Senior Living Investment Brokerage rang in the New Year with two transactions closed, one on the west coast and one on the east.
At a price of $1.5 million, or just over $23,000 per bed, a 65-bed skilled nursing facility in Cashmere, Washington sold to a regional owner/operator based in Idaho that is seeking to expand its presence in Washington State. Built in stages in 1962, 1976 and 1984, the facility was 91% occupied but losing money. It did, however, bring in nearly $3.9 million of annual revenue and the four-acre property provides room for expansion, so there is opportunity to add value. The buyers certainly left themselves some wiggle room with that price. Jason Punzel, Brad Goodsell and Nick Cacciabando handled the transaction.
Then, Toby Siefert sold a 172-bed skilled nursing facility in Danville, Pennsylvania, for an undisclosed price. The 40-year old facility was owned by a family who is exiting the industry. It was actually designated a CCRC, which lowered the bed tax burden in the state of Pennsylvania. Occupancy stood at 90%, with a 20% quality mix. Taking over ownership is a small regional operator based in New Jersey, which agreed to keep one of the family members on as the administrator.
