Matthew Alley of Senior Living Investment Brokerage handled the sale of a 110-bed skilled nursing facility located about 30 miles from Odessa, Texas. Built in 1996, it has 37,043 square feet on 6.1 acres, but occupancy was just 67%. Revenues and EBITDA were $4.1 million and $744,000, respectively, but the EBITDA excludes about $384,000 in payments under the UPL program in Texas, which helps to supplement Medicaid rates. The purchase price came to $5.0 million, or $45,500 per bed, with a cap rate of 14.9% excluding the UPL payments. The seller was an owner and operator in central Texas, while the buyer was an operator in the Dallas area with several facilities in the region.
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