According to information that was recently published by the National Investment Center for the Seniors Housing and Care Industry, senior housing occupancy rates rose in the second quarter, further demonstrating the demand for the services they provide. Senior housing providers and investors alike are continuing to take advantage of this demand by acquiring senior housing assets throughout the country. For example, senior housing properties were recently purchased in the Midwest, Western, and Mid-Atlantic regions of the country, just to name a few. Industry participants who are interested in obtaining additional properties to expand their portfolios should contact the successful Chicago-based financing firm Cambridge Realty Capital to learn more about the differentfinancing options that it offers for acquisitions and other purposes as well.
Purchases Made in Recent Months
During the past few months Aviv REIT has been an active buyer in the senior housing market and proved this yet again with its recent purchase of three skilled nursing facilities in Missouri for $16.2 million. The properties will be managed by Diversicare Healthcare Services, which is already familiar with Aviv REIT because of relationships it currently has with them that involve other properties. Another acquisition that recently took place in the region was the purchase of Saxton Care Centers and its 385 skilled nursing, assisted living, and independent living units for $16.2 million. Saxton Care Centers is located in St. Joseph, Missouri and the buyer was another real estate investment trust. However, unlike Aviv REIT, this buyer chose to remain unnamed.
Meanwhile inOklahoma, MGM Healthcare of St. Louis recently purchased five retirement communities from Gold Medallion Senior Housing and HealthCare for more than $12 million. Three of the properties are located in Tulsa and the remaining two are located in Bristow. These purchases increased MGM’s senior housing portfolio to 34 properties and it could grow even further as MGM continues to explore additional purchase opportunities. Also taking place in the region, Wichita-based Legend Senior Living has acquired the senior living property MeadowView of Greeley Assisted Living and Memory Care in Colorado. MeadowView has 51 assisted living apartments and 20 memory care apartments; furthermore, while this purchase increases Legend’s portfolio to 29 senior housing properties, it is especially important to the company because it is its first senior housing facility in Colorado.
Purchases Spanning Other Areas Throughout the Country
In addition to the Midwest region of the country, senior housing purchases have also been taking place in the West and Mid-Atlantic regions as well. For example, Capital Seniors Housing recently announced that it has purchased a 97-unit assisted living facility in Fremont, California and over in Pennsylvania, Juniper Communities just announced that it has acquired the assisted living facility Brookline Village for a combination of cash and debt. Brookline Village consists of five buildings and 274 units, and will be renamed Juniper Village at Brookline. Juniper Communities is especially excited about this purchase because it expands its size and resident capacity by roughly 25%.
The geographical diversity of senior housing acquisitions that are taking place in the industry demonstrates the widespread appeal of these assets and the demand for senior housing services nationwide. As the economy continues to improve and the nation’s population gets older, the demand for senior housing services should remain strong and this will help sustain the value and attractiveness of senior housing properties.