September 6, 2019, Ben Swett, SeniorCare Investor - Three acquisitions in the last month counts as a spree, right? Well, then Cascade Capital Group is in the middle of one, having announced its acquisition of two Chicagoland skilled nursing facilities through its affiliate Legacy Healthcare.
The deal included a 214-bed SNF in Streamwood and a 215-bed facility in Wheeling. Both fall under the Bella Terra brand, which has one other location in the Chicago area (Morton Grove) along with Montana and Utah.
Last month, Cascade also added a 156-bed SNF in Aurora, Illinois, and a portfolio of four skilled nursing facilities in Florida, which sold for $49 million, or $106,500 per bed, at a 13.3% cap rate. Legacy took over management of the Aurora facility, and Citadel Healthcare is operating the Florida facilities under a lease.