Senior Living Investment Brokerage (SLIB) recently announced over $7 million in sales of skilled nursing facilities located in the Midwest and one memory care facility in Las Vegas, Nevada. The transactions included the sale of a skilled nursing portfolio, consisting of four properties and a total of 214 beds located throughout the state of Nebraska.
As part of the $7 million in sales, SLIB sold a 102 bed, one story skilled nursing facility located in Dubuque, Iowa with over 29,000 square feet and located on 2.83 acres. The facility sold for $2.5 million, or $24,510 per bed and had an occupancy of 66% at the time of the sale. The facility was purchased by a West coast operator that has complimentary skilled nursing operations in the Midwest.
“This transaction was a ‘win-win’ for both parties. The Sellers made positive gains on their initial investments, and the Buyer saw opportunity to increase Medicare Census and take advantage of the recently implemented Quality Assurance Fee / Provider Tax in Iowa.” – Ross Sanders of Senior Living Investment Brokerage, Inc.
Waterfield Memory Care Community, located in Las Vegas, Nevada and originally acquired by Sunwest Management, was sold for $2,850,000. The facility, which has a total of 31,000 square feet on 4 acres, has a mix of 40 private units and 6 shared units and had an occupancy of 90% at the time of sale.
“Despite the difficult Las Vegas market and complicated legal process associated with Sunwest, Waterfield was a strategic acquisition by Columbia Pacific/Blackstone. The purchase price was purchased well below replacement cost and the facility should do very well long term,” said Ryan M. Saul, who handled the Las Vegas transaction.