• Deptford Assisted Living

    Property name: Fox Trail Assisted Living - Deptford
    Property location: Deptford, NJ
    Total Units: 48
    Census: 98.3%
    Initial property basis 2018 (10% cap rate): $5,000,000
    Current valuation 2019 (10% cap rate): $9,514,065 (annualized)
    Valuation increase: 47%
    Turn around time: 10 months

    Background: The Deptford property was an asset sold off by Brookdale as part of a block of underperforming assets purchased by our team. Three of the assets were immediately sold and Deptford was retained for future value. The property was acquired in January 2018. Initial census at acquisition was 27 of 52 beds and by November 2018, the community was at 100% occupancy and has maintained between 94% - 98% occupancy for the last 9 months.

  • Case Study: Appleridge

    Property name: Appleridge Senior Living - Independent Living
    Property location: Horseheads, NY
    Total Units: 112
    Census: 98%
    Initial property basis 2010 (10% cap rate): $6,000,000
    Current valuation 2019 (10% cap rate): $17,303,995 (annualized)
    Valuation increase: 65%
    Turn around time: 16 months
    Refinanced for 14 million in 2016

    Background: The property was originally financed through a HUD guaranteed loan. Total loan and equity exceeded $26M. In 2009, the property defaulted on the loan and the note was sold by HUD to our group, through auction, at a price of $6M. At the time, the census was stagnant at 55 with a EBITDARM of $200,000. We took over operations in 2010, hired a new management team, implemented an aggressive marketing plan and ramped the census to full stabilization ( 110). For the past 3 years, census has exceed 98% with an average EBITDARM of $1.7M.

  • Case Study: Fox Trail - Virginia

    Property name: Fox Trail Assisted Living 2 AL and 2 MC
    Census: 88.9%
    Total Units: 104
    Property locations: Orange, Manassas, Front Royal and Stephen’s City, Virginia
    Initial property valuation 2017 (10% cap rate): $6,452,411
    Current valuation 2019 (10% cap rate): $13,702,740 (annualized)
    Valuation increase: 53%
    Turn around time: 18 months

    Background:The Virginia properties were acquired as a result of owner default. The default began years prior, and was caused by low census. The properties were run down and non-performing primarily due to the lack of interior and exterior upkeep and the cost slicing that had been done in critical areas (such as maintenance, activity programs, employee wages and food quality.) Our acquisition, rebranding and management of the formerly named Amerisist buildings brought fresh life to the communities, and the census has followed. In January 2019 converted two communities to Dementia Care communities.

  • Case Study: Chestnut Ridge

    Property name: Residences at Chestnut Ridge IL, PC & MC
    Property location: Wallingford, PA
    Total Units: 165
    Census: 92.5%
    Initial property basis 2016 (10% cap rate): $6,000,000
    Current valuation 2019 (10% cap rate): $11,989,760 (annualized)
    Valuation increase: 50%
    Turn around time: 20 months

    Background: Chestnut Ridge was a turn around property purchased in January 2016. The building was sold by Genesis due to poor performance, low census in both personal care and memory care and limited revenue potential driven by 68 units of subsidized housing. An aggressive rebranding campaign, in tandem with building updates, leadership changes, and pricing adjustments has resulted in strong revenue and census growth.

  • Case Study: MCL- New Jersey

    Property name: Fox Trail Memory Care Living
    Property locations: Ramsey (2 locations), Mahwah, Park Ridge, Paramus, Hillsdale (2 locations), GreenBrook, Montville, South River, Princeton, Woodcliff Lake, Cresskill, and Chester, New Jersey
    Census: 88%
    Initial property basis 2011 (10% cap rate): $13,168,650
    Peak valuation 2016 (10% cap rate): $28,000,000
    Valuation increase: 53%
    Turn around time: 36 months
    Refinanced for 22 million in 2016

    Background: The New Jersey portfolio was purchased out of owner default. The original portfolio consisted of 12 properties, with two additional properties added, one in April 2014 and the onel in September 2016. The homes had a poor reputation within the community at the time of acquisition and much work was done to rebuild and rebrand the portfolio. The portfolio is now the largest network of Alzheimer’s and dementia care homes in NJ, with a reputation of excellence in memory care. The majority of move-ins in these communities now come from positive PR/community knowledge.

Occupancy Rates by Property