Evans Senior Investments facilitated the sale of a three-property portfolio in western Ohio on behalf of Mariner Management Group, an owner/operator that is seeking an exit from the industry. Built in stages between 1990 and 2013, the three campuses comprise 317 skilled nursing beds and 209 seniors housing units. At the onset of the marketing process, the average occupancy rate was stagnant at 65%, resulting in financial challenges. There is room for improvement through leveraging hospital relationships, and, Ohio recently increased its Medicaid rate for assisted living waivers with reimbursement at $130 per day for base care.
Evans targeted a select group of qualified buyers, generating multiple competitive offers. One hurdle was a multi-million dollar liability associated with independent living entrance fees. But the deal successfully crossed the finish line, with the ultimate buyer being an owner/operator with an existing presence in the state.
