Cheers to Matthew Alley, who just sold his 100th facility in the state of Texas since joining Senior Living Investment Brokerage in 2006. In what was his 69th transaction in the state, Mr. Alley (and Patrick Byrne) represented a public healthcare REIT in its disposition of a 75-bed SNF in the Texas Panhandle, in the town of Wheeler. Built in 1982, the facility has a long way to go to stabilization, and its rural location doesn’t make it easier. It was just 55% occupied and operated just above breakeven under management of the outgoing Texas-based SNF operator. The buyer is a regional owner/operator that focuses on the state of Texas too. It purchased the facility for $1.8 million, or $24,000 per unit, with a 15.5% cap rate.
Bradley Clousing and Jason Punzel also upped their deal count with an independent living sale in Montgomery, Alabama. Owned by a national operator, the 166-unit community was built in 1986 and 1997. It features four buildings, one of which purpose-built for assisted living, but the seller did not maintain the licensing. Plus, occupancy was just 45% occupied, and the community was losing money on about $1.53 million of revenues. A partnership between a private equity group and a Tennessee-based regional operator bought the property for $5.3 million, or $31,900 per unit, and plans to renovate and re-brand the asset within the local community.
