It has been a busy year for Nick Martinez & Todd Okum of O&M Investments, having closed five acquisitions in three states. Earlier this year, the firm picked up an 88-bed skilled nursing facility in Orrville, Ohio (Cleveland MSA) that was operating around breakeven, a 104-bed SNF in Richardson, Texas with a wing recently converted to skilled memory care, and a portfolio of three skilled nursing facilities in the Columbus, Ohio MSA with 297 total licensed beds.
In the fourth quarter of 2019, Messrs. Martinez and Okum closed two more purchases. First, in October they acquired a 120-bed skilled nursing facility in Fort Worth, Texas. Built in 1973, the facility was occupied in the mid-80s. It was previously leased to a regional operator that was downsizing, so O&M brought in a new operator, providing around $500,000 for capital improvements.
Next, O&M acquired two SNFs located within 25 miles of each other in the state of Louisiana. Totaling 240 licensed beds, which were 77% occupied, the facilities have been leased to a regional operator with a strong footprint in the market, and O&M will provide up to $2 million for capital improvements.