A skilled nursing facility in an affluent Houston, Texas suburb found a new owner thanks to expertise of Adam Heavenrich of Heavenrich & Company. Built in 2009 on an 80-acre medical campus that is anchored by the Kelsey Seybold Clinic, the facility features 120 beds. Owned by a publicly traded REIT and operated by StoneGate Senior Living, it was around 76% occupied at the time of the sale. The property was well maintained, which a new owner could use to boost census and value.
Heavenrich & Company received multiple bids on the facility and ultimately selected O&M Investments, a private equity firm led by Nick Martinez and Todd Okum. The purchase price came to $5.3 million, or over $44,000 per bed.
But Messrs. Martinez and Okum were not done, also acquiring a skilled nursing facility in Odessa, Texas. Occupancy was also around 75%, and O&M will assume a long-term lease with a strong regional operator. They bought the property for approximately $32,000 per bed. Not many firms are buying SNFs these days, but O&M clearly sees the opportunity.
