Evans Senior Investments arranged the sale of a 45-bed post-acute rehab facility in Las Vegas, Nevada. Understandably, with its newer vintage, all-Medicare census and higher and higher acuity patient base, the facility traded for a high per-bed price, at $8.5 million, or $188,900 per bed. The transaction was executed on behalf of a regional owner/operator.
The facility, exclusively licensed to accept Medicare only, was built in 2015. At the time of marketing, it was 73% occupied and had struggled to maintain healthy occupancy levels in previous months. Despite that, the facility’s growth potential and the anticipated Medicare rate increase set to take effect this year presented a valuable opportunity for the right buyer.
The previous owner/operator made the strategic decision to divest this asset to better concentrate on their regional portfolio. This was their only asset outside of the state of Michigan, and managing a single facility in the state presented challenges due to a lack of economies of scale.
Evans reached out to a select group of prospective buyers, resulting in a competitive bidding environment that ultimately led to the selection of a national owner/operator with an existing presence in the state. The LOI was executed within nine days and the transaction was completed within four months of Evans launching its marketing campaign.
