Jeff Binder and Ryan Saul of Senior Living Investment Brokerage started March with the sale of a 137-bed nursing facility in Missouri. It was relatively large at 137 beds, but occupancy was near 50%. It was not too old, having been built in stages in 1984, 1989 and 1994, but 25 to 35 years old is still old.
Located in Ballwin (St. Louis MSA), it was sold because of the facility’s underperformance, despite its good location, by a large Missouri operator. The buyer plans on doing significant renovations and refreshing of some common areas, as it wants to expand its services into the St. Louis MSA. The buyer was selected in September from a pool of five offers.
