May 1, 2023
Sale of a Skilled Nursing Community in Georgia
ESI has Georgia on their mind after successfully representing a regional owner-operator in the sale of a 148-bed skilled nursing community in Spalding. The purchase price was $12,000,000 or $81,000 per bed.
Located 40 miles south of Atlanta, the community was originally built in 1968 and completed a significant renovation in 2022. The newly modernized amenities proved to be worthwhile, appealing to residents and bolstering the facility's occupancy. At the time of marketing, the community was 95% occupied.
ESI ran a confidential marketing process to a handpicked group of skilled nursing buyers in January of this year and received several competitive offers after a few weeks. CareTrust REIT was ultimately selected as the buyer, who partnered with Florida-based Elevation Group to operate the facility.
“ESI was able to overcome the community’s special focus candidate designation from CMS by transacting with a publicly traded REIT and avoiding conventional bank financing,” commented Hank Fuller, Senior Associate at Evans Senior Investments.
The ESI team worked through all stages of the deal, including the transition process, and closed this transaction just four months after going to market.