Ryan Saul & Patrick Burke Sell Seniors Housing Portfolio

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Ryan Saul & Patrick Burke Sell Seniors Housing Portfolio in Illinois. The portfolio consists of four Supportive Living Facilities (SLF) in Illinois. SLF is a classification of Assisted Living. Illinois developed the Supportive Living Program as an alternative to nursing home care for low income older persons and persons with disabilities under Medicaid. By combining apartment style housing with personal care and other services, residents can live independently and take part in daily decision making. The Department of Healthcare and Family Services has obtained a “waiver” to allow payment for services that ae not routinely covered by Medicaid. There is a Certificate of Need (CON) on SLF beds, which provides a barrier to entry and value protection for existing communities.

All the properties were built between 2002 and 2006 and were comprised of between 128 and 139 beds. The average census was 73%. Two of the properties are located in Chicago and the other two are located in Rockford and Robbins. The cap rate at the time of sale was 9.4%.

The Seller is a private owner based in Illinois that is exiting the Seniors Housing business. The Buyer is a private owner with other Supportive Living Facilities in Illinois.

For additional information, contact Patrick Burke or Ryan Saul of Senior Living Investment Brokerage, Inc. at 630/858-2501

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Matthew Alley Sells Medicaid Beds

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Matthew Alley of Senior Living Investment Brokerage, Inc. sold 13 Medicaid Beds to a local developer in Williamson County, Texas. Williamson County is located just north of Austin, Texas, and is a highly desirable market. The Seller is a local non-profit group that had placed the beds on “replacement status” shortly before the transaction closed. The Buyer is an owner operator based in New York and operates a facility in the county. The Buyer can benefit from an increase of three additional Medicaid beds when developing a new facility according to the State of Texas allowing a 25% increase for new development.

If you would like more information on this transaction or have Medicaid Beds you would like to sell, please contact Matthew Alley of Senior Living Investment Brokerage, Inc. at [email protected] or 630/858-2501

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Toby Siefert Procures Residential Care & Skilled Nursing Facility Buyer

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Senior Living Investment Brokerage, Inc. recently procured a Residential Care & Skilled Nursing Facility Buyer for a community in Maine. The community was family owned and operated by the same family for over 30 years. The family was ready to retire except for the administrator who was retained by the Buyer. The property was built in 1970 and 1979 and was comprised of 47 skilled nursing beds and 66 residential care beds. The building also had accommodations for 12 adult day care beds. The overall census at the time of the sale was 98%. Senior Living Investment Brokerage, Inc. was able to procure a Buyer based out of New York. For additional information, contact Toby Siefert at [email protected] or 630/858-2501

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Minimum Wage Increase to Hurt Seniors Housing Investment?

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Increasing the minimum wage will obviously have an impact on the overall economy. Senior Living Investment Brokerage, Inc. is concerned with how such an increase will change the nursing home and senior living market. It is competitive for quality staff. If minimum wage increases will workers making the same money choose a job in the restaurant or retail industry with very little stress or will they choose to care for the most frail people with extreme responsibility, stress and demands?

Owners will need to increase expenses to take care of residents while the rents and reimbursement have been slow to increase.  The increase in minimum wage is one thing, the shortage of quality workers is another.  Owners will need to find the right mix between paying a living wage and remaining affordable to residents.  Applying this strategy will help keep quality staff and a good reputation.  If you take care of employees and you take care of residents, the bottom line should take care of itself.

If you are fed up with the constant changes in the assisted living, memory care and nursing home business and want to sell, please contact Ryan Saul for a confidential discussion about how to sell nursing home or sell assisted living.

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