To kick off 2023, Matthew Alley and Ryan Saul of Senior Living Investment Brokerage sold a 132-bed skilled nursing facility in Sherman, Texas, marking the 150th building that Mr. Alley and SLIB have sold in the Lone Star State across more than 16 years. They represented a private partnership based in Dallas in the deal.
While a large share of SNFs were built 40 or more years ago, this facility was built in 2006. It currently operates with 115 beds and is 63% occupied. On a trailing-six-month basis, the facility was generating more than $60,000 in EBITDAR on $6.87 million of revenues. Any positive cash flow in the SNF sector should generate interest from buyers, and a Fort Worth-based owner/operator with about 20 buildings in Texas acquired the facility for $9.125 million, or $69,100 per licensed bed and $79,300 per operating bed. The buyer also assumed a high-leverage HUD loan with an attractive interest rate, which made the bidding environment that much more robust.
