Ryan Saul of Senior Living Investment Brokerage recently sold a senior care campus in Mason, Ohio. Built in 1997, the community features 105 assisted living and independent living units along with 162 skilled nursing beds. It was originally a faith-based, not-for-profit community independently owned and operated by the Jewish Home of Cincinnati.
But in 2018, another not-for-profit, Indiana Senior Housing Health Care Properties, Inc., stepped in to buy the community for an undisclosed price. They hired CarDon & Associates to operate the community and pledged to continue providing Jewish programs and services to its residents. The plan for the new owners was to grow their Ohio holdings, as this was their first Ohio operation, but that did not happen, and the property was slated for divestment.
Occupancy was strong in the skilled nursing portion, at 92%, but the pandemic took a toll on the seniors housing census, bringing it down to the mid-60s. In 2021, the whole property was losing around $1 million of EBITDAR on more than $18.4 million of revenues.
A regional operator with other Ohio communities, including near Mason, emerged from an active bidding environment as the final buyer, for an undisclosed price. With their regional presence, they plan to better manage staffing expenses, increase seniors housing occupancy, improve the SNF payor mix and find other efficiencies.
