Second-Generation Owner Exits Skilled Nursing Business

Bradley Clousing, Daniel Geraghty and Toby Siefert of Senior Living Investment Brokerage helped a second-generation owner of a skilled nursing facility in Northport, Alabama (Tuscaloosa MSA) exit their only asset and the industry altogether with the facility’s sale.

Built in stages from 1973 to 2008, the facility earned a good reputation in the local market and was 90% occupied with a 46% quality mix. It also has a well-maintained physical plant and a high percentage of private units across the 182 total beds. The operating margin, however, can be significantly improved from the current 2%.

That onus will be on a private group based in New York who is looking to expand in growing markets across the Southeast. Paying $15.5 million, or $85,200 per bed, they were assisted by Lazmore Capital on the transaction.

 

 

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