After over 70 years of providing skilled nursing services in the Philadelphia area, a Catholic not-for-profit, the Ministry of Felician Franciscan Sisters, decided to divest its 176-bed skilled nursing facility with the help of Justin Knapp and the East Coast team of the Knapp-Stahler Group at Marcus & Millichap. St. Ignatius Nursing & Rehab Center was built in 1952 and features all dually certified beds across 96,000 square feet. Occupancy was above 70%, and the overall operations and cash flow could be improved.
As part of their strategic initiatives, leadership at St. Ignatius elected to pursue a sale with an experienced and growing operator. The Knapp-Stahler Group procured over a dozen offers before Allaire Health Services was ultimately chosen as the buyer. The transaction closed with the facility selling for over $70,000 per bed.
