A week after Matt Alley of Senior Living Investment Brokerage handled the sale of a 110-bed skilled nursing facility located about 30 miles from Odessa, Texas, he struck again in the state, selling an 88-unit independent living/memory care community in the town of Keene. Built in 1988 and renovated in 2003, the community features 56 IL units and 32 units/36 beds of memory care. With the local owner/operator managing under a forbearance agreement with their lender, the community reached occupancy of 99% and a 28% operating margin. The buyer is a hospital provider headquartered in the Dallas-Fort Worth area and is owned by funds managed by an investment advisor. They paid $7.65 million, or about $87,000 per unit, with an 8.9% cap rate.
A Keene Eye
