Sonida Senior Living and JV Partners Recapitalize Nine Senior Living Communities
July 2, 2024
Sonida Senior Living entered into two joint-venture recapitalizations in late May and early July 2024 — a 51% stake with Palatine Capital Partners and a 33% stake with KZ Family Ventures — acquiring eight senior living communities (790 units) and adding a previously announced 100-unit community in Macedonia, Ohio for a total of nine new communities. Sonida will operate the assets on behalf of the joint ventures, driving occupancy and margin recovery and creating greater density in Texas and the Midwest to realize operating efficiencies and double-digit NOI yields at stabilization.
- Buyers
- Sonida Senior Living, Inc., Palatine Capital Partners, KZ Family Ventures
- Targets
- Senior living communities (San Antonio, Texas) - 2 properties, Senior living community (Austin, Texas), Senior living community (Atlanta, Georgia), Senior living community (Cincinnati, Ohio), Senior living community (Cleveland, Ohio), Senior living community (Kansas City, Missouri), Senior living community (Louisville, Kentucky), Assisted living and memory care community (Macedonia, Ohio) - 100 units
- Industry
- Healthcare Services
- Location
- United States
- Transaction Type
- Recapitalization
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