Post Acute Partners continued its growth in upstate New York, acquiring another not-for-profit skilled nursing facility in the Rochester area. A few years after it closed the acquisition of Elderwood Senior Care and its 16 senior care facilities (nine skilled nursing facilities, five assisted living communities and two independent living communities) all located in New York, the NYC-based firm has acquired seven more facilities, five of them from not-for-profit owners in its bid to become the largest provider of post-acute care services in upstate. Post Acute Partners most recently purchased a 126-bed skilled nursing facility in Lockport for $10 million, or $79,365 per bed.
Previously owned and operated by the Independent Order of Odd Fellows, the facility has struggled in recent years to break even on approximately $11 million of revenues, with management citing cuts to Medicaid (its majority census) and Medicare reimbursements and increasing demands from its unionized labor as contributing factors. The Order’s board had been seeking a buyer for several years, eventually agreeing with Post Acute Partners. Within the facility there is a nine-bed hospice unit that opened in 2014 and is operated in collaboration with Niagara Hospice. The transaction is pending approvals by the State Department of Health, which we know can take some time.
