Eads Investment Brokerage, a brand-new boutique seniors housing & long-term care brokerage firm led by Patrick Byrne, formerly of Senior Living Investment Brokerage, has closed $44.5 million in transactions in the past five months.
Two recent closings totaled $13.5 million between the two. One included the sale of a not-for-profit CCRC in Concordia, Missouri, and the sale of a member interest in a 475-bed skilled nursing portfolio in eastern Missouri. Starting with the CCRC deal, the 200+ bed/unit campus sponsored by a Lutheran organization has been serving the local community for over 50 years. However, the pandemic took a toll on its operations, and some much-needed capital repairs (a new boiler, roof and technology upgrades) had to be made. So, it was decided that a sale would be best for the community and its 125+ residents.
A Missouri-based family expanding into western Missouri will take on that task, purchasing the community for an undisclosed price. They will hope to benefit from the state’s improving reimbursement environment. This was the second not-for-profit CCRC sale by Eads in the five months.
Meanwhile, the 475-bed skilled nursing portfolio was owned by a partnership and had long been profitable. However, the out-of-state investor wished to exit the industry altogether after achieving his investment goals. The arm’s length purchase price, which came at a strong per-bed value, reflected the three facilities’ quality and concentration in desirable Missouri markets.
