Two Senior Living Investment Brokerage teams sold a couple of senior care facilities in the Southeast. Jeff Binder and Nick Cacciabando first represented a local owner/operator in their exit from the skilled nursing industry by selling their 130-bed facility in Hollister, Missouri, near Branson. The facility was built in 1984 on top of a hill and offers views of Lake Taneycomo. It maintained consistent revenue and occupancy throughout the last three years, most recently (in 2022) generating about $6.45 million of revenue, with an 8% margin and 75% occupancy.
Emerging from multiple offers, the eventual buyer was a Missouri-based owner/operator of skilled nursing facilities with one of the largest portfolios in the state. Prior to the purchase, the buyer had been leasing the facility for more than 20 years. With such a strong operating history at the facility, it is no wonder the seller selected them. The purchase price was not disclosed.
Binder also teamed up with Patrick Burke, Daniel Geraghty and Brad Clousing to sell a 37-unit assisted living/memory care community in between Winston-Salem and Greensboro, North Carolina. Built in 1990 and 2010, the community features 30 assisted living and seven memory care units. Based on the 62 licensed beds, occupancy was 43% in September 2022, and the community was losing more than $1 million on $1.35 million of revenues.
The community’s institutional capital provider was looking to exit, as this was an operational outlier due to the community’s size. A local owner/operator based in North Carolina stepped in to buy the property, at an undisclosed price.
