Senior Living Investment Brokerage facilitated the sale of a skilled nursing facility in Longview, Texas. The seller was a Texas-based partnership divesting its only senior care asset. The building’s management company exited the operations three months prior to closing, which further led to the discussion of a potential sale.
Built in 1972, Havencare Nursing & Rehabilitation comprises 108 beds across 24,653 square feet on 3 acres. Occupancy was 72.2% at the time of marketing. Revenues in 2023 were $5.9 million, but the facility was operating just below breakeven. The facility is also enrolled in QIPP, which provides for additional revenue not already in the financials. The purchase price was $5.4 million, or $50,000 per bed.
Matthew Alley of SLIB handled the transaction in which there were multiple offers from both regional and national buyers. The ultimate buyer owns/operates several SNFs in Texas, including another one in the market, so the new operator plans to take advantage of scale to take the property to profitability.
