Senior Living Investment Brokerage’s Matthew Alley handled the sale of Retama Manor Nursing Home, a 142-bed SNF in Victoria, Texas. Built in 1969, the 29,510-square-foot facility sits on three acres and has a 50% occupancy. Its revenue came close to $4.7 million, which does not include additional QIPP revenue, but the facility was not profitable.
A healthy bidding environment for the facility pushed the price above asking, or more than $25,000 per bed. The seller is an independent owner that had a lease in place with an operator that chose to exit when its agreement expires on December 31, 2021. The buyer is an owner/operator that will be taking over operations on January 1, 2022. The transaction closed at the start of December, within three months of LOI.
