Jim Baranello of The Prestige Group handled the sale of a distressed personal care/memory care community in Larksville, Pennsylvania, in the Scranton/Wilkes Barre MSA. Built around 2000 and acquired by the current mom & pop seller soon after, the community has 52 beds. It had experienced low census in the 60% range for several years, and the operating environment was obviously made only more difficult in 2020.
The sales process started earlier this year, but the final purchase price (which remains undisclosed) stayed approximately the same. A private buyer with other properties in the region stepped in to acquire the community and has plans to improve census and invest in renovations while some units are empty.
