Evans Senior Investments arranged the sale of two skilled nursing facilities located about 10 miles apart in southwest Louisiana on behalf of an independent owner. Built in 1970 and 1972, the facilities comprise around 350 beds and are situated in Lake Charles.
Prior to the pandemic, the facilities maintained an average occupancy rate of 72%. As if the pandemic was not bad enough, in the summer of 2020, Hurricane Laura devastated the area resulting in both facilities undergoing significant renovations. Since reopening, the facilities have struggled to achieve pre-pandemic and pre-hurricane census levels. At the time of marketing, the facilities were still recovering from a census standpoint. But the family that owned the asset was working to close out the estate and slated the facilities for sale.
There were six offers for the facilities, and, after reviewing them to ensure alignment with the seller’s preferences, Tutera Senior Living and Healthcare, the in-place operator, was selected as the buyer. Evans was able to optimize proceeds for the seller, while concurrently minimizing the overall tax burden for the family estate via a stock sale.
