A Senior Living Investment Brokerage team comprising Jeff Binder, Jason Punzel, Nick Cacciabando and Jake Anderson handled the receivership sale of a senior care campus in Dubuque, Iowa. Affiliated with the two Grand Meadows campuses in Asbury, Iowa, that SLIB had facilitated the sale of in October, Luther Manor – Hillcrest Campus was previously owned by the not-for-profit Luther Manor Home, before it fell into receivership. It opened in 1969 and went through several additions through 2012 to now include 32 independent living units and 86 skilled nursing beds. The IL portion was just 59% occupied, while the skilled nursing portion was nearly full, at 98%. And the campus operated at a 3% margin on $11.7 million of 2023 revenues. By comparison, the Asbury campuses operated at around breakeven.
SLIB was engaged by the receiver to sell the campus (plus the Asbury campuses), ultimately finding a Florida-based regional owner/operator that was looking to build on its existing presence in Iowa. The purchase price was $8.5 million, or $72,000 per unit/bed.
