Patrick Byrne of Eads Investment Brokerage sold a skilled nursing portfolio in Missouri, representing a long-time Missouri operator looking to pull back to a more local footprint in the state. The six facilities are located in central and western Missouri and total 470 beds.
Operations varied across the locations, but the portfolio was generally not profitable. Average occupancy was around 60%, but one location was just 30% occupied. The facilities were built in the 1970s and 1980s, and all were substantially renovated over the years. However, some cosmetic upgrades could be needed in some cases. As was also the case at many properties in the last several years, the pandemic delayed maintenance and renovation projects.
The buyer was a growing operator in the state. Although not based locally, Missouri is their only state of operations and the portfolio fits into their current footprint and existing infrastructure. This deal more than doubles the buyer’s current holdings. The purchase price was not disclosed, but the facilities were valued between $17,500 per bed and $57,000 per bed.
