The first skilled nursing facility in a Kansas senior care portfolio that has recently been placed in receivership found a new owner, and hopefully a brighter future. Nick Cacciabando of Senior Living Investment Brokerage was hired to sell all three properties that were owned by a Nebraska-based owner, which included both skilled nursing and seniors housing units.
Originally built in 1966, the first facility to sell features 41 skilled nursing beds as well as 11 assisted living and 18 residential care units that were recently renovated and converted from skilled nursing. However, those new units were never able to open. Occupancy, based on the skilled nursing beds, was around 90%, but the facility was losing over $40,000 in EBITDAR on about $2.05 million of revenues.
A New York-based operator, Recover Care, emerged as the buyer, paying $1.025 million, or $25,000 per bed. They already have a significant presence in the state of Kansas, with 10 other locations clustered around Kansas City and Wichita, but this acquisition will help fill a geographic hole in their portfolio.
