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 »
Top Senior Care Facility Is Sold
Mark Davis of Healthcare Transactions Group sold a 128-bed/unit senior care facility in Maryland that is widely recognized as a preeminent facility of choice in the Washington, D.C. metro area. It has maintained a five-star rating ever since the rating system was started. The skilled nursing portion was originally built in 1958 with additions or renovations in 1965, 1986 and 2000, and currently has 66 beds. The overall occupancy averages 96% with a 48% private pay census, with 24% Medicare and 28% Medicaid. The 62-unit assisted living portion was built in 2000, and average occupancy is 90% and it is all private pay. There are two interconnected and distinct buildings, one for skilled... Read More »
Mid-Atlantic Health Care Makes An Exit
Mid-Atlantic Health Care is exiting the skilled nursing market with the sale of its eight remaining facilities in Pennsylvania. The company was still growing its portfolio (which at one point numbered over 20 facilities) as recently as December 2015, so this move, and its sale of 14 skilled nursing facilities late last year, marks a precipitous divestment. Back to the June 2017 deal, while the real estate will continue to be owned and leased by Colony NorthStar (the REIT product of the merger between Colony Capital and NorthStar Asset Management Group), Mid-Atlantic sold the operations to Lakewood, New Jersey-based Mima Healthcare. Five of the facilities are located in Philadelphia (three... Read More »High quality facility doesn’t always mean high prices
A five-star rating from Medicare should normally translate to a higher per-bed valuation when a skilled nursing facility changes hands. When you also throw in a recent build (for SNFs) in 2003 and good location in the growing Raleigh-Durham MSA of North Carolina, one would again assume this facility would command a premium in price. However, that was not (exactly) the case in the sale of Treyburn Rehabilitation & Nursing Center, a 132-bed skilled nursing facility. Owned by an in-state skilled nursing facility chain, the building is located on about 10 acres in the city of Durham. It features 50 semi-private and 30 private units, with a high quality mix of 60% (38% Medicare and 22%... Read More »Schedule a demo
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