Evans Senior Investments Closes High-Priced SNF Sale
Skilled nursing facility prices may have tempered from their peak in 2016 (we hosted a webinar on the very subject last month), but Evans Senior Investments bucked that trend by selling a pair of New Jersey skilled nursing facilities for $31.5 million, or nearly $190,000 per bed. The facilities’ locations probably had the most impact on that high price, as they were located just 16 miles apart in Ridgewood and Montclair, just outside of New York City. Other factors would normally suggest a lower price, however. Both were originally built in the 1960s but have received updates in the last five years. Occupancy averaged in the mid-80s, with one facility reporting a 50% quality mix while the... Read More »
Behavioral Skilled Nursing Facility Sells In Tucson
A unique skilled nursing facility with a sizable behavioral health census sold in Tucson, Arizona, in a deal handled by Evans Senior Investments. Those behavioral beds proved to be quite the boon to cash flow, with their Medicaid rate nearing $300 per day. Apart from them, the facility had several areas to improve on, including its 71% census, 16% quality mix and operational capacity (just 211 of 240 total licensed beds were functional). Operated by Avalon Health Care Group, the 35-year old facility did have the advantage of being located 500 feet away from a 227-bed hospital. Its independent ownership group elected to sell to reinvest their capital. A Chicago-based owner/operator,... 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 »
Two New Communities Trade In Arkansas
Evans Senior Investments closed out May by closing the sale of two private pay senior living communities in Arkansas for a combined $37.965 million, or $183,000 per unit. Located in the towns of Rogers and Bentonville (about 10 miles apart), the communities totaled 56 independent living cottages, 116 assisted living units and 36 memory care units, all with private bathrooms and modern finishes. Built a few years ago, the Rogers community was 77% occupied, with a 24% EBITDAR margin over the previous 12 months, while the Bentonville community had only just opened in 2017 and was still leasing up. The seller was a regional owner/operator (represented by ESI). A joint venture between... Read More »Schedule a demo
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