Senior Living Investment Brokerage, Inc. (SLIB) announced the sale of two recent transactions for skilled nursing facilities in Kentucky and Iowa for a total of almost $9 million. The sale in Kentucky was a 118-bed Skilled Nursing facility located in Lexington, Kentucky for $7.8 million, or approximately $66,102 per bed. The facility, which was constructed in 1976, is comprised of nearly 36,660 square feet on 2.57 acres and had a 79% occupancy at the time of sale. The seller, a regional senior living operator, sold the facility to divest of its skilled nursing facilities to focus on their assisted living assets.
“This transaction represents a trend of regional operators targeting specific states for growth in an effort to balance their overall portfolio,” said Ryan Saul of Senior Living Investment Brokerage, Inc.
SLIB also facilitated the sale of a 49-bed Skilled Nursing facility located in Clarinda, Iowa for $1.1 million, or approximately $22,449 per bed. The 16,000 square foot facility that was constructed in 1977, had approximately 80% of its facility occupied at the time of sale. The facility enjoys a local proximity to a new hospital opening in the spring of 2012.
“We were able to create a competitive bidding process for our Sellers to ensure the highest price for their facility. In the end, we obtained three full price offers and closed the transaction in under 45 days from the execution of the Letter of Intent,” stated Ross Sanders of Senior Living Investment Brokerage, Inc.