New York-Based Owner Operator Acquires Maryland SNF
An 88-bed skilled nursing facility that was owned and operated by University of Pittsburgh Medical Center Western Maryland just sold with the help of Mark Davis of Healthcare Transactions Group. The integrated health system, one of the largest in the country with some 40 hospitals after a February 2020 merger between the UPMC hospital network and Western Maryland Health System, sold the facility to a New York-based skilled nursing owner/operator with existing SNFs in Maryland and elsewhere on the East Coast. Thoroughly renovated and upgraded, the facility is located in Frostburg, Maryland. It was originally built as a hospital and now includes a secure 22-bed Alzheimer’s/dementia unit... Read More »
Senior Living Investment Brokerage Announces Active Start to March
A slew of sales were announced by Senior Living Investment Brokerage, closing just before we headed out to NIC. And they spanned the entire senior care spectrum. First, Matt Alley and Patrick Burke represented Invesque in the REIT’s sale of an independent living community in Arlington, Texas. Built in 2002 with 178 units, comprised of 24 studio, 130 one-bedroom and 24 two-bedroom units, the community was just 67% occupied at the start of marketing. The operating margin could also be significantly improved from 4.6% on approximately $3.4 million of revenues. A small regional owner/operator saw the opportunity to add value and acquired the community for $12.45 million, or $69,900 per unit.... Read More »
Ensign Adds Two Colorado Skilled Nursing Operators
The Ensign Group added a couple of Colorado skilled nursing facilities to its portfolio. Both located in Commerce City (Denver area), the facilities include a 105-bed SNF (Ridgeview Post Acute) and an 83-bed SNF (Irondale Post Acute). The deal included just the operations of the facilities, bringing Ensign’s portfolio to 216 skilled nursing operations. The company has stated it wishes to own more of the real estate in its portfolio, and currently does at 91 facilities, but if a deal makes sense, why not? Ensign’s Colorado-based subsidiary Endura Healthcare took over management subject to long-term, triple-net leases effective March 1. Read More »
Reis Sells Stockton, California SNF
Rob Reis of Marcus & Millichap handled the sale of a 75-bed skilled nursing facility in Stockton, California, yielding multiple offers and ultimately closing over the asking price at $8.3 million, or $110,700 per bed. Mr. Reis represented the seller, a local single-asset owner that decided to sell the property to a new partnership looking to do business in California. Built in 1989 and renovated in 2009, the facility was occupied in the high-80s, with a quality mix around 20%. There are three private rooms and 36 semiprivate rooms on a 1.77-acre lot. It operated at a 15% margin on nearly $8 million of revenues and, under the previous tenant, generated more than $710,000 in triple-net... Read More »
Recent Senior Care M&A Deals, Week Ending February 28, 2020
Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice Partnership buyerSkilled nursing facility in Stockton, CA$8.3 million Wingate Healthcare2 senior living communities~$43.6 million WI-based buyerSt. Clare Terrace$2.25 million Tryko Partners3 skilled nursing... Read More »Schedule a demo
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