Matthew Alley and Ryan Saul of Senior Living Investment Brokerage were engaged by a local independent owner in Texas in the divestment of its only skilled nursing facility, as he looks to exit the industry. He was leasing the property to a regional operator.
Built in 1961 and renovated in 1994, Bender Terrace is in Lubbock, with 120 beds. It sits on 2.65 acres and comprises 45,664 square feet. It was 43% occupied at the time of sale. Under the previous ownership, the facility was making $4.19 million in revenues and $270,000 of EBITDAR, not including additional QIPP revenue. The buyer, a national owner/operator that operates several Texas SNFs, paid $5.85 million, or $49,000 per bed.
Additionally, Alley facilitated the sale of an eight-facility portfolio in Texas towards the end of 2024. No other details were disclosed.
