Deal Lab

Two skilled nursing facilities in St. Albans, Vermont sold together for $10.5 million as an independent owner/operator exited the industry entirely. Franklin County Rehab Center carries 64 beds and The Villa Rehab carries 30, so 94 beds combined and $111,702 per bed — computed here from the reported price and the two reported bed counts, not published as a per-bed figure by the advisor. Two things make this worth studying rather than filing. First, the blend hides a spread. CMS Nursing Home Provider Information (dataset 4pq5-n9py, retrieved September 14, 2026) puts Franklin County Rehab Center at 110 Fairfax Road with 64 certified beds, 58.7 average residents per day and a 4-star overall rating, and The Villa Rehab at 7 Forest Hill Drive with 30 certified beds, 22.2 average residents per day and a 1-star overall rating. That is roughly 91.7 percent census against 74.0 percent — a 17.7-point in-portfolio gap sold at one blended number. Those CMS figures are a federal reporting vintage and are not the occupancy the parties underwrote; the advisor described occupancy only as strong with a favorable quality mix, and no transaction occupancy figure was reported, so the occupancy field here is left null. Second, the value story was told on the expense line rather than the census line: the advisor identified $560,000 of immediate administrative expense savings and attributed the premium valuation to it. For scale, $560,000 is 5.3 percent of the entire purchase price as an annual figure — capitalize it at any plausible skilled nursing rate and it is a material share of what the buyer paid, which is why an expense-side thesis can carry a small portfolio that a census-side thesis could not. Against our own tape the price sits high for the sector: Fallbrook Rehabilitation and Care Center in Houston printed $74,257 per bed in July and a two-facility Georgia package printed $78,109 per bed in June, while a 128-bed Wyoming facility set a state record at $156,250 per bed in April. Barriers to entry were cited — limited direct competition within a 20-mile radius — which in rural New England is a supply fact rather than a marketing line. Buyer name, purchase structure, construction years and the allocation of price between the two facilities were not disclosed and are not estimated here.

This is a refinancing, not a sale, and it is recorded that way: Live Oak Bank closed a $20.5 million refinance in July 2026 on The Meridian at Brandon, a 136-unit assisted living and memory care community. No property changed hands, there is no purchase price, and nothing here is a sale comparable. What makes it worth recording is a rare published cost basis. The community is owned by a joint venture of Madison Marquette and Meridian Senior Living, which partnered with Saudi Arabia-based Arbah Capital to develop it in 2021 at an estimated cost of $36 million — roughly $264,706 per unit of development cost, computed by us from the reported figures. Set the new loan against that basis and the arithmetic is instructive: $20.5 million is about 57 percent of the stated development cost, or $150,735 of debt per unit. A 2021 delivery reaching a conventional bank refinance in 2026 at roughly 57 percent of cost is a stabilisation signal rather than a distress signal, but the leverage is conservative enough to suggest the appraised value did not run far ahead of cost. Treat the $36 million as reported by the trade press rather than as a verified basis; development cost figures published years after the fact are frequently the original budget rather than the final settled number. A geography note: the advisor release places the community in Brandon, Florida, while the operator's own community listing carries a Tampa 33619 mailing address at 9215 Causeway Boulevard. Both are correct in the way people use them locally — Brandon is the submarket name for that eastern Hillsborough County corridor — and the street address is the field to rely on. Occupancy, current appraised value and loan terms were not disclosed.

An Unbridled Living and Providence Capital Group joint venture acquired an Illinois independent living community, financed with an $18,516,000 non-recourse loan arranged by CBRE and sourced from a debt fund after a competitive process. The $18.516 million is the LOAN, not the price — the purchase price was not disclosed, the unit count was not reported, and no per-unit figure is computed or should be inferred. The signal in this one is the lender type. Independent living is the least regulated and most real-estate-like product on this wire, the kind of asset that in a normal market is bank or agency paper. A joint venture instead clearing a competitive process into a debt fund on non-recourse terms usually means one of three things: the asset is transitional or in lease-up and does not yet show the trailing twelve months a bank underwrites, the sponsor wanted closing certainty and speed more than the lowest coupon, or the borrower needed leverage above what a recourse bank quote would carry. Debt funds price for all three, and the non-recourse structure is what the sponsor is paying the spread to get. The advisor headline places the community in Illinois while the body of the release describes it only as the Midwest, so the state is recorded and the city is not. Property name, city, street address, unit count, construction year, occupancy, seller and loan terms were all undisclosed.

A Northeast-based owner/operator acquired a New York seniors housing community, with MONTICELLOAM providing $30 million of bridge financing to support the purchase. The distinction worth holding onto is that $30 million is the LOAN, not the price — the purchase price was not disclosed, and a bridge loan is sized to a lender's advance rate against value, not to the contract. Reading a financing headline as a sale comparable is one of the easier ways to corrupt a per-unit dataset, so no price and no per-unit is recorded here. The asset is described only as comprising more than 120 assisted living beds; because that is a floor rather than a count, no bed figure is recorded either. Bridge debt on an assisted living acquisition generally signals a transitional story — a licence transfer, an occupancy or margin ramp, or a borrower who intends to refinance into agency or HUD paper once the operating history seasons. MONTICELLOAM originated a separate $17 million acquisition bridge loan weeks earlier for a New Hampshire skilled nursing facility of more than 100 licensed beds, so this is an active bridge lender in the Northeast rather than a one-off. Buyer name, seller, broker, property name, city, street address, construction year and occupancy were all undisclosed.

A large owner sold a struggling western Tennessee skilled nursing facility to a Florida-based buyer, with the seller describing the asset as non-core to its portfolio diversification strategy. The facility was reported as approximately 125 beds; because that is an approximation rather than a licensed count, no bed figure is recorded here and no per-bed number should be inferred. Census was described as struggling at the time of sale. The reason this small, undisclosed-price trade belongs on the wire is the seller motivation, which is a distinct category from both distress and succession: a portfolio owner pruning a geographic outlier. That seller is not under lender or court pressure, is usually indifferent to holding a few more months, and prices to clear rather than to maximise — which tends to produce a wide bid-ask early and a fast close once a credible operator appears. The buyer profile fits the pattern: an out-of-state operator taking a single facility in a state where it presumably wants a foothold, which requires a Tennessee change-of-ownership licensure track that runs on its own clock independent of the closing. Price, facility name, city, street address, licensed bed count, construction year and occupancy were all undisclosed. This transaction was reported in the same advisor release as the $90 million two-facility Illinois CCRC sale recorded separately on this wire.

A Class-A community of 135 assisted living and memory care units in the Hartford MSA, sold to American Healthcare REIT with LCB Senior Living retained as manager. This is the third AHR purchase on this wire inside roughly a week, after the eight-community, $696 million Northeast package and the $572 million closed tranche of the Kensington portfolio — and the pattern across all three is the same: buy stabilised private-pay product in a supply-constrained infill market and keep the incumbent operator in place. LCB developed or managed five of the eight communities in the $696 million package and picked up two more Northeast properties after that closing, so AHR is now concentrating exposure with a manager it has just materially expanded with, in a market where the reporting notes it already has a Greater Hartford footprint. That is operator concentration being built deliberately rather than incidentally, which is the underwriting question a buyer of this REIT should be asking. Cushman & Wakefield's senior housing capital markets team closed this alongside a second transaction for a different seller. The purchase price was not disclosed, so no per-unit figure is computed and none should be inferred; the asset is described as stabilised but no occupancy percentage and no construction year were published. The street address is the community's own published location.

A recapitalisation rather than a clean sale: Charter Senior Living took on a new private equity joint venture partner in a community it has managed since 2018 and will continue to operate. The physical format is the part worth studying. This is 64 units across four separate cottages — two assisted living, two memory care — rather than a single mid-rise, and the community's own materials describe each house as serving roughly sixteen residents. Small-house product prices and staffs differently from a consolidated building: it trades circulation efficiency and centralised labour for a household model that tends to hold census and command rate in memory care, which is exactly the segment carrying pricing power right now. Built in 2005, so this is twenty-year-old real estate, not new construction, and the reporting describes it as well maintained with strong occupancy and consistent cash flow at the time of sale — no occupancy percentage was published, so none is recorded. Blueprint is reported as representing an East Coast-based private equity group; the available reporting does not state which side of the table that group sat on, so neither buyer nor seller is recorded here and the private equity partner was not named. No price was disclosed and no per-unit is computed. Charter has a meaningful Chicagoland presence; Fox Lake sits roughly fifty miles northwest of the Loop in the Chain O'Lakes area. The street address is the community's own published location.

Two facilities sold together by a family that had owned them for a long time: one with 349 supportive living beds and 49 skilled nursing beds, the other with 223 supportive living beds and 75 skilled nursing beds — 696 beds combined, summed by us from the four reported counts. Both carry CCRC licences and offer supportive living, assisted living and skilled nursing. Supportive living is the detail an out-of-state buyer misreads most often: it is an Illinois-specific Medicaid waiver programme that lets a licensed facility serve Medicaid-eligible residents in an assisted-living setting, so a bed described as supportive living is a Medicaid revenue line with a state-set rate, not private pay. At 572 of 696 beds, supportive living is the overwhelming majority of this portfolio, which makes the underwriting a reimbursement exercise far more than a real estate one and narrows the buyer pool to groups that can hold Illinois licences and manage that programme. Combined occupancy was reported at approximately 75 percent, so there is genuine census upside and equally genuine fixed-cost drag at that level. Process detail worth noting for anyone advising a long-hold family seller: the owner considered divesting two years earlier and stood down before committing at the start of 2026, and the transaction then closed within nine months — a realistic clock for a licensed, Medicaid-exposed Illinois asset. The assets sold for $90 million, which is $129,310 per bed across the 696 combined beds — computed by us from the reported price and the four reported bed counts, not published as a per-bed figure. Read that number against the licensure mix before using it as a comparable: at 572 of 696 beds on the Illinois supportive living waiver, this is largely a Medicaid-rate asset priced above several recent private-pay-adjacent skilled nursing trades on this wire, which says more about the durability of a state-set rate with an assumable HUD loan behind it than about the real estate. The buyer, an individual investor, assumed the existing HUD loan and leased the facilities to a third-party operator — an assumed HUD execution is itself part of the price, because it hands the buyer in-place, long-dated, fixed-rate leverage that a 2026 acquisition loan would not replicate. Buyer name, facility names, cities and street addresses were not disclosed and are not estimated here.

Two northwest and far-west Chicago suburban communities bought together by The Inland Real Estate Group: Deer Park Village at 21840 W Lake Cook Rd in Deer Park, 188 units, and The Landings at 2450 W Fabyan Pkwy in Batavia, 142 units, for 330 units combined. Both offer a full continuum of independent living, assisted living and memory care, and Dial Senior Living stays on as manager for the new ownership. JLL Capital Markets arranged $112 million of acquisition financing on Inland's behalf, with Sam Dylag leading the JLL team. Read the $112 million carefully: it is the debt placed against the purchase, not the purchase price, and the purchase price was not disclosed — so no per-unit figure can be computed from it and none should be inferred. Two things make this worth logging. First, it is the second time in six months Inland has bought a continuum-of-care community in the Chicago suburbs from a seller who was not named, and the company says the acquisition takes it past $1 billion of senior living acquisitions across a portfolio now exceeding 20 communities; a private buyer building at that pace in one metro is a comparable set that most owners never see. Second, the stated thesis is explicitly supply-side — chief investment officer Joseph Binder cited stabilizing operating margins and material headwinds to new supply rather than demographic demand alone. The seller and price were not published, and no construction year or occupancy figure was reported. Both street addresses come from the operator's own published community listings.

A 34-unit assisted living community in Daly City, on the San Francisco peninsula, traded at $10.65 million. The per-unit figure of $313,235 was published by the brokerage rather than computed here, and it is the number worth sitting with: it is roughly double what a comparable unit count fetches in most secondary markets, and it is a function of the submarket far more than the building. The community is licensed for more than 50 beds against 34 units, so a per-bed calculation would produce a materially lower figure — which is exactly why per-unit and per-bed cannot be mixed inside one comparable set. The brokerage described competitive bidding and a premium paid for a stabilized asset in an affluent submarket. Buyer and seller were both characterized only as regional owner-operators and neither was named. Street address, close date, construction year and occupancy were not reported; the September 8 date is the report date, not a confirmed closing.

A 107-unit assisted living and memory care community in Sarasota sold out of RECEIVERSHIP to a publicly traded owner/operator. The detail that matters is the vintage: this asset was built in 2016, which makes the distress a capital-structure event rather than a physical one. A nine-year-old building does not reach a receiver because of deferred maintenance. The broker reported national buyer interest and described the submarket as carrying high barriers to entry with no new competing supply — a combination that tends to compress the discount a court-supervised process would otherwise produce. No price was disclosed, so no per-unit is recorded. The buyer was identified only as publicly traded and was not named; the seller was not named. The street address is taken from the operator's own published community record, not from the transaction reporting. September 8 is the report date, not a confirmed closing date.

Morgan Stanley Real Estate Investing bought two Florida communities totaling 300 independent living, assisted living and memory care units: Sonata Lake Mary at 410 Caring Drive in Lake Mary, in the north Orlando suburbs, and The Preserve at Dunedin at 2010 Greenbriar Boulevard in the Tampa metro — note the Preserve carries a Clearwater mailing address despite the Dunedin name. AgeWell Senior Living continues to manage both for the new ownership. The seller and the sale price were not disclosed, so there is no per-unit figure to compute and none should be inferred, and no per-community unit split, construction year or occupancy was published. What makes this worth logging is not the size but the pairing: five days earlier National Healthcare Properties closed on two other AgeWell-managed Florida communities, Sonata Viera and Sonata East at Viera, also with AgeWell retained. Two different institutional buyers took four communities off the same operator's managed portfolio inside one week, in separate transactions, with the manager kept in place both times and the seller named in neither. Street addresses are from the communities' own published listings.

A nine-story, 160-unit Class-A community in Evanston, immediately north of Chicago, sold out of institutional ownership. The mix is 127 independent living and assisted living units plus 33 memory care. Berkadia ran the process on behalf of AEW Capital Management and the buyer is described only as a large national REIT; Solera Senior Living stays on as operator for the new owner. Two things make this worth logging beyond the unit count. First, it is the second Class-A community in a single week reported as trading to an unnamed national REIT, the other being Lakewood Reserve in the Denver metro — the public REITs are bidding stabilized, recently built, urban-adjacent product again, and they are winning it from institutional sellers rather than from distressed ones. Second, the operator was retained through the sale, which is the structure that has come to dominate this cycle: the REIT is buying the real estate and the cash flow, not replacing the management team. No purchase price was disclosed, so there is no per-unit figure to compute and none should be inferred, and no construction year or occupancy was published. The street address is the community's own published address.

A recapitalization rather than a clean sale, and the distinction matters. JLL Capital Markets represented the selling joint venture between Confluent Development and Ovation Group; the buyer is described only as a private equity firm; MorningStar remains both the operator and a joint venture partner in the new ownership. That is the develop-stabilize-recapitalize path running to completion — the merchant developer exits, the operator rolls its interest forward, and new capital takes the stabilized asset. Per the developer's own project record the community is a four-story, 283,000 square foot building on a 3.6-acre site in Summerlin, with 168 total units split 95 independent living, 49 assisted living and 24 memory care; those three counts sum to the 168 we record. This is the largest recapitalization we have logged in the Las Vegas market, which is our own backyard and one where Class-A senior housing product of this scale is genuinely scarce. No purchase price was disclosed, so no per-unit figure is computed. Construction year and occupancy were not published.

A 139-unit campus in Yuba City, north of Sacramento, comprised of two 1990s-vintage communities offering independent living, assisted living and memory care. Blueprint brokered it. The seller was a West Coast owner-operator and the buyer a California-based owner-operator, neither named. The interesting feature is who is on both sides: this is an operator-to-operator trade in a tertiary Central Valley market, with no institutional capital reported on either end. That is where a large share of 1990s-vintage California product is actually changing hands right now, and it is a segment the trade press covers thinly because the prices are rarely disclosed. We record the vintage as reported, the 1990s, rather than assigning a specific construction year we cannot source. No price, no names and no street address were published, so there is no per-unit figure and we do not guess the address.

A 48-unit community on roughly 6.44 acres in Hanover, northwest of the Twin Cities, sold through a formal bankruptcy proceeding with the sale completed under court order. SLIB describes the process as requiring close coordination among counsels, the court, committees and the operations teams, which is the honest description of what that kind of sale actually costs in time. The buyer is an experienced Minnesota operator and a repeat SLIB client continuing an in-state expansion. Two things are worth taking from this. A court-ordered sale is not a fire sale by definition — the court is protecting creditors, and a well-run process can clear at market — but the timeline belongs to the court rather than to either principal, so a buyer needs committed capital and patience in equal measure. And the buyer profile is the one showing up repeatedly in 2026: a regional operator with local licensing depth taking distressed single assets that institutional capital will not underwrite. No purchase price, community name, seller or street address was published, and the care mix was not specified in the reporting, so we assert none of them.

Silver Wave Capital acquired two Michigan communities off market — a 77-unit assisted living and memory care community in Bloomfield Hills and an 85-unit AL/MC community in Rochester, 162 units combined. How it was sourced is the part worth reading: the buyer bypassed a competitive marketing process entirely and, per the report, bought at a significant discount to replacement cost. That is the recurring 2026 pattern on well-located suburban product — the discount is being won at origination through direct owner access, not in a bidding round, which is why an off-market pipeline is now a pricing advantage rather than a convenience. Both are affluent north-suburban Detroit submarkets, on sites the report describes as visible. No purchase price, seller, broker or construction year was disclosed, so there is no per-unit figure to compute and none should be inferred. Street addresses were not published and we do not guess them.

A memory care community in the San Francisco Bay Area, built in the late 1990s, changed hands. The ratio to look at is 34 units against more than 50 licensed beds: the community is licensed for substantial shared occupancy, so a per-unit price would understate — and a per-bed price overstate — what a buyer is actually acquiring. On small memory care assets the licensed bed complement, not the unit count, usually sets revenue capacity, and it is also what a lender sizes to. Price, buyer and seller were not disclosed and the specific city was not published, so no per-unit or per-bed figure can be computed here. We record the build era as reported (late 1990s) rather than assigning a specific year we cannot source, and the address is left blank rather than guessed.

Two seniors housing communities in Wheat Ridge and Denver, 266 units combined, sold by an undisclosed seller. The detail worth flagging is licensure: both communities carry a skilled nursing license while trading as seniors housing. That combination changes the underwriting more than the unit count suggests — a licensed bed complement brings survey exposure, staffing minimums and a Medicaid-adjacent revenue line into what would otherwise be a private-pay assisted living model, and it narrows the buyer pool to groups that can hold the license. No purchase price, buyer or individual community names were disclosed, so there is no per-unit figure to compute and none should be inferred. Wheat Ridge is roughly ten miles northwest of downtown Denver; this is a separate transaction from LTC Properties' July purchase of MorningStar of Wheat Ridge, which is recorded elsewhere on this wire. Street addresses were not published and we do not guess them.

Two adjacent communities in the Viera area of Melbourne on Florida's Space Coast — Sonata Viera at 3325 Breslay Drive and Sonata East at Viera at 4206 Breslay Drive, roughly a block apart on the same street — sold to National Healthcare Properties, with AgeWell Senior Living staying on as operator. Between them the two offer a continuum of independent living, assisted living and memory care. We are logging this from AgeWell's own announcement rather than a broker release, and that release is thin on the numbers: it names the buyer and confirms operations continue uninterrupted, but gives no unit counts, no seller, no price and no broker, and we could not source those elsewhere, so all four are recorded null rather than estimated. The reason to log a deal this lightly reported is the pattern it sits inside. Five days later Morgan Stanley Real Estate Investing acquired two more AgeWell-managed Florida communities totaling 300 units. AgeWell has managed the full 14-property Sonata portfolio since assuming it as a merger in October 2023, so a single operating platform has now had four of its Florida communities bought by two separate institutions inside a week. Street addresses are from the communities' own published listings.

Cougar Capital Management bought three Western New York communities — two in the Buffalo MSA and one in the Rochester MSA. The reported composition is a 64-unit campus split 40 assisted living and 24 independent living, a 60-unit assisted living and memory care community, and a 63-unit assisted living community: 187 units combined, summed by us from the three reported counts. Vintage is mixed and only loosely described — one community is more recently constructed and the other two were built around the 1990s, per the report, so we record no construction year rather than assign one. The buyer profile is the part worth noting for anyone tracking who is actually transacting in upstate markets. Cougar made its first purchase in 2023 and has assembled 28 communities and more than 2,000 units since, with more in the pipeline. That is a roughly three-year build to institutional scale, executed largely in secondary Northeast markets that the large REITs have not been bidding up, and it is a reminder that the aggregation happening in this cycle is not all coming from the names in the trade headlines. No purchase price, seller or broker was disclosed, so there is no per-unit figure to compute and none should be inferred. Individual community names and street addresses were not published and we do not guess them.

Lakewood Reserve, a 137-unit community split 118 assisted living and 19 memory care across 112,516 square feet, sold to Janus Living after drawing what the report describes as strong interest from institutional investors. The renovation arithmetic is the reason to read this one. The building dates to 1999, but it took a substantial renovation in 2024 plus further improvements, and the report is specific about the mechanism: as each unit reopened it commanded a higher rent, steadily improving the community's margin. That is a unit-turn repricing story rather than a lease-up story, and it is the cleanest version of the argument that vintage alone does not set value on this product — a late-1990s shell in a strong infill submarket can be re-rated one apartment at a time without adding a single unit of supply. Occupancy was reported only as being in the high-80s at the time of sale; because that is a range rather than a published figure we record no occupancy number and leave the description here. Price and seller were not disclosed, so there is no per-unit figure to compute and none should be inferred. The trade report placed the community in Denver, Colorado, which is the metro rather than the municipality — it sits in Lakewood, immediately west of Denver and adjacent to the Belmar district. The street address is not from the transaction report: we sourced 555 S Pierce St from the operator's own community listing and independent property records, and it should be treated as the property identifier rather than a reported deal term.

Eight communities across six states — Massachusetts, Connecticut, New Jersey, Pennsylvania, Delaware and Georgia — totaling 867 units for $696 million, or roughly $802,768 per unit computed by us from the two reported figures. No per-unit price was published. The structure is the part to study. AHR actually put ten communities under contract and then assigned the purchase and sale agreements on two of them to another institutional investor. Chairman and CEO Jeff Hanson: 'We understood that only a solution for all 10 communities would clear the market. Rather than either walking away from a highly strategic opportunity or compromising our capital allocation discipline to secure it, we constructed a solution that required neither.' There were multiple sellers, none named, but all eight properties were marketed together — an all-or-nothing package that a single balance sheet did not have to swallow whole. The real estate is new: every property was built between 2020 and 2022, so this is not a value-add basis and there is no vintage discount embedded in the price. Locations skew to wealthy Northeast suburbs — Philadelphia's Main Line, Westport in Connecticut, suburban Boston, plus The Lodge at Historic Lewes in Delaware and The Holbrook of Sugar Hill in metro Atlanta. LCB Senior Living developed and managed five of the communities and picked up two more Northeast properties post-closing; Holbrook Life manages Sugar Hill. Care-type breakdown, occupancy, individual prices and street addresses were not reported. This lands the same week AHR closed $572 million of the Kensington Senior Living portfolio, and the two together are the same strategy at two different price points.

Four communities, 453 units of independent living, assisted living and memory care, closed at $200 million — roughly $441,501 per unit computed from the two reported figures, as no per-unit was published. The number worth pausing on is how close that lands to LTC's other Minnesota purchase four weeks earlier: Boulder Ponds and Round Lake cleared $95 million on 215 units, or about $441,860 per unit. Two separate transactions, the same buyer, the same state, and per-unit pricing within roughly $360 of each other. That is a buyer with a settled view of what Twin Cities-area senior housing is worth rather than one bidding each deal on its own merits. Reported average asset age is nine years, so this is recent-vintage product, not a value-add basis. Structure matters here too: this is a SHOP acquisition, meaning LTC takes the operating economics rather than collecting a triple-net rent, with Lifespark Senior Living — already an LTC operating partner — assuming management. Seller, broker, individual community names and street addresses were all undisclosed. Funding was $167 million of proceeds from a Texas skilled nursing portfolio sale plus revolver draw, which is the recycling trade the REITs have been running all year: sell skilled nursing, buy private-pay seniors housing. LTC reports nearly $580 million closed year to date with another $120 million expected by the end of September.

A 346-unit continuing care retirement community in Fort Wayne transferred from Lutheran Life Villages, a not-for-profit faith-based sponsor, to Casa Consulting, an Indiana operator of senior living and skilled nursing communities. Ziegler ran the sell side. The transaction closed September 1. This is the sponsor-transition pattern rather than a distress pattern: a mission-driven owner concluding that a single large campus is better held by a regional operator with density in the state, which is a different seller motivation from a lender-driven or court-driven sale and generally produces a different process and a different buyer pool. Price was not disclosed in the advisor's release, so no per-unit is recorded. Street address, unit mix across independent living, assisted living and skilled nursing, construction year and occupancy were all absent from the release and are not estimated here.

Not closed — PACS expects this to complete in its fourth financial quarter, so it is recorded here as pending. Read the structure carefully before comparing it to anything else on this wire: PACS is acquiring the OPERATIONS at 32 Florida skilled nursing facilities and leasing the real estate from Omega subsidiaries. No property changes hands and no purchase price was disclosed, so there is no per-bed figure to compute and none should be inferred. At 4,049 licensed beds this is a large single-state operational entry, and it is PACS entering Florida for the first time against 71 existing operations in Texas, South Carolina, Tennessee and Kentucky. Individual facility names and addresses were not reported. For anyone underwriting Florida skilled nursing, the relevant signal is not a cap rate — it is that a large multi-state operator just took on 4,049 beds of leased capacity in the state, which changes the competitive and labor picture well before it changes any comp set.

A tranche close rather than a standalone deal: PACS closed on 11 skilled nursing facilities owned and operated by Eduro, on top of 20 that closed the prior month, bringing the previously announced program to 31 of 34 acquisitions complete. The reporting attaches 3,633 beds to that 31-of-34 progress figure without breaking out how many belong to this particular 11-facility tranche, so no bed count is recorded against this entry and no per-bed is computed. No price was disclosed for the tranche or the program. The portfolio-level effect is the part that is clearly stated: the closings take PACS to 355 buildings and into three new states — New Mexico, North Dakota and South Dakota. Tranche-by-tranche closings on a multi-facility program are normal where each licence transfers on its own regulatory clock, and the three still outstanding are most likely waiting on exactly that.

Five-property Virginia portfolio totaling 159 units and licensed for 267 beds — the gap between those two figures is the shape of the asset rather than a reporting error. Licensed capacity runs roughly 1.7x the unit count, so a meaningful share of these are semi-private or companion rooms. That matters to anyone underwriting revenue per unit versus revenue per licensed bed, because the second number is the one that moves if an operator elects to fill to license. Individual property names, street addresses and the purchase price were all undisclosed, so no per-unit is computed and no address is recorded. Neither party was named beyond geography and profile: a local Shenandoah Valley owner-operator selling to a New Jersey buyer already operating in multiple states. A regional seller exiting to an out-of-state consolidator is the pattern worth tracking in secondary Virginia markets.

Two Virginia assisted living facilities sold as a package — 55 units against 67 licensed beds, the same license-exceeds-units structure seen in the larger Shenandoah portfolio that traded the same week. Both parties are New York-based and neither was named; the release described the seller only as a senior living private equity and operating group and the buyer as an operator running both skilled nursing and assisted living. That combination is the notable part: a private-equity holder exiting Virginia assisted living to a strategic operator with skilled nursing already in its book, which usually signals a buyer underwriting clinical capability rather than real estate alone. No price, no property names, no cities and no addresses were reported, so none are recorded here.

178-unit independent living, assisted living and memory care community in Bedford, in the middle of the Dallas-Fort Worth metroplex, built in 2018. Price undisclosed, so no per-unit is computed. The buyer description is the interesting part and we have left it exactly as reported rather than guessing a name: Berkadia said only that the purchaser is an S&P 500 company focused on seniors housing, which narrows the field to a small number of listed REITs but does not identify one, and we will not put a name on a deal the broker deliberately did not name. The seller side is a developer-plus-fund joint venture exiting a 2018 vintage asset at roughly seven years old — the same hold-period pattern visible elsewhere on this wire, where merchant-build capital rotates out once a community is stabilized and a listed buyer takes the stabilized cash flow. Street address confirmed from the operator's own community page (heartis.com/locations/mid-cities), which lists 2308 Highway 121; at least one third-party listing aggregator publishes 2312 Highway 121 for the same community, and we have used the operator's own figure.

66-unit entrance-fee independent living community outside Buffalo, built in 2001 with additional construction through 2017. The campus is an unusual shape: 12 residential buildings comprising one congregate facility of 44 units plus 11 duplexes holding 22 cottage-style units. Occupancy was reported at 63.5% when the property was taken to market in summer 2025, with the duplex units fully occupied — we have left the occupancy field null rather than record a figure roughly a year stale as though it were the number at close. Price undisclosed, so no per-unit is computed. Neither buyer nor seller was named; the seller was described only as a faith-based not-for-profit operating in that part of the state. Street address confirmed against the community's own site (vinecroft.org) rather than taken from the release, which gave none. The entrance-fee structure matters here — a value-add buyer taking a 63.5%-occupied entrance-fee community is underwriting refundable-deposit liabilities as well as census.

49-unit assisted living and memory care community in rural Cozad, Nebraska, sold by the hospital that built it. Cozad Community Health System developed the property in 2006 and expanded and renovated it in 2019 to reach its current unit count. The reporting describes it as one of the strongest physical plants in its rural market, benefiting from limited competition. Price and buyer were both undisclosed. Two things make this worth logging beyond its size: it is a hospital exiting direct ownership of senior housing, the same seller archetype as the nonprofit and founder exits elsewhere on this wire; and the broker, Decker Healthcare Group, is a brand-new firm formed earlier this year by four brokers who left Helios Healthcare Advisors, so this sits among its first closed transactions. Address confirmed from the operator's own contact page (meadowlarkpointe.com), whose listed email runs on the cozadhealth.com domain — consistent with the reported hospital ownership.

PENDING — reported as being in the early stages, subject to state approval, and characterized by the seller as possibly completing before the end of the year. Twenty nursing homes and assisted living facilities spanning nine Maine counties, described in the reporting as more than 1,300 beds. We have left the bed count null rather than record 'more than 1,300' as a precise figure. Price, deal structure and post-closing plans were all undisclosed. This is the largest single change of long-term-care ownership in Maine we have seen reported this year, and the driver is succession rather than distress — First Atlantic's founders are preparing to fully retire. Six of the facilities are jointly run with Northern Light Health, some acquired within the last two years; Northern Light's spokesperson said the health system was 'heartened that First Atlantic has taken steps to preserve access to care.' Buyer Links Healthcare operates more than 32 facilities across California and Tennessee, was founded in 2017, and is an operating partner of CareTrust REIT (NYSE: CTRE), which acquired 10 of its facilities in late 2024 — so a REIT capital partner is plausible here but was not reported and we are not assuming it. Links facilities carry an average CMS Care Compare rating of 4.1 stars per the reporting. No address is given because this is a statewide portfolio and the individual facilities were not enumerated.

80-unit assisted living community in the Washington, D.C. MSA, adjacent to the UM Bowie Health Center, and another step in Brookdale's continuing program of divesting underperforming assets. Occupancy was reported as hovering around 65% at the time of sale — recorded here as 65 with that approximation stated rather than implied precision. The reporting frames the asset as a turnaround: room to improve census, resident rates and margin, with limited near-term capital needs. The structure is the part worth studying. The building sits on land owned by Prince George's County, leased to the neighboring hospital system, which in turn subleases to the property owner — a two-layer ground lease that the reporting says presented challenges in the sale. Price remains undisclosed, so no per-unit. Address confirmed against multiple independent community listings (14997 Health Center Drive, Bowie, MD 20716). UPDATED Sept. 1, 2026: the buyer is Cougar Capital, a regional investment firm reported to own more than 1,100 seniors housing units, and Blueprint has confirmed it brokered the sale. Willow Ridge Senior Living has assumed management (Senior Housing News, Sept. 1, 2026). A regional buyer with an existing 1,100-unit book taking on a two-layer ground-lease turnaround is a specific risk appetite worth noting.

80-unit Class-A assisted living and memory care community in East Texas, 91% occupied at sale, built in 2018 and sitting on 14 acres with room to expand. The reporting carries an unusual amount of operating detail for a wire item: a 27% operating margin on $3.835 million of revenues. That is the useful comparison on this wire — a stabilized, well-occupied 2018-vintage asset trading to a regional operator who is keeping management in place, set against the 63.5%-occupied nonprofit exit in New York and the 65%-occupied Brookdale divestiture in Maryland the same week. Price was not disclosed, so no per-unit figure is computed. Address confirmed from independent community listings (615 Whitehouse Drive, Lufkin, TX 75901); the release gave none.

125-bed skilled nursing facility sold to a New York-based investor in a confidential transaction — no price was published, so none is shown. The buyer was described only as New York-based and was not named; the seller was not named either, and the facility was that operator's only South Carolina location and a geographic outlier for the former ownership. Built in 1991 and dually certified for Medicare and Medicaid, it ran at full licensed capacity with a census reported as exceeding 90%, and took more than $2M in upgrades in 2022 covering resident rooms and bathrooms, the main dining room, lobby and therapy gym. The report says the sale drew multiple competitive offers from in-state and out-of-state bidders, was the buyer's first South Carolina acquisition, and set a market-clearing price for a standalone SNF in the state — but since the number itself is confidential, that last claim is not one we can verify. The close date was not published, so the date shown is the report date. Address and the 125-bed count confirmed against the CMS Nursing Home Provider Info dataset.

202-unit independent and assisted living community in suburban Atlanta, described by Berkadia as a top-performing, newly renovated asset. The buyer was identified only as an S&P 500 company focused on seniors housing and is not named here, because naming it would be a guess. Price undisclosed, so no per-unit figure is computed. Street address confirmed against multiple independent community listings (100 Whitlock Ave NW, Marietta, GA 30064, Cobb County) rather than taken from the release, which gave no address.

545 units across two communities — Sonrisa Senior Living in Roseville and The Watermark at Almaden in San Jose. JLL called it one of the largest senior housing portfolio sales in Northern California in recent years. Transaction amount was not available and the REIT buyer was not named, so neither price nor per-unit is shown. Address left null because this is a two-property portfolio; community listings place Sonrisa on Roseville Parkway and The Watermark on Almaden Expressway, but neither was published in the release and neither is asserted here.

Four-story, 225,000 sq ft full-continuum community — independent living, assisted living and memory care — on Morikami Park Road in Delray Beach. Price of $140 million taken from Palm Beach County property records provided by Vizzda; the deal recorded in the week before the August 24 report, so the exact closing date is not published. Per-unit of roughly $676,000 is computed here (140,000,000 / 207), not published by a broker. Published rates at the time of sale started at $6,390 for independent living, $5,920 for assisted living and $8,990 for memory care. Note one inconsistency in the source: Bisnow describes the asset as six years old while also stating it was built in 2023 — the specific year is used here and the discrepancy is flagged rather than resolved.

Seven-building, 318,000 sq ft campus offering independent living, assisted living, and memory and respite care. Carlyle sold for roughly $4 million LESS than it paid to acquire the property in 2013, per the South Florida Business Journal — a thirteen-year institutional hold that ended below nominal basis in the same week the sector printed record trade volume. Unit count was not reported, so no per-unit figure is computed.

Class A community on a five-acre, 124,010 sq ft campus in Lexington's Hamburg area — 100 assisted living units and 24 memory care units, 140 licensed beds, 95% occupied at the time of sale. Sits across from Baptist Health Hamburg Hospital. Renamed Cedarhurst of Hamburg effective July 15, which indicates the transaction closed before the August 21 trade report; the actual closing date was not published. Price undisclosed and the REIT partner was not named, so no per-unit figure is computed here.

Assisted living and memory care community acquired and rebranded The Bellflower at Whispering Ridge. Buyer and its investment partner plan roughly $1.3 million of capital improvements and will add independent living and 'assisted living plus' units. The acquisition brings Agemark's Omaha portfolio to five communities totaling more than 450 units — that 450 figure is the portfolio total, not this property's unit count, which was not reported. Price, seller, unit count, year built and street address were all undisclosed.

Sold by an independent owner-operator exiting the industry to a regional owner-operator expanding its Michigan footprint. Broker reported interest from qualified buyers across the country. Community name, address, parties and price all undisclosed.

Ten communities in Minnesota. Next Level Senior Living retained as manager of the portfolio following the acquisition. Price and unit count not disclosed.

Full continuum of care across more than 1,100 units. Monarch began assembling the portfolio in 2021 to capitalize on pandemic-era disruption and sold into the recovery. Buyers were a combination including a publicly traded REIT and a private equity firm; none were named. Unit count shown is the reported floor of "more than 1,100". Price not disclosed.

Sold on behalf of an institutional owner exiting Michigan. Welltower partnered with an operator entering the Michigan market for the first time. Broker identified roughly $990,000 in potential annual revenue gains through Medicaid, Medicare Part A and Part B rate optimization, plus hospital referral and managed-care upside. Facility names, addresses and price not disclosed.

Seller was an independent owner who held the properties for more than four decades before exiting the senior care industry. Portfolio traded subject to the existing triple-net lease, with Genesis Healthcare remaining as operator. Buyer, facility names and price not disclosed.

Independent living, assisted living and memory care on a 17-acre campus. Buyer is a Michigan-based real estate investor taking over operations and, per the release, intends to expand the community's acuity mix. Price not disclosed.

Two communities built in 2014 and 2017, sold on behalf of a national senior living owner-operator and awarded to a regional owner-operator with an existing Ohio footprint. Neither party named; price not disclosed.

70 assisted living units and 24 memory care residences, licensed for 100 residents, in a 49,000-square-foot building roughly 50 miles north of San Francisco. Clearwater Living continues to manage on behalf of Clarion Partners. Seller and sale price not disclosed.

PARTIALLY CLOSED as of Sept. 1, 2026 — AHR has closed on SIX of the eight communities, 464 of the 745 units, for $572 million (Senior Housing News, Sept. 1, 2026). That works out to roughly $1.233 million per unit on the closed tranche, computed by us from the two reported figures, against $1.172 million per unit implied across the full eight-community $873 million agreement. The remaining two communities are subject to definitive purchase agreements and are expected to close in the fourth quarter; this entry stays flagged pending until they do. The seller is Kensington Senior Living, which was not named in the original August announcement and is confirmed in the September reporting. Kensington stays on as manager. 93% of the units are designated assisted living and memory care, across the Los Angeles, San Francisco Bay Area, Washington, D.C. and New York metros in what AHR calls affluent, supply-constrained infill submarkets. Purchase price includes $56.5 million of Kensington's existing agency debt. Six of the eight opened in 2015 or later; Kensington developed seven. Worth recording for process reasons as much as pricing: AHR says the deal came through 'limited-channel marketing' rather than a broad market process, and Kensington founding managing partner Dave Faeder stated plainly that AHR 'were not the highest bidder' and that the objective 'was not simply to maximize price.' AHR reports $2 billion of new investments in 2026 with a further $675 million planned this year.

PENDING — definitive agreement only, expected to close in Q4 2026. Seller undisclosed.

192-unit independent living, assisted living and memory care community on a four-acre site in the Brookside area of Kansas City, at 68th and Troost. The asset is an adaptive reuse rather than a ground-up build: the original Highland Tower medical office building was stripped to its steel and concrete frame beginning in 2019, with the tower delivered as independent living and a separate assisted living and memory care building completed in 2020. Price and seller were both undisclosed. What makes this one worth logging is the census history — the reporting describes a challenging post-COVID lease-up, with a regional operator brought in during March 2024 specifically to accelerate occupancy growth, and American House now taking over operations. That is a lease-up recovery trade on a five-year-old conversion, not a stabilized purchase, and it should not be read as a comp for a stabilized Class A community of the same unit count. Occupancy at close was not published, so the field is left null. Street address is from third-party community listings rather than the release, which gave none; the cross-street reference in the reporting is consistent with it.

Independent living, assisted living and memory care across two Class A communities: Boulder Ponds at 192 Jade Trail N in Lake Elmo, 95 units, completed 2020 and running approximately 98% occupancy; and Round Lake at 1740 Parkshore Dr in Arden Hills, 121 units, opened 2023. Lifespark Senior Living continues as operator. LTC reported a 7.4% cap rate and an anticipated unlevered IRR in the low- to mid-teens, funded from ATM equity proceeds. Note a unit-count discrepancy in the public record: buyer LTC states 215 units in aggregate while broker JLL's per-community figures sum to 216. We use the buyer's 215 for the per-unit math and report both rather than pick one — at 216 units the figure would be $439,815. JLL described Boulder Ponds as the highest price-per-unit senior housing trade in Minnesota. No single street address is shown because this is a two-property portfolio.

All-cash. 611 units / 701 beds, developed 2018-2022. Claiborne Senior Living retained as operator.

Affordable age-restricted senior apartments for residents 62+. Not licensed care.

Off-market. 212 assisted living and memory care units across two communities; price approximately $65 million inclusive of transaction costs. Entering CareTrust's senior housing operating portfolio, managed by an existing operator relationship in the market. CareTrust described both as opened within the past ten years but gave no year built, and did not name the communities, cities or seller. Announced alongside a separate 16-property UK care home portfolio, which is excluded here as non-US.

Age-restricted senior apartments, not licensed care — per-unit pricing is not comparable to assisted living. Site includes land approved for 15 more units.

101-unit assisted living and memory care community in Oro Valley, north of Tucson, built in 2018. Steller Senior Living is rebranding the property as The Ironwood at Oro Valley. The close date was not published, so the date shown is the report date. The per-unit figure is computed by us from the reported $23M price and 101 units, not published by a broker. No brokerage was named in the report.

202-bed skilled nursing facility in northwest Houston sold out of a court-approved bankruptcy sale, clearing the debt held by the secured creditor. The process opened with a $12.25M stalking horse bid approved by the U.S. Bankruptcy Court; two additional qualified bidders competed through multiple rounds and drove the final price to $15M, roughly a 22% premium to the opening bid. That spread is the useful datapoint here — a competitive auction on a distressed SNF cleared well above the stalking horse. 91 of the 202 beds were dually certified for Medicare and Medicaid at the time of sale, and the payer mix skewed Medicaid because a newer nearby facility had taken much of the local Medicare census. The facility sat on CMS's Special Focus Facility Candidate List and carried an on-site dialysis unit and ventilator-capable infrastructure the outgoing operator was not using. Neither buyer nor seller was named. The per-bed figure is computed by us from the $15M price and 202 beds; the report cited approximately $74,300. Address and the 202-bed count independently confirmed against the CMS Nursing Home Provider Info dataset, which also lists the SFF Candidate status.

126-bed skilled nursing facility in Socorro, in the El Paso metro. Ensign acquired both the real estate and the operations effective July 1, 2026, with the real estate held by subsidiaries of Standard Bearer Healthcare REIT, Ensign's captive real estate company. Ensign does not publish purchase prices on individual facility acquisitions, so price and per-bed are left blank rather than estimated; the seller was not named. Structure is the useful datapoint: the captive-REIT-plus-affiliated-operator model lets Ensign underwrite an operations turnaround while keeping the fee interest in-house, and it is the pattern behind most of the roughly forty facilities they have taken on this year. The 126-bed count and the street address were independently confirmed against the CMS Nursing Home Provider Info dataset, which lists the facility at 10064 Alameda Avenue, Socorro, TX 79927.

124-bed skilled nursing facility in far north El Paso, acquired in the same transaction as Las Ventanas de Socorro above and effective the same day. Real estate to Standard Bearer Healthcare REIT, operations to an Ensign-affiliated tenant. No price was published and none is estimated here; the seller was not named. Taken together the two facilities added 250 licensed beds and brought Ensign to 398 healthcare operations across 17 states, including 48 senior living operations, with 183 owned real estate assets. Two facilities in one metro bought on one effective date is a cluster play, not two separate bets — shared staffing pools, shared regional management and shared referral relationships are the economics. The 124-bed count and the address were independently confirmed against the CMS Nursing Home Provider Info dataset, which lists the facility at 11169 Sean Haggerty, El Paso, TX 79934.

69 units in Albuquerque, 64 in Wheat Ridge. Part of Harbert's five-community, $455M disposition.

Three separate transactions closing same day. Includes the two MorningStar assets listed separately above — do not double count.

32 skilled nursing facilities and 3 independent living facilities. Confirmed closed on NHI's Q2 earnings call. Bed count not reported.

61,116 sq ft on 2.84 acres. Assisted living plus memory care, rehabilitation and skilled nursing. Broker represented both sides.

232-bed assisted living community in central Tucson, built in 1998. Useful as an Arizona pricing datapoint: at roughly $224,000 a bed it cleared within about $3,600 of the 2018-built Oro Valley community above, despite twenty years of vintage difference. The close date was not published, so the date shown is the report date. The per-bed figure is computed by us from the reported $52M price and 232 beds.

Three-story community on 4.4 acres, roughly 30 minutes north of downtown Seattle; extensively renovated over the last decade including a full exterior rehabilitation. Leisure Care retained as manager. Price not disclosed. Note on unit count: the release headlines 182 units but its own breakdown reads 124 independent living and 182 assisted living, which do not reconcile — we carry the headline 182 rather than resolve the discrepancy.

Assisted living and memory care. Added to LTC's SHOP portfolio; MorningStar retained as operator.

101 beds in Abbeville, 100 in Eastman. Transfer confirmed by updated CMS operator records.

553 independent living units, 261 personal care units, 244 skilled nursing beds. Built 1959-2007.

PENDING — purchase agreements signed May 2026, not closed. Pinnacle North Bethesda is still under construction with a scheduled October 2026 opening.

Reported as a record price per bed for a Wyoming skilled nursing sale, at 61% occupancy. Buyer described as a REIT partnering with a regional operator.

60 independent living, 56 assisted living and 40 memory care units in a southwest Chicago suburb, one mile from Northwestern Medical Center. 94% occupied at closing. LCS Community Operations retained as manager. Price not disclosed.

Two-community memory care trade in the Bay Area. Unit count not reported.

Six assisted living and memory care communities totaling 413 units across Kansas City, Blue Springs and Raymore, Missouri, and Olathe and Lenexa, Kansas. Purpose-built between 2015 and 2019; over 90% occupied at closing (we record 90 as the reported floor). Buyer and price not disclosed.

Approximately 146,000 sq ft. Price per NYC property records.

Licensed for 160 skilled nursing beds plus 23 assisted living units. Price per bed computed on the skilled nursing beds only.

81,562 sq ft on 16 acres, expanded 1985 and 1994. Now operating as Timber Ridge Health and Rehabilitation.

Assisted living and memory care. Portfolio surpassed 90% occupancy in recent years.

Buyer and seller both withheld. Specific licensure not reported.

Acquired by an institutional buyer as part of a multi-asset seniors housing portfolio.

Welltower acquired the asset in 2004 for $2.5M; most recent assessment $13.5M.

Traded same day as Lakeside; $82.4M combined. Welltower basis from 2003 was $11.9M.