The Knapp-Stahler Group at Marcus & Millichap is heating up heading into NIC’s Fall Conference, announcing three closings across the country. Nick Stahler and Jeff Gabele first sold a 120-bed skilled nursing facility in Lexington, Kentucky on behalf of a large publicly traded operator. Built in 1986 and renovated/expanded in 2011, the property is in good physical condition. Operationally, however, it experienced significant setbacks during the pandemic, but census rebounded somewhat by the end of the sales process at 70%. That allowed the original offering price to stand, but it remains undisclosed. Dwight Capital arranged acquisition financing for the buyer, a high-net-worth individual based in the Northeast with an operator partner familiar with the Kentucky market.
Then, the Knapps sold a couple of communities. Joseph and Jim Knapp handled the sale of a 106-unit personal care (assisted living)/independent living community in Pen Argyl, Pennsylvania. Built in 1996 and renovated in 2008, the community had solid occupancy throughout the pandemic. In the end, it sold for a cap rate under 7.5%, but no purchase price was disclosed.
Andrew VanZee was joined by Justin Knapp to sell a CCRC in western Iowa. Totaling 199 skilled nursing beds, 43 assisted living beds and 42 independent living units, the campus was built in stages from 1950 to 2006, with renovations throughout the years. Occupancy was over 90% before the pandemic, but it did dip in early 2021. But census had rebounded before the sale. The campus sold for over $15.7 million, or $55,300 per bed/unit, to a large institutional group.
