Improving occupancy and operating margins at a portfolio of three Pennsylvania skilled nursing facilities caught the attention of a REIT buyer and their experienced operating partner, which purchased the portfolio from a private investor. Located in the Scranton/Wilkes-Barre market, the portfolio consists of 416 licensed beds.
Things were looking up for the facilities, which were recently substantially renovated to attract a higher quality mix from six regional hospitals. Combined, they were 85% occupied and generated $34 million in revenues, with a continuously improving operating margin.
An operator with a considerable presence in Pennsylvania took over the facilities’ operations and will hope to further their improvements and profitability. Christopher Hyldahl, Michael Segal and Gideon Orion of Blueprint Healthcare Real Estate Advisors represented the seller in the transaction.
