Jack Osteen of Sherman & Roylance closed his first senior care transaction in the state of South Carolina, selling a rural assisted living community on behalf of a single-asset owner exiting the business. Originally built in 1955 and receiving some substantial upgrades after ownership bought the property nearly 10 years ago, the community features 44 beds in 15 units, with eight semi-private units and seven four-bed wards, with each room containing a bathroom. It served a mostly Medicaid population, and occupancy was typically at 100%, with a waiting list. The community also produced around $90,000 of revenue per month, at a 20% EBITDA margin.
New ownership, a private operator, will continue operating the community in a similar manner. The purchase price was not disclosed, but considering the community’s age, Medicaid census and rural location, it likely was not above $50,000 per unit.
