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March 1, 2024

Sale of Courtland Manor in Delaware

ESI successfully arranged the sale of Courtland Manor, a premier skilled nursing community located in the heart of Dover, Delaware.


Acting on behalf of an independent owner-operator, ESI facilitated the transaction, resulting in a $10,000,000 purchase price, or $142,857 per bed.

Since its inception in 1986, Courtland Manor has been under the ownership and operation of the seller, and has established an excellent reputation of care. This is evident in their consistent 5-star CMS rating. With 70 licensed skilled nursing beds, Courtland Manor has historically maintained high occupancy rates, boasting figures in the high 80% range prior to Covid-19. Despite the challenges posed by the pandemic, the community’s occupancy rate never fell below 70%, a testament to its resilience in the competitive landscape. The seller engaged Evans Senior Investments when they decided it was the opportune time to exit the long-term care industry.

Upon marketing, the community was 80% occupied, generating over $6,300,000 in annual revenue with a net operating income of approximately $320,000. Evans Senior Investments effectively highlighted the potential for a new ownership group to capitalize on economies of scale and the favorable market conditions characterized by limited competition in the area.

ESI ran a thorough marketing process and presented seven competitive offers to the seller. An owner/operator based out of New York was ultimately selected as the buyer.

"We are proud to have facilitated the sale of Courtland Manor, a cornerstone of the skilled nursing community in Dover," remarked Evan Jakobsze, Vice President at Evans Senior Investments. "This transaction exemplifies our commitment to delivering exceptional results for our clients and a seamless transaction for both the buyer and seller.”

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