Patrick Byrne and Brad Clousing sold a 160 bed SNF for a local hospital authority. The 45,000 square foot facility was built in phases between 1968 and 1974 but was well maintained and recently updated. The facility was operated similar to a hospital and staffed at a level that could not be supported by the margins in the nursing home industry. Despite the poor financial performance, substantial upside could be found in the existing operations and the foundation was there for a new owner to succeed. Although it was losing over $400,000/year at the time of the offering, the facility was expecting a substantial Medicaid increase which was expected to reduce the losses soon after closing.
Within 7 days of the initial offering, Senior Living Investment Brokerage, Inc. was able to procure multiple offers, with several buyers positioned at the list price. After a request for best and final offers and an evaluation of the interested parties, AdCare Health Systems was chosen. The terms of their offer, history of transitioning non-profit facilities and their ongoing working relationship with Senior Living Investment Brokerage, Inc., resulted in the Seller selecting their proposal. The ultimate sale/closing price was $240,000 over the intitial offering price. For additional information, please contact Brad Clousing at firstname.lastname@example.org or Patrick Byrne at email@example.com
Jeff Binder, Matt Alley and Nick Cacciabando have sold a 56 bed skilled nursing/20 unit assisted living facility in Kansas. The facility is located in Rose Hill, Approximately 18 miles outside of Wichita. The one-story, 33,000 square foot facility was built in 1971 and 1978 and renovated in 2001-2002. At the time of the sale, the census was 94% and the property sold at a 14% cap rate/.97x GIM for $55,900/bed/unit. The Seller was a local owner/operator. Senior Living was able to generate multiple offers and after a competitive bidding process, the successful Buyer was an owner/operator headquartered in the Dallas-Fort Worth area with an existing presence in Kansas. For addisional information on this sale or to request a confidential proposal on your seniors housing facility, contact Senior Living Investment Brokerage, Inc.