Ignite Medical Resorts is doubling down on the Kansas City skilled nursing market. Last week, the operator took over management of a 90-bed SNF on the Missouri side that was acquired by LTC Properties for $19.5 million, or $216,700 per bed. The facility was just built in 2018 and leased to Ignite under a 12-year term at an initial cash yield of 8.3%, escalating 2% annually, with two five-year renewals. Occupancy was already strong at 90%, and the facility generated more than $12 million in annualized revenues. It was also announced that Ignite would take over the operations of a 90-bed post-acute/skilled nursing facility in Independence, Missouri currently being developed by LTC and Avenue Development.

But Ignite caught fire this month, announcing its acquisition of a 96-bed skilled nursing facility in partnership with the University of Kansas Health System. Located on the Kansas side of the market, the facility will feature private rooms with 50-inch televisions, room service and spa appointments. As far as healthcare services, the facility will provide on-site pharmacy services, therapy, and cardiac, stroke and orthopedic rehab.