SLIB Sells Portfolio in Arkansas
Nick Cacciabando and Patrick Burke of Senior Living Investment Brokerage sold a portfolio of three properties located in Arkansas. Consisting of 175 units of private pay assisted living, the properties average 6 acres and 52,000 square feet each and were built in the late 1990s. The seller, a local family owner/operator, developed the three properties and retired from the seniors housing industry with this divestiture. The buyer is a private national company based in New York who will enlist an operating partner to manage the property. This is their first acquisition in the state of Arkansas, but they own and operate communities in several neighboring states. No purchase price was... Read More »
Illinois-Based Owner/Operators Exchange Underperforming SNF
An undisclosed Illinois owner/operator recently purchased Cotillion Ridge in Robinson, Illinois. Located three hours east of St. Louis and two hours west of Indianapolis, this smaller, 67-bed skilled nursing facility was an outlier for its previous owner, also an Illinois-based owner/operator. The property was built on two acres in 1972 with additions in 1982 and 2001, and was 54% occupied at the time of sale. The buyer plans to bring ancillary services into the facility and focus on building census. Whereas the seller was focused on quality mix (29% private pay and 24% Medicare), the buyer specializes in operating with all types of payors and should be able to improve occupancy though... Read More »
SLIB Sells AL Community in Florida
Senior Living Investment Brokerage’s Bradley Clousing and Daniel Geraghty handled the sale of a 98-unit assisted living/memory care community in the Orlando, Florida MSA. Built in 1998, a publicly-traded REIT sold Savannah Grand of Maitland to a regional owner/operator. The buyer is planning a significant renovation to the community to stabilize operations and census. No other details or the purchase price were disclosed. Read More »
SLIB Sells Pennsylvania SNF
Toby Siefert and Nick Cacciabando of Senior Living Investment Brokerage closed out 2021 with the sale of a 90-bed skilled nursing facility in a tertiary market of northeastern Pennsylvania. Built in 1976 and renovated in 2012 and 2015, Athens Health and Rehabilitation was initially purchased by a private owner as a vacant, unlicensed asset and went through the process of relicensing, restaffing and lease-up. It sits on two acres across 23,924 square feet. The facility was on an upward trajectory of lease-up until the pandemic and staffing shortages made it difficult to attain occupancy above 70%. At the time of sale, the facility had 62% occupancy, $6.06 million of revenue and negative... Read More »Schedule a demo
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