Kansas SNF On the Road to Recovery
The first skilled nursing facility in a Kansas senior care portfolio that has recently been placed in receivership found a new owner, and hopefully a brighter future. Nick Cacciabando of Senior Living Investment Brokerage was hired to sell all three properties that were owned by a Nebraska-based owner, which included both skilled nursing and seniors housing units. Originally built in 1966, the first facility to sell features 41 skilled nursing beds as well as 11 assisted living and 18 residential care units that were recently renovated and converted from skilled nursing. However, those new units were never able to open. Occupancy, based on the skilled nursing beds, was around 90%, but the... Read More »
SLIB Closes Kentucky Value-Add Sale
A Northeast owner/operator entered the Kentucky skilled nursing market with their purchase of an 85-bed facility about ten miles north of Lexington. As they enter the state, the seller, a local owner/operator, is looking to exit the SNF industry altogether. It’s a complicated business, and getting more complex to manage by the day, so exits like that have been fairly common in recent years. Built in 1977 but well maintained with several updates to the physical plant in recent years, the facility boasted above-average occupancy of 92%. The operating margin was less impressive, at 2.3% on approximately $6.15 million of revenues. But that’s where the new owner can add value, if all goes to... Read More »
SLIB Sells Small Rochester SNF
Dave Balow and Patrick Byrne of Senior Living Investment Brokerage closed the sale of a small (and we mean very small) skilled nursing facility in Rochester, New York. Featuring just 28 beds, the facility has maintained a strong reputation in the community and boasts strong occupancy at 93%, with a quality mix of 38%. Those are some good numbers. However, the facility, which was built in 1964 and 1984, was operating just below breakeven on $1.97 million of revenues. Its private owner had decided to exit the industry, prompting a New York-based owner to step in and acquire the facility for $950,000, or $33,900 per bed. The deal is part of a larger growth strategy for the buyer in the... Read More »
Juniper Communities Shifts Focus from Florida
Juniper Communities has completely exited the state of Florida, with Bradley Clousing and Jeff Binder of Senior Living Investment Brokerage facilitating the final sale. With the transaction, the assisted living/memory care provider will now focus on its established Northeast and Colorado markets, where it has eight communities in Pennsylvania, two in New Jersey and five in the Centennial State. The Naples community was originally built in 2000, which in the heavily developed southwestern Florida market is certainly on the older side. Age isn’t everything, but it does usually affect the rents you can charge, which has a cascading effect if any fixed or variable costs were to suddenly shoot... Read More »Schedule a demo
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