— By Blake Bozett, founder and CEO, The Zett Group — The Boise metro (Boise, Eagle, Meridian, Garden City) is made up of 75 licensed assisted living facilities, 42 of which have more than 30 licensed beds. Of those 42 assisted living facilities, the ownership type is made up of: national owner/operator (18), local owner/operator (12), REIT (4), regional owner/operator (3), local development company (2), privately held real estate investment firm (1), 1031 investment platform (1) and non-profit (1). These ownership stats aren’t necessarily unique to other metros such as Seattle and Portland with institutional capital typically owning a large share of the buildings. What’s interesting to me on a micro level is that the single asset, one to two off owners are more interested in selling than years past. What started as a simple mom-and-pop operating business a few decades ago has turned into a sophisticated and challenging operating business with extreme expense, inflationary and regulatory pressures. Having come from the operations side of the business I’ve seen many of these challenges firsthand. Therefore, it no surprise why the local owner who has owned his/her assisted living facility for 20 years may have greater appetite for selling despite less …
