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.