Toby Siefert and Nick Cacciabando of Senior Living Investment Brokerage closed out 2021 with the sale of a 90-bed skilled nursing facility in a tertiary market of northeastern Pennsylvania. Built in 1976 and renovated in 2012 and 2015, Athens Health and Rehabilitation was initially purchased by a private owner as a vacant, unlicensed asset and went through the process of relicensing, restaffing and lease-up. It sits on two acres across 23,924 square feet.
The facility was on an upward trajectory of lease-up until the pandemic and staffing shortages made it difficult to attain occupancy above 70%. At the time of sale, the facility had 62% occupancy, $6.06 million of revenue and negative cash flow. The private owner ultimately decided to sell the property to focus on other business lines in the hospitality industry and avoid high staffing agency costs, a wish shared by many in the industry. The buyer and purchase price were not disclosed.
