An assisted living community also enrolled in New York State’s ALP program changed hands from one owner/operator to another, with Patrick Burke and Dave Balow of Senior Living Investment Brokerage handling the deal. Built in 1988 and 1998 in upstate New York, the community features 76 licensed beds in 46 units, with 25 of the beds in the ALP program, which is a Medicaid program that provides high-acuity, skilled nursing care in a lower-cost setting.
Historically well occupied above 90%, the community had been able to keep COVID out for most of 2020 but unfortunately had an outbreak at the end of the year. Occupancy and revenues dipped, but the seller was able to get COVID out and improve operations in the last few months of the sales process. An undisclosed, private owner/operator with a focus on ALPs saw an opportunity to improve operations (the margin was just over 4% before COVID) and boost the number of ALP beds by 22. They paid $3.39 million, or $73,700 per bed, for that opportunity.
