Forest Healthcare Properties closed two separate transactions in Massachusetts and New York in September. Jeffrey Vegh and Joe Schiff handled the transactions.
First, Vegh and Schiff facilitated the sale of a skilled nursing portfolio in the Boston, Massachusetts MSA, which has attractive new reimbursement rates. The portfolio comprises three assets with 283 beds and has an average age of 45 years. The facilities were performing well, with an average occupancy rate of 85%.
There were multiple sellers, and the ultimate buyer is a new owner/operator entering the state for the first time through this acquisition. The buyer’s portfolio comprises additional facilities in Michigan.
Next, Forest was engaged by a large company in its divestment of a skilled nursing facility in New York. The well-performing facility, built in the 1970s, features 183 beds in Queens and had an occupancy rate of 96% at the time of the sale. The buyer was an existing owner/operator looking to expand its NY footprint.
