A regional developer is exiting the skilled nursing industry and sold its second tranche of facilities in Texas, bringing its total divestment to 11 facilities across the Lone Star State. All told, the whole portfolio totaling 1,357 beds has sold for $90.8 million, or around $67,000 per bed.
The second tranche included four skilled nursing facilities and 505 total beds in the Dallas-Fort Worth area. Helios Healthcare Advisors was engaged as the exclusive sell-side advisor to structure a transaction that dealt with the real estate being subject to a non-performing master lease with a regional operator. Boasting a new vintage and good locations in higher barrier-to-entry, affluent suburbs, the portfolio garnered multiple bids before an Arkansas-based real estate investor with a background in operations was chosen as the buyer.
In the end, the four facilities sold for $33 million, or $65,300 per bed. The existing operator remains in place, but the buyer with its operating background will offer a guiding hand and “the tools” to help them to succeed going forward.
