Welltower Inc. (NYSE: WELL) acquired a total of nine nursing homes in South Florida for $386 million. Separately, Maine-based North Country Associates is selling 15 facilities.
Welltower Adds SNFs to Florida Portfolio
Welltower Inc. (NYSE: WELL) acquired a total of nine nursing homes in South Florida for $386 million, according to the South Florida Business Journal.
The most recent deal included the acquisition of three nursing homes in Broward County from companies managed by David Katz of TL Management in Brooklyn, New York, for $160 million, the news outlet noted.
The largest deal of the recent set of deals was the $74.3 million acquisition of the 294-bed Unity Health and Rehabilitation Center in Miami. Welltower also acquired two facilities in Palm Beach County for $48.2 million and the 120-bed Palms Care Center and Rehab in Lauderdale Lakes for $45 million.
This week’s deals by Welltower also included a South Florida nursing home purchased for $35 million.
15 Maine-based SNFs being sold
Maine-based North Country Associates is selling 15 Maine nursing homes to New York-based Vantage Point Capital LLC, the Bangor Daily News reported.
Utah-based Tide Group will operate the facilities, which employ about 1,400 people and serve 1,000 residents.
The sale is expected to close early next year, pending state approval. North Country will retain five other facilities serving older adults and people with intellectual disabilities.
County explores purchase of Illinois-based Accolade’s shuttered SNF
A public building commission in Illinois’ Ford County is considering purchasing a shuttered 76-bed nursing home in Paxton, Illinois, owned by Accolade Healthcare, according to a local news outlet.
The 37,573-square-foot property, which is being considered for a potential courthouse expansion, is listed for $275,000. Closed in 2018, the building requires extensive renovations due to vandalism, mold and deferred maintenance.
Accolade President Moe Freedman said he would also consider leasing the property to the county if it covered renovation costs. Accolade owns seven nursing homes across Illinois.
The old nursing home building has been for sale for a year and a half to two years, Freedman said.
“We’ve had a lot of people interested (in buying it),” Freedman told the outlet. “[I]t comes down to pricing and what I think is a fair price. We’ve lowered it a little bit. We don’t have a heavy mortgage on it, so (the $10,000-plus annual tax bill is) something we can sustain.”
