As a local, Masonic not-for-profit exited its senior care campus in Bettendorf, Iowa, a Florida-based private owner stepped in to take over ownership. The buyer has additional communities in Iowa, so the deal is part of an effort to strategically grow in the eastern part of the state. Ryan Saul and Nick Cacciabando of Senior Living Investment Brokerage handled the transaction.
Iowa Masonic Health Facilities & Masonic Village is located in the Quad Cities area, near the Illinois border on the Mississippi River. It consists of a 79-bed skilled nursing facility that was originally built in the early 1900s and 40 independent living villas. Built in the late-1980s, the villas come in one- or two-bedroom floorplans, with attached garages, patio/decks and small yards. They were fully occupied but acted more as a feeder for the SNF than as a profit center. Meanwhile, the SNF portion was 87% occupied. Overall on an annual basis, the campus lost more than $900,000 on nearly $7.2 million of revenues.
The not-for-profit seller decided to turn the business over to an experienced operator that could ensure the long-term viability of the campus. It sold for $3.6 million, or $30,000 per bed/unit.
