Senior Living Investment Brokerage notched a few more sales in its belt this month, including two skilled nursing deals and an assisted living acquisition. First, Matthew Alley headed to the Mexican border in the town of Weslaco, Texas to close the sale of a 147-bed skilled nursing facility. Built in 1967 and 1996, the facility was just 78% occupied and operated at an 8% margin on about $7.85 million of revenues. A Dallas-Fort Worth area-based owner/operator decided to sell the asset to another DFW-area real estate owner for $5.25 million, or $37,500 per bed. An operator with other skilled nursing facilities in the state will take over management.
Nick Cacciabando and Jeff Binder of Senior Living Investment Brokerage followed that up with their own sale of a senior care campus in Ulysses, Kansas. Owned by Grant County, the campus includes a 60-bed skilled nursing facility built in 2009 and a 20-unit (24-bed) assisted living community built in 2000. Despite the relatively new builds, strong occupancy in the SNF (98%, compared with 50% for the AL) and $4.5 million of annual revenues, the campus was losing more than $1.0 million a year. Private ownership in the form of a regional owner/operator based in Topeka, Kansas has taken over, as it continues to grow its portfolio and economies of scale in the Kansas market. The purchase price came to $2.75 million, or $34,375 per bed/unit.
