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Closed: The Largest Seniors Housing Transaction in Texas History

DALLAS – Regency Post-Acute Healthcare System, a Dallas firm led by Donald Kivowitz, has sold a portfolio of 33 skilled nursing facilities in Texas.

“The transaction is the largest seniors housing sale on record in Texas,” said the Marcus & Millichap real estate firm.

The 4,200-bed portfolio includes nursing homes in Houston, Austin, San Antonio, Corpus Christi, Victoria and the Rio Grande Valley. The deal includes land for future development in “south central” Texas.

Capital Senior Ventures of Baltimore bought the portfolio for an undisclosed price. Marcus & Millichap’s Institutional Property Advisors represented the seller.

“Over the last 26 years, we built a valuable business with 33 skilled nursing facilities,” said Kivowitz. “We have an excellent therapy company, a consulting company, a construction company, and a pharmacy. Ultimately we ended up with 4,300 employees taking care of 3,800 elderly and sick people. We also incorporated a skilled unit for rehabilitation where we provided services for patients who came in anywhere from two weeks to two months after hip and knee replacement surgeries.”

Joshua Jandris, Mark Myers, Peyton Stanforth, and Charles Hilding, all with IPA, represented the seller, Regency Post-Acute Healthcare System, and procured the buyer, Capital Senior Ventures. Timothy Speck is Marcus & Millichap’s broker of record in Texas.

“This is one of the largest portfolio sales of skilled nursing facilities since the $6.1 billion sale of HCR ManorCare’s portfolio to HCP back in 2011,” said Myers, executive director, IPA.

“Due to our specialization and experience, we were able to bring Regency offers from a range of unique buyers, including a family office, a publicly traded REIT, a privately traded REIT, and a private equity fund; all were credible buyers. We were able to generate three offers for Regency right away, from a targeted pool of buyers,” said Jandris, senior director, IPA.

April 4, 2016

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