Despite Declining Operations, Minnesota Skilled Nursing Facility Sells
It looks like Ray Giannini (of Marcus & Millichap) isn’t taking a vacation this summer, as he just closed the sales of a skilled nursing facility in Minnesota and a senior living community in Iowa. The Caledonia, Minnesota facility has a long history serving the health care needs of the area. Originally opened in the early 1900s as a hospital, the building expanded in 1962 and 1976, and now features 50 skilled beds, as well as a 16-unit assisted living community (added in 1987). Plus, the SNF was extensively renovated in 2012 at a cost of $1.4 million. Services there include physical, occupational and speech therapy programs, along with respite and hospice care. However, while the AL... Read More »
Continuum of Care Sells in Washington, D.C.
Healthcare Transactions Group managed to sell not only the operations of a 230-bed skilled nursing facility in Washington, D.C., but also a home health agency and a nursing school too. Annual revenues for the combined business totaled about $25 million, and census at the SNF was nearly full, at 98%. Also based in D.C., the home health agency is licensed for both Medicare and Medicaid patients, and the nursing school primarily trains CNAs and home health aides. That must help with staffing, which in turn may help in maintaining that 98% occupancy. The buyer, a Brooklyn, New York-based regional operator with several other skilled nursing facilities in Washington, D.C., did not purchase the... Read More »
Evans Senior Investments’ Tar Heel State Transaction
A publicly-traded REIT divested a non-core skilled nursing facility in North Carolina. They were represented by Evans Senior Investments, which brought in a growing regional owner/operator as the buyer. Located in a tertiary market outside of Charlotte (in the town of Gastonia), the facility was operated by a national operator but averaged just 70% occupancy at the time of the sale. This offered an opportunity for the new owner to reposition the facility in the local market and improve census (and add value, of course). Paying $7.0 million, or about $59,000 per bed, the buyer expanded its presence in North Carolina. Now, the work begins. Read More »
New Jersey Owner Charges Ahead in Petersburg, Virginia
A senior living operator is growing its portfolio outside of the Garden State for the first time, in a deal facilitated by Andrew Hilding, Josh Jandris and Mark Myers of IPA Seniors Housing. The target is located in Petersburg, Virginia, and features a 39-unit assisted living community and a 32-unit memory care community on the same campus, with 102 total licensed beds. It was previously owned by a large operator that primarily serves the Midwest and mid-Atlantic regions. This is the buyer’s first community outside of New Jersey, which will look to enhance operations and make necessary improvements at the property. Read More »
Senior Living Investment Brokerage’s Summer Surge
As the temperatures rose, the team at Senior Living Investment Brokerage heated up too, following up its portfolio closing in Florida with two deals in the Lone Star State. First, in east Texas, Matthew Alley worked with an independent owner/operator to sell their long-held skilled nursing facilities in Grand Saline and Athens. Built in the 1960s, the facilities were operating just above breakeven on approximately $3.5 million of combined revenues. The 76-bed facility in Grand Saline was 65% occupied, while the 82-bed Athens facility had run into some major regulatory issues and was just 52% occupied. Another independent owner/operator based in the Dallas/Fort Worth area stepped in as the... Read More »Schedule a demo
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