In a deal that went to market in mid-August and closed at the end of October, Nick Cacciabando of Senior Living Investment Brokerage sold a skilled nursing facility in Conway Springs, Kansas. Situated in the south-central part of the state, the facility was built in 1964, with additions made in 1988 and 1996. It is licensed for 45 beds, with about 27 of those occupied at the time of the sale. This was the only facility owned by the Winter family, who has owned the SNF since opening, but Wichita, Kansas-based Axiom Healthcare Services had been operating it over the last year. As of June 2020, the facility was losing more than $400,000 in EBITDAR on nearly $2.45 million of revenues.
That leaves an opportunity for the buyer, New York-based regional operator Recover-Care, to improve operations, take advantage of economies of scale from its other facilities in the state, and add value. They paid $1.125 million, or $25,000 per bed, in all cash, which certainly helped with the quick closing.
