Ryan Saul of Senior Living Investment Brokerage facilitated the sale of a 156-bed skilled nursing facility in New Albany, Indiana, on behalf of the same investor he sold the property to roughly 10 years ago. Located across the Ohio River from Louisville, Kentucky, this one-story facility was built in 1974 with 152 beds.
The current seller, TMV Properties (a private partnership), purchased the facility in early 2007 for $5.7 million, or $37,500 per bed, when occupancy was 80% and quality mix was just 20%. TMV, which operated one other facility in Indiana at the time, invested in improvements and brought therapy services in-house. Both occupancy and quality mix have improved since then, and after turning around the operations, TMV has now decided to exit the asset, selling the facility to CarDon & Associates Inc., which in turn plans to invest significantly in capital improvements. Although the 2018 purchase price was not disclosed, we imagine given the operational turnaround, it is more in line with current market levels.
