The Ensign Group (Nasdaq: ENSG) announced Wednesday that it has acquired Rehabilitation and Nursing Center of the Rockies to further strengthen its position in the skilled nursing and senior living sector in Colorado.
The facility, a 96-bed skilled nursing facility based in Fort Collins, Colo., was acquired along with its operations and real estate by a subsidiary of Standard Bearer Healthcare REIT, Ensign’s captive real estate company. The acquisition officially took effect on August 1, 2023.
The acquisition aligns with Ensign’s strategic growth plans, the company said.
“We are thrilled to be adding this operation to Colorado, a market where we have seen steady and positive growth over the past couple of years,” Barry Port, CEO of Ensign, said in a press release.
Dave Jorgensen, President of Endura Healthcare, Ensign’s Colorado-based subsidiary, highlighted the organization’s commitment to providing excellent care to residents and their families.
“We have respected this facility from a distance for some time and are very excited to now be able to add our leadership and expertise to the caregivers at this operation,” he said.
Ensign’s expansion efforts did not stop with the Rehabilitation and Nursing Center of the Rockies. On the same day, Ensign completed separate transactions to acquire Belmont Terrace, a 95-bed skilled nursing facility in Bremerton, Wash., and Puget Sound Transitional Care, a 125-bed skilled nursing facility in Des Moines, Wash.
Additionally, Ensign acquired the real estate of Avamere Rehabilitation at Ridgemont and The Villas at Ridgemont, a post-acute care retirement campus with 96 licensed skilled nursing beds and 46 independent living units located in Port Orchard, Wash.. This campus will be operated by an affiliate of Avamere Group, under a long-term, triple net lease with Standard Bearer.
With these recent acquisitions, Ensign’s rapidly growing portfolio now encompasses a total of 293 healthcare operations across thirteen states, 26 of which also include senior living operations. Notably, Ensign subsidiaries, including Standard Bearer, have acquired a total of 112 real estate assets.
Los Angeles Group Purchases Skilled Nursing Facility for $11.5 Million
A group from Los Angeles purchased the Alderson Convalescent Hospital, a Woodland skilled nursing facility, for $11.5 million. The nursing home has 140 skilled nursing beds and has been licensed since 1986.
The buyer is a limited liability company situated in the North Hollywood area of Los Angeles. The company’s officers, Menachem Gastwirth and Abraham Bak, are registered with the California Secretary of State, and have been involved in several other skilled nursing facility transactions in the local area.
They also possess a portfolio of skilled nursing facilities across Southern California.
During the winter, the same address and managing officers made acquisitions in the Sacramento region, purchasing a 99-unit Casa Coloma Health Care Center in Rancho Cordova for $13 million and the 99-unit River Bend Nursing Center in West Sacramento for $12 million.
The entities are linked to International Equity Partners, a capital partner currently in the process of buying three stand-alone skilled nursing facilities from Eskaton for $35.6 million. This particular deal is undergoing review by the California attorney general since Eskaton is a nonprofit organization selling a medical facility.
Under the proposed agreement, International Equity Partners will become the owner of the properties, while another partner, Cypress Healthcare Group based in Roseville, will take charge of their operation.
Senior Living and Skilled Nursing Retirement Community in Garfield Heights, OH, Undergoes Ownership Transition
The Village at Marymount, a well-established senior living and skilled nursing retirement community in Garfield Heights, Ohio, has recently changed ownership. The 246-bed facility, known for its faith-based and not-for-profit approach to senior care, was acquired by a privately held owner and operator based in Lakewood, NJ.
Built in 1952 and originally founded by the Sisters of St. Joseph of the Third Order of St. Francis, Marymount has been dedicated to its mission of enhancing the lives of seniors and providing them with a thriving community environment. The retirement community offers a comprehensive range of services and care options tailored to meet the diverse needs and preferences of its residents.
Facing economic challenges and issues within the nursing home industry, the need for a smooth transition of ownership was crucial. Ziegler, a specialty investment bank, played a key role as the exclusive sell-side financial advisor in the acquisition process. Ziegler successfully identified qualified buyers capable of managing the campus and navigating any interim operational losses during the transition period.
The acquisition was completed on June 30, 2023, with the new owners assuming approximately $16 million of HUD debt as part of the deal. The change in ownership marks a significant chapter for The Village at Marymount as it embarks on a new journey under its new management.
“It was a pleasure working with the Marymount board and we anticipate the acquirer will continue Marymount’s long-standing mission of providing residents an environment of compassion, competence, and celebration of life,” Nick Glaisner, Managing Director in Ziegler’s Senior Housing and Care Practice, said in a press release.
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