We hope the team of Mark Myers and Joshua Jandris from IPA Seniors Housing had a big celebratory dinner in San Diego for their latest skilled nursing transaction, which involved seven facilities and 1,456 total licensed beds. Called “The McGuire Portfolio,” these facilities are located mainly in the Buffalo, New York area (five), with one in East Patchogue, Long Island and one in Warren, Michigan.
The Warren facility was the largest with 297 beds, while the others range from 153 to 216 beds. Occupancy was the lowest at the Michigan facility (at 90%), but was consistent at around 96% across the rest of the portfolio, which averaged roughly 35 years old. The portfolio was made more attractive to buyers by its 37% quality mix, quality physical plants and five-star Medicare ratings at each property. Revenues topped $150 million, and the purchase price, which was not disclosed, came to approximately 3.5x EBITDA after the rent payments. A regional operator purchased the portfolio’s operations subject to existing leases with a REIT.
