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Contact Information:
Charles Bissell, MAI, CRE
National Practice Leader
Phone: (972) 960-1222
Cell: (972) 567-5380
Email: cbissell@irr.com
Brian Chandler, MAI, MRICS
Director/Assistant National Practice Leader
Phone: (972) 960-1222
Cell: (214) 808-0044
Email: bchandler@irr.com
David E. Dodd, MBA
Director, Senior's Housing / Health Care Tax Practice
Phone: (972) 764-4200
Cell: (214) 454-4080
Email: ddodd@irr.com
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Property Tax Services
Seniors Housing assets include a significant amount of business and other intangible value that is not taxable under the majority of the tax codes across the U.S. The IRR Seniors Housing and Healthcare Property Tax Practice specializes in the identification and bifurcation of taxable real estate value from the going concern value, and provides the following traditional tax services:
We have a dedicated property tax team that deals only in seniors housing and healthcare assets. We presently represent more than $5 billion in assets across the country.
For more information contact David E. Dodd, Director, Senior's Housing / Health Care Tax Practice
Email: ddodd@irr.com Phone: 972-764-4200
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New Office
On March 3, Integra Realty Resources DFW, LLP, officially opened its new Dallas-area office in Richardson. In attendance to enjoy many of the festivities were several city officials, chamber of commerce members, clients, and employees of Integra Dallas and Fort Worth Offices.
Pictured Above from Left to Right: William Sproull, Richardson Chamber of Commerce; Jim Strand, Avnet; Charles Bissell, Integra Realty Resources; Jeanne Hooker, Atmos Energy; Charlie Chen, DFW Technology; Mark Lamb, Integra Realty Resources.
Eastside Richardson Development
The office is located at Eastside-Richardson, a mixed-use development property at the corner of Highway 75 and Campbell Road. Partners Charles Bissell and Mark Lamb graciously accepted membership into the Richardson Chamber of Commerce that evening as shown in the photograph above.
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Sean Reilly, MAI, Joins IRR
The newest addition to the Integra Realty Resources Seniors Housing & Health Care Specialty Practice is Sean Reilly, MAI. Sean joined the Senior Housing team in March 2011. He has actively been engaged in real estate valuation and consulting since 1993. Sean has extensive experience in consulting and valuation of a wide variety of commercial, retail, industrial, and residential properties including office buildings, shopping centers, industrial, senior housing, multi-family, hotels and vacant land. Sean has previously held the positions of managing director of Integra Realty Resources - Milwaukee (2003-2007) and director in Cushman & Wakefield's Senior Housing Group (2007-2011). Since 2007, Sean has been a Seniors Housing and Health Care Specialist. Sean offices in Fort Myers, Florida. Sean can be contacted at (239) 489-2000 or at sreilly@irr.com. |
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Recently Completed Assignments
The IRR Seniors Housing/Health Care team has been working on a diverse mix of assignments this year. Recently completed engagements include the following:
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Appraisal of a Portfolio of 29 Class Assisted Living Facilities for CMBS Financing -
Appraisal of a Portfolio of 7 Skilled Nursing Facilities for HUD LEAN Financing -
Appraisals of a Portfolio of 46 Seniors Housing Facilities for FNMA Financing -
Market Analyses for Purchase Due Diligence on a Portfolio of 8 Independent Living Facilities -
Purchase Price Allocations on a Portfolio of 34 Skilled Nursing Facilities -
Appraisal of a Heart Hospital -
Appraisal of a Critical Asset Hospital -
Appraisal of a Medical Campus Including an LTACH, SNF, ALF and MOB -
Appraisal of a Portfolio of 10 Entry Fee CCRCs -
Property Tax Reduction - CCRC in downtown Seattle, WA. Increased exepmtion over 10%. Decreased assessment $20 Million+ -
Property Tax Reduction - CCRC facility in MA. Lowered the taxable value over $67 Million -
Property Tax Reduction - IALF in CO. Lowered the taxable value over 65%
How can we help you with your valuation, consulting, or property tax needs?
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IRR Market Insight
In the past 12 months, the seniors housing industry has seen a huge amount of product be acquired by the REITs operating in this sector. This includes HCP's $6.1 billion acquisition of the ManorCare portfolio, Ventas acquirng Atria for $3.0 billion, and dozens of smaller transactions. We are frequently hearing the lament that REITs are driving up prices and driving everyone else out of the market. Well, on the biggest deals, that may be the case, but many smaller deals are being done by institutional investors, operators, and value add investors. While the REITS are certainly making the headlines, they are far from dominating the market at this point.
I was asked by a major lender the other day what the prospects are for smaller operators going forward, given the recent dominance by the REITs and the larger operators they typically partner with.
It took me only a moment to reflect on this, and respond with the opinion that smaller operators will continue to thrive over the next few years, despite the fact that the biggest players will likely continue to get bigger. I am constantly impressed by the quality of staff that many of the smaller operators have, and the innovations that smaller operators introduce to the market. One community in the northeast I visited uses only locally produced produce. Another community has computer systems that utilize historic photographs of the town they are located in to help stimulate the memory of dementia care patients. A community in Seattle I recently toured is offering acupuncture to its residents, with great success. And in Santa Rosa, California, a community has a wine cave and is growing grapes to produce its own wine for residents and visitors to enjoy!
In the years to come, I expect to see more innovations, and expect to see many smaller operators thrive through effecient operations, selective development, and executing successful turnarounds. While there are advantages to being the big kid on the block, there can also be advantages to being the small nimble kid on the block.
Charles Bissell, MAI, CRE
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