Evans Senior Investments represented a regional, Florida-based owner/operator in the sale of two non-core assets, Pinecrest Rehabilitation Center and Tamarac Rehabilitation and Healthcare Center. That seller was NuVision Management, which commented on the eventual purchase price exceeding its expectations, especially for non-performing assets.
Built in 1967 and 1979, the two skilled nursing facilities are less than 30 miles from each other in Miami, Florida, and encompass 220 total beds. At the time of securing the buyer, both facilities were losing money, and ESI highlighted the upcoming Medicaid rate increases. No other details were disclosed.
