Deal Lab

Class A 108-unit community acquired by Welltower at $206K/unit — well below $28-36M replacement cost. Home run at every expense scenario.

171-unit high-rise bought for $12M after Blackstone paid $48.9M in 2017. Floating-rate debt and pandemic occupancy collapse created a 75% discount.

160-bed ALF in affluent Boca Raton acquired for $12.2M (was $22M in 2017). Only $1.7M equity down with $10.5M acquisition loan. Astronomical returns.

192-unit IL/AL sold for $50M after being purchased for $82M (2012) and $73M (2017). Three owners, three losses. DSCR of 0.79 — cash-flow negative.

10-bed luxury RAL in Paradise Valley generating $741K/yr. 5-star reviews, 95% occupancy, and rates 35% above market. The highest-returning segment in ALF.

90-bed campus on 25.7 acres sold through Chapter 11 bankruptcy. Recently remodeled, 4.6-star reviews, but rural market limits demand pool. Operator failure, not market failure.

Brookdale bought 18 communities it had operated for 22 years from a distressed REIT at $154K/unit. Eliminated $47M in annual lease payments. Information asymmetry at its finest.

60-bed ALF with license revoked for 24 violations. Emergency transfer to Avista Senior Living, rebranded as Spring Gardens. Regulatory failure created operator opportunity.

521 units across 5 Class A communities at $374K/unit. Six-year-old stabilized assets with 7% year-one yield. Institutional pricing — requires REIT-level cost of capital.

10-bed RAL for $625K total ($575K RE + $50K business). Owner-operator clears $150-230K/yr. The gateway deal for first-time ALF investors.