Andrew Montgomery of Montgomery Intermediary Group has reported a strong start to the year, closing four separate transactions, so far, and announcing an additional deal from October of last year. That one involved a 130-bed skilled nursing facility in St. Louis, Missouri. Built in the early 1900s, the facility was cash flowing with occupancy trending around 60% to 65% at the time of sale. The seller was an owner/operator that had been in the business for decades. Medicaid rates in Missouri are still on the lower end, but it was performing well for some time. The buyer was an owner/operator with SNFs across Missouri.
Next were three transactions in rural Missouri that closed in late January. MIG facilitated the sale of a 60-bed SNF as the seller, an owner/operator that continues to grow, deemed the facility to be an outlier. The buyer was a Missouri-based owner/operator that has SNFs throughout the state. MIG also sold a 40-bed SNF on behalf of a group of investors that had been in the industry for decades and were seeking retirement. The buyer was a Missouri-based owner/operator with a large footprint in the state. Then was the sale of another 60-bed SNF with the seller again being a group of investors that had been in the industry for decades and were seeking retirement. The buyer was also a Missouri-based owner/operator.
Lastly (for now), Montgomery was engaged in the divestment of an assisted living and memory care community in Eastern Tennessee. The out-of-state buyer is working with a management company with a footprint in Tennessee and some surrounding markets. The deal closed at the start of February. Congrats to all parties involved in the five separate transactions.