Older, Underperforming Ohio SNF Sold By ESI
Evans Senior Investments (ESI) closed the sale of a 180-bed skilled nursing facility in Ohio for $10.75 million, or $60,000 per bed. Built in 1965 with a $220,000 renovation in 2019, the facility has nine private units with the rest being semi-private occupancy. In 2019, the facility posted $10.3 million in total revenue and 72% occupancy. Despite the large revenue generation, the facility was not very profitable due to the below average Medicaid rate and low post-acute rehabilitation census. Beginning in March 2020, the facility’s census began to decline to a low of 43% due to bans on admissions and a lack of elective surgeries from hospitals resulting from the pandemic. ESI represented... Read More »
SNF Portfolio Sells in Massachusetts
Real estate investment firm Eagle Arc Partners has purchased a portfolio of three skilled nursing facilities in Massachusetts from an independent owner/operator seeking to exit the skilled nursing industry. The portfolio, which had an 80% average occupancy rate, comprises 384 licensed skilled nursing beds (359 functional beds). All three facilities were located eight to 10 miles north of downtown Boston and had a five-star rating from Medicare. The facilities earned combined revenues of $40.7 million and had an NOI of $2.03 million, for a 5.0% margin. Not bad, but could certainly be improved. The state of Massachusetts recently instituted new legislation that would eliminate all three... Read More »
Louisiana SNF Portfolio Finds New Owner
A Louisiana-based owner/operator looking to exit the long-term care industry has sold a portfolio of five skilled nursing facilities with the help of Evans Senior Investments. The portfolio, which ranges in age from 10 to 25 years old (with the exception of one property), was sold across three separate transactions. First, a 130-bed SNF sold in Rayne, Louisiana for $14 million, or $108,000 per functional bed. While the facility is licensed for 130 beds, it has an additional 54 banked beds that could be used for an expansion in the future. The property generated revenues of $8.5 million and NOI of $1.1 million at the time of marketing, and had a 71% occupancy. A regional owner/operator... Read More »
Owner Divests Eight-Property Ohio Portfolio
The team at Evans Senior Investments ended their 2021 with a bang, closing the sale of an eight-property senior care portfolio in Ohio for $70 million, or about $90,000 per functional bed/unit. Across the eight properties, there were 623 licensed skilled nursing beds, of which 614 were functional, 176 licensed assisted living beds (140 functional) and 22 independent living units. Located in tertiary markets, they were determined to be non-core by the Ohio-based owner/operator seller, which decided to strategically divest the entire portfolio. While under contract, however, the portfolio received a large Medicaid rate increase of almost $30 per patient day, which was projected to add an... Read More »Schedule a demo
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