Ryan Saul and Toby Siefert of Senior Living Investment Brokerage handled the sale of two senior care facilities in Wilkes-Barre, Pennsylvania. Local media reported the acquisition in March, naming Allied Services Integrated Health System, a locally based not-for-profit health system, as the buyer. Located less than one mile apart, these were the only skilled nursing/seniors housing assets owned by the not-for-profit seller, the Diocese of Scranton, which cited the industry’s increased complexity as its reason to exit.
One of the properties was built in 1975 and 1998 with 133 skilled nursing beds and an attached 60-unit personal care community. The other property was built in the mid-1970s and features 50 skilled nursing beds, 48 personal care units and 31 independent living units. Occupancy averaged in the mid-80s, while the properties brought in a combined $700,000 in EBITDAR on approximately $20.95 million of revenues. No purchase price was disclosed.
