Toby Siefert and Brad Clousing of Senior Living Investment Brokerage teamed up to sell a 183-bed Washington, D.C. skilled nursing facility for $30 million, or a well above average $163,900 per bed. Built over 35 years ago adjacent to a local medical center, the facility had recently undergone $1.0 million in capital improvements, certainly lowering its effective age. It features a mix of private and semi-private units and was 94% occupied.
Its regional owner/operator sought to reduce its exposure in the D.C market, and sold the facility to a partnership between a private New York-based investment group and an East Coast regional operator at a 10.4% cap rate.
Mr. Clousing followed the D.C. closing with a sale in Gainesville, Georgia. Built in 2016, the 92-unit assisted living/memory care community has space for additional independent living units, if the new owner so chooses. With its property bordering scenic Lake Lanier, the community seems like an idyllic place to retire, making an IL expansion even more tempting.