September 6, 2019
Sale of Ellenburg Nursing Center in South Carolina
ESI sold Ellenburg Nursing Center, a 181-bed skilled nursing facility, in Anderson, South Carolina for $11,500,000, or $64,000 per bed.
Built in 1965, with additions in 1974 & 1980, Ellenburg Nursing Center is located in a tertiary submarket of Greenville, South Carolina. The facility was 90% occupied at market exposure and produced approximately $12M in annual revenue. The facility was operated by an independent owner-operator, with Ellenburg being their only facility. Due to the lack of operational synergies and economies of scale, the facility was not performing to market standards and represented a value-add purchase for the new owner/operator.
ESI represented the sellers, an independent owner-operator with Ellenburg being their only community. Jason Stroiman, President and Founder of ESI, commented “Ellenburg is well-positioned with strong demographic growth and limited competition. This value-add sale presented a great opportunity for the new ownership group with operational expertise and synergies in the skilled nursing market to significantly improve the profitability at the facility. ”
The buyer was a regional owner-operator group.