Selling in Sylmar

Shep Roylance, of The JCH Group, closed the sale of a 175-bed skilled nursing facility in Sylmar, California, on behalf of the seller, LifeHOUSE Healthcare Services, which was looking to exit Los Angeles County and focus their efforts in other areas of the state. The facility is running well, with a 97% occupancy, 18.6% operating margin on $10.0 million of revenues, and successful pulmonary transitional care and stroke care programs. Also, prior to the sale, the facility received about $2.4 million in capex. Independence Healthcare Management was the buyer, purchasing the property for $14.4 million, or $82,300 per bed, with a 12.9% cap rate based on EBITDARM. Plus, included in the sale were three additional acres planned for an assisted living/memory care expansion, the details of which have not been revealed.