News
SENIORS HOUSING SURES UP
March 3, 2011
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| Marcus & Millichap's Mark Myers and his team have sold 26 seniors housing properties since the beginning of 2010 and closed on four just in the last month. But he won't take all the credit; Mark says the market for seniors housing is hot right because of the capital sittingon the sidelines that's now chasing a need-based commodity on the market. Many of Mark's recent transactions, including the sale of an$14.2M, 370-bed facility in Pennsylvania and a $26M, 156-unitindependent living facility in suburban St. Louis have been all-cash deals or cash deals that were later financed through Fannie or Freddie. | |
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| Mark's team also recently sold the 126-unit Cypress Court Assisted Living, as well as a nursing home in Mesa, Ariz. and a 512-bed portfolio in New York. With a growing aging population and a lot more options than there used to be in independent and assisted living for seniors, most of the quality product in the seniors housing market is seeing aggressive pricing, Mark says. Metropolitan areas where residents have more money to spend on the best care available are garnering the highest prices. |
