Senior Living Properties, through its affiliate SLP Operations LLC, acquired two skilled nursing facilities in Texas, bringing its total portfolio in the Lone Star State to 41 facilities. The acquisition included a 111-bed facility in West Orange (on the border with Louisiana) and a 107-bed facility in Texas City, about 40 miles southeast of Houston on Galveston Bay. Both facilities offer skilled nursing, physical therapy, post-acute care, long-term care, rehabilitation services, respite care and memory care.
Just last month, SLP Operations acquired two other Texas facilities In Mineola and Johnson City. Matthew Alley of Senior Living Investment Brokerage handled the transactions, selling the 115-bed Mineola facility for $7.4 million, or $64,300 per bed, at a 14.0% cap rate, and the 60-bed Johnson City facility for $1.2 million, or $20,000 per bed. The latter facility was struggling to breakeven and was just above 60% occupied. So, there is upside at both locations.
