May 19, 2016
Grant Kief

Skilled Nursing Portfolio Sale

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Ryan Saul and Patrick Burke of Senior Living Investment Brokerage, Inc. were engaged to handle a Skilled Nursing Portfolio sale in of three facilities in Colorado (1) and Utah (2). The Seller is a private owner based in Illinois that is exiting the seniors housing business. Although the Seller is an experienced owner/ operator, these three assets proved to be difficult to operate from Illinois as the Colorado and Utah skilled nursing market became more competitive and a “hands on” operation was necessary. The Buyer is a real estate owner in the Midwest that leased the communities to seasoned operators in Colorado and Utah. The Colorado Skilled Nursing Facility was built in 2013 and is 154 beds on 1.63 acres. The census was the best of the portfolio at 70% and had a 32% quality mix. The first Utah Skilled Nursing Facility was built in 1999 and is 120 beds on 4.7 acres. The census for this community was 58% with an impressive 39% quality mix. The second Utah Skilled Nursing Facility was built in 2001 and is 180 beds on 2.48 acres. The census for this facility at the time of sale was only 47% but boasted a 28% quality mix. The Skilled Nursing Portfolio sale was $31,780,000 at a favorable 8.69% cap rate and a 1.4 Gross Income Multiple. Senior Living investment Brokerage, Inc. was able to procure multiple qualified offers on this Skilled Nursing Portfolio sale within the first weeks of commencing marketing. For additional information on this Skilled Nursing Portfolio sale, please contact Ryan Saul at ryansaul@slibinc.com or Patrick Burke at burke@slibinc.com of Senior Living Investment Brokerage, Inc. 630/858-2501