Mark Davis of Healthcare Transactions Group sold a 128-bed/unit senior care facility in Maryland that is widely recognized as a preeminent facility of choice in the Washington, D.C. metro area. It has maintained a five-star rating ever since the rating system was started.
The skilled nursing portion was originally built in 1958 with additions or renovations in 1965, 1986 and 2000, and currently has 66 beds. The overall occupancy averages 96% with a 48% private pay census, with 24% Medicare and 28% Medicaid. The 62-unit assisted living portion was built in 2000, and average occupancy is 90% and it is all private pay.
There are two interconnected and distinct buildings, one for skilled nursing and the other for assisted living. The skilled nursing portion is currently undergoing a $1.0 million addition and renovation. While the price is confidential, annual revenues were $12.25 million and it ran at a 17% operating margin. The facility has been family-owned and operated for more than 30 years, and the buyer is a large regional operator of skilled nursing and assisted living communities. Given the quality, we imagine it sold at a hefty price, and it was Healthcare Transaction Group’s 21st sale of a Maryland senior care property.