Nick Cacciabando and Patrick Byrne sold the 506 bed, 5 facility Pinnacle Healthcare portfolio. The transaction also included Pinnacle Healthcare’s home office located in Arkansas. Four of the facilities are located in Arkansas and one is located in Missouri. The facilities were built between 1971 and 1988 and all have sound physical plants. The entire portfolio had struggled as recently as a few years ago but new management had improved the operations despite being relatively new to the seniors housing industry. This is the first purchase in Arkansas for the Buyer, Adcare Health Systems. They plan on using the home office to service current and future facilities in the region. The portfolio sold for $20,000,000 at a 12.1% capitalization rate. Adcare anticipates improved operations due to their management experience. Senior Living Investment Brokerage, Inc. was able to work with the sellers to implement and execute a marketing plan which in turn generated multiple offers on the portfolio. For additional information, please contact Pat Byrne or Nick Cacciabando at 314/961-0070.
