Matthew Alley of Senior Living Investment Brokerage sold a skilled nursing facility in La Marque, Texas, on behalf of a local family partnership divesting its only senior care asset. The buyer owns and operates several SNFs in the state and expects to take advantage of that regional presence to increase profitability.
Built in 1998 and renovated in 2009, the facility has 120 beds. It was 75% occupied but was losing more than $500,000 on $6.74 million of revenues at the time of marketing. However, it was enrolled in QIPP privately, which provides additional revenue not included in the financials. The buyer expects to benefit from an expanded QIPP program beginning on September 1, 2024. They paid $8.875 million, or $74,000 per bed.
This represents the 160th building that SLIB has sold in the state of Texas.
