Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of three DePaul Health Care nursing homes, one in New Jersey and two in the Philadelphia MSA. The sales date was May 31, 2019. Paramount completed the financing and closing of this transaction with the assistance of Lazmor Capital and Ziegler Investment Banking. The brokers involved were Mark Myers and Joshua Jandris, both of IPA. Paramount owns and operates skilled nursing facilities (SNF) in New York, New Jersey, Pennsylvania, and Maryland
All three facilities were owned and operated by the DePaul family, a Philadelphia developer of residential communities and health care businesses including medical office buildings and SNFs. IPA identified the ideal buyer for the portfolio and navigated through the challenges of selling facilities for the DePaul family who built and owned the communities for decades. At the time of the sale, the facilities were operating at breakeven. However, the new operator will implement improved marketing and services to enhance the census and census mix while simultaneously creating staffing efficiencies, all of which will increase earnings.
The facilities in this sale are: Angela Jane Pavilion, a 49-bed SNF in Philadelphia; River’s Edge, a 120-bed SNF in Philadelphia; and Absecon Pavilion, a 162-bed SNF in Absecon, New Jersey. With the sale of the three DePaul SNFs, the IPA seniors housing team has closed $550 million of seniors housing transactions in Pennsylvania. Marcus & Millichap’s brokers of record in New Jersey and Pennsylvania are, respectively Brian Hosey, vice president and regional manager of the firm’s New Jersey office and Sean Beuche, regional manager in Philadelphia.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.
