Built in 1960’s, the community exhibited an older physical plant with all of the rooms at the community semi-private or three bed wards. At the time of marketing, the community was 41% occupied resulting in a net operating income loss. Prior to the COVID-19 Pandemic, the community averaged 73% occupancy.

“ESI ran a confidential marketing process to a select group of regional owners/operators and procured a buyer in less than 25 days. The ESI team was successful in showcasing the property’s upside for a new regional operator to bring multiple expense departments in house that were outsourced under the seller’s operations.” commented Henry Fuller, Senior Associate at ESI.

ESI represented the seller, a regional owner/operator, who sought to exit this community given its distance from their existing portfolio. Jason Stroiman, President and Founder of ESI, commented “This transaction presented an exciting opportunity for a new ownership group with operational expertise and synergies in the state of Florida to incorporate this community into their existing portfolio.”

The buyer was an East Coast based owner-operator of skilled nursing communities.

Evans Senior Investments continues to observe the difficulty of operating long term care assets in today’s marketplace with rising labor costs and the increasing need for compliance oversight. The continued crisis related to the COVID-19 pandemic will likely intensify the struggles of independent owners as the crisis strains the day to day operations at facilities nationwide. Evans Senior Investments is expected to close an additional $1.6B in transaction volume in 2022.