We’ve heard it plenty of times in the last year, but an owner/operator is exiting the skilled nursing market with the sale of their three Texas skilled nursing facilities. The portfolio featured some assisted and independent living units, with a total of 473 beds/units. The facility in Waco is comprised of 90 skilled nursing beds, 72 assisted living units and 25 independent living units, and was 98% occupied. The facility in Richardson contained 106 skilled nursing beds and 62 assisted living units, and had a census of just 65%. Lastly, the 119-bed facility in Austin, which was solely skilled nursing, was 85% occupied. The portfolio, built from 1986 to 1988, was only operating at a 13.6% margin, but the new owner, an independent owner/operator based out of Louisiana, can take advantage of some rate increases for both Medicare and Medicaid. The purchase price was $30.5 million, or approximately $64,500 per bed/unit, with a 9.3% cap rate. Taking advantage of these heady times, the seller exits the industry with this sale, which was handled by Matthew Alley of Senior Living Investment Brokerage.
Owner of three Texas SNFs exits the market
by Steve Monroe | Jun 3, 2015 8:44 am | Acquisitions | 0 comments