Stacked Stone Ventures, a real estate investment firm founded by Kent Eikanas, has made a major acquisition in the skilled nursing sector, acquiring nine skilled nursing facilities for approximately $33 million, or $66,000 per bed, at a 13% cap rate. Stacked Stone bought the portfolio in a joint venture with Praxis Capital from a large institutional skilled nursing owner.
Located in Iowa, the nine facilities feature a combined 500 beds, with some assisted living units. They were around 80% occupied and operated at a healthy margin. Accura HealthCare will continue to operate the portfolio under a NNN lease. The transaction was financed with Oxford Finance.
