Saul And Clousing Close On Cleveland Campus Sale
A healthcare campus in Cleveland, Ohio with both skilled nursing and Medicaid-waiver assisted living beds just sold to its in-place operating group. Ryan Saul and Brad Clousing of Senior Living Investment Brokerage represented the private partnership seller, which was divesting the property to focus on other investments and areas of the country. Originally built in 1978, with improvements made in 1991 and 2014, the community’s independent living units were converted to assisted in 2014. Operations could improve, as the 66-unit assisted living community was 59% occupied and the 99-bed SNF was 79% occupied. However, one AL wing with 24 units was being renovated at the time of the sale,... Read More »
SLIB Sells Value-Add Skilled Nursing Facility In Texas
Certainly having seen better days, a 120-bed skilled nursing facility in Bastrop, Texas with occupancy just below 50% sold for $3.5 million, or $40,700 per operating bed. Originally built in 1987, the facility is licensed for 120 beds, but operated at just 86 beds at the time of the sale, with EBITDA around breakeven. A publicly traded REIT was the previous owner, with a Texas-based group looking to lessen its exposure to the central Texas market as the outgoing operator. The new owner is a self-advised real estate company with a focus on seniors housing, and will look to add value in the asset. Matthew Alley of Senior Living Investment Brokerage handled the transaction. Read More »
Tryko Partners Grows Again
A few weeks after HCR ManorCare filed a pre-packaged bankruptcy petition, yet another one of its skilled nursing facilities has been sold. This facility is located in Yeadon, Pennsylvania, which is outside of Philadelphia, and Tryko Partners was the buyer. Built in 1995, the 129-bed facility is located adjacent to Mercy Fitzgerald Hospital, which is part of the Mercy Health System. Apparently, this was not one of the underperforming facilities operated by HCRMC, as it maintained a four-star rating from CMS and a five-star rating for quality measures. Nice to hear. Tryko’s affiliate, Marquis Health Services, will operate the facility and they expect to invest more than $2.5 million in the... Read More »
Pathway to Michigan
Jeff Binder, Brad Clousing and Ryan Saul of Senior Living Investment Brokerage represented a public REIT in their divestment of a Grand Rapids, Michigan-area assisted living/memory care community as part of a broader repositioning effort with its existing tenant portfolio. Built in 2001, the community is located in the town of Kentwood, about 10 miles south of Grand Rapids. With 103 licensed beds in 81 units, the community was struggling, with just 58% occupancy at the time of marketing and a loss of about $100,000 on $2.52 million of revenues. The new owner, Illinois-based Pathway to Living (formerly Pathway Senior Living), plans to invest capital into the physical plant and add services... Read More »Schedule a demo
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