The team at Evans Senior Investments ended their 2021 with a bang, closing the sale of an eight-property senior care portfolio in Ohio for $70 million, or about $90,000 per functional bed/unit. Across the eight properties, there were 623 licensed skilled nursing beds, of which 614 were functional, 176 licensed assisted living beds (140 functional) and 22 independent living units. Located in tertiary markets, they were determined to be non-core by the Ohio-based owner/operator seller, which decided to strategically divest the entire portfolio. While under contract, however, the portfolio received a large Medicaid rate increase of almost $30 per patient day, which was projected to add an additional $2.5 million in revenue for the new ownership group in 2022. That buyer was a regional owner/operator looking to grow their skilled nursing presence in the state.
This deal takes Evans’ total transaction volume for 2021 to $715 million, but we heard there were several more closings that took place in the last days of the year that brought the 2021 total to $920 million.
