Illinois that is exiting the seniors housing business. Although the Seller is an experienced owner/ operator, these three assets proved to be difficult to operate from Illinois as the Colorado and Utah skilled nursing market became more competitive and a “hands on” operation was necessary. The Buyer is a real estate owner in the Midwest that leased the communities to seasoned operators in Colorado and Utah. The Colorado Skilled Nursing Facility was built in 2013 and is 154 beds on 1.63 acres. The census was the best of the portfolio at 70% and had a 32% quality mix. The first Utah Skilled Nursing Facility was built in 1999 and is 120 beds on 4.7 acres. The census for this community was 58% with an impressive 39% quality mix. The second Utah Skilled Nursing Facility was built in 2001 and is 180 beds on 2.48 acres. The census for this facility at the time of sale was only 47% but boasted a 28% quality mix. The Skilled Nursing Portfolio sale was $31,780,000 at a favorable 8.69% cap rate and a 1.4 Gross Income Multiple. Senior Living investment Brokerage, Inc. was able to procure multiple qualified offers on this Skilled Nursing Portfolio sale within the first weeks of commencing marketing. For additional information on this Skilled Nursing Portfolio sale, please contact Ryan Saul at [email protected] or Patrick Burke at [email protected] of Senior Living Investment Brokerage, Inc. 630/858-2501

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Assisted Living sale was recently handled by Patrick Burke of Senior Living Investment Brokerage, Inc. The transaction consisted of a 48 unit/ 96 bed Assisted Living Community which included Memory Care units. The facility is licensed for 64 Adult Care Home Beds and 32 Special Care beds. The property was built in 1984. Located in Greensboro, North Carolina, the community was purchased by its current owners in 2004. The property is three stories with 16 units/ 32 beds on each floor. All of the units are 315 square feet with a private bathroom with a shower. Each room can accommodate two residents using twin bedding. The occupancy based on private and semi-private resident rooms being utilized was 71/ 83 occupiable beds or 85%. The facility is approximately 50% Private Pay and 50% Medicaid. There have been many changes in the reimbursement on both the Adult Care and Special Care beds which caused the Net Operating Income to recently decrease. The Seller was a father and son who were not the operators of the facility. Due to the recent uncertainty with Medicaid reimbursement, the partners made a decision to sell their only seniors housing asset. Senior Living Investment Brokerage, Inc. was able to procure several pre qualified offers on the Assisted Living Community. The cap rate was not applicable to the $3,650,000 sales price due to the underperformance of the property. The GIM for the facility was 1.81X. The Buyer is a national owner/ operator who currently has an operating presence in North Carolina. They new owners plan on spending upwards of $500,000 upgrading the facility and also utilizing their marketing expertise couple with their economies of scale to improve census and net operating income. For additional information on this transaction or for an analysis of the value of your Assisted Living Community, Memory Care Community, Independent Living Community, Skilled Nursing Facility or CCRC, please contact Patrick Burke at [email protected] or 630/858-2501.

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