A mom & pop sold their only skilled nursing facility in Anita, Iowa (between Omaha, Nebraska and Des Moines, Iowa), after 10 years of ownership. Featuring 46 licensed beds, the facility was built in 1965 with an addition in 1971. It was 82% occupied based on 44 effective beds, but ownership was able to operate efficiently and very profitably at an above-average margin while keeping staffing agency expenses out of the facility. Being their only facility, ownership could also focus on creating a positive culture that helps with staff retention and quality of care.
An East Coast partnership that plans to lease the facility to a growing Midwest operator based in Missouri emerged as the buyer, paying $1.6 million, or $35,000 per bed. Nick Cacciabando of Senior Living Investment Brokerage handled the transaction.
