MICHAEL’S EXPERTISE
Bridging the gap between health care and real estate.
Navigating the intersection of health care and real estate.
Long-Term Care Residences
Michael understands the nuances of both funded and private-pay models and what is required from a purchaser in order to qualify to apply for a new license as part of the sales process of a funded care residence.
Retirement and Assisted Living
Independent Living (IL) is defined as service-enriched seniors housing that offers a variety of hospitality services, including meals, housekeeping, laundry, activities, transportation, and emergency monitoring. Within BC, the IL market consists of approximately 36,000 units. The ownership breakdown is approximately 30% non-profit and faith-based groups and 70% for-profit corporations ranging from family owned operations to national REITs.
Land Acquisition
In addition to marketing development sites for Seniors Housing on behalf of sellers, Michael assists many of the provinces established care operators acquire sites for funded care RFP’s and government agencies and societies acquire sites for new social housing.
Court Sales
Due to external factors or a developer’s lack of industry knowledge a seniors housing property may become financially distressed, in these situations Michael has extensive experience assisting lenders in marketing properties under the Court Sale process or assisting owners of outdated properties find buyers with a new use for the property.
THE ADVANTAGE
Over Two Decades of Specialized Success.
Since entering the Seniors Housing market in 2002 Michael has developed relationships with many other professionals that specialize in this property type including: Lawyers, Architects, Lenders and Mortgage Brokers, Appraisers, Building Inspectors and Management companies. These experts often serve key roles during a care residence or retirement living transaction.
Why Seniors Housing Transactions Require a Specialist.
Unlike a typical rental income property transaction, marketing and managing the sale of a retirement residence or care property requires a thorough understanding of the market and the fluctuations in cap rates.
Determination of a List Price, the marketing plan (including Buyer selection) and managing the due diligence process are key stages in sale process that differentiate this asset class from other types of commercial and investment real estate:
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01
Value determination
Unlike a typical commercial property calculating an NOI on a seniors housing property involves many detailed adjustments a few of them being, staffing, government contracts, the type of management and funding levels.
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02
Finding the Right Buyer
Unlike a multi-family or hotel investment property, a sale of a care home or a retirement living property is usually conducted discreetly so as not to disrupt the residents and staff. Therefore, the marketing plan is very focussed on a specific qualified group of investors and operators. Some properties will appeal to multiple buyers and some only to a few, but the approach is very targeted.
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03
Sale process:
One of the most critical stages in the sale process is ensuring the seller is engaging with the right buyer. The sale process can take 6-12 months so it is critical that the right buyer is selected to work with through the process.
Endorsements
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It’s been a pleasure to work with Michael over the years on acquisitions. We appreciate his integrity and professionalism. He’s always very thorough and quick to respond to any issues that arise during a transaction.
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