The purchase price was $59,000,000 or $184,375 per bed. The assets were located in the eastern part of Virginia and included 270 skilled nursing beds and 50 assisted living beds. Despite two buildings being located in rural markets, the portfolio maintained an occupancy average of 86% during the marketing process. Accompanied with a strong Medicaid rate increase implemented in July 2022, the portfolio maintained a strong positive net operating income.
ESI ran a selective marketing process to a group of skilled nursing buyers and secured multiple offers within 25 days of entering the market. An East-coast based group that was looking to make their first acquisition in the industry was ultimately selected as the buyer.
“Despite not owning any long-term care communities, Evans Senior Investments was able to coordinate a successful closing and transition for a new operator,” commented, Brendan DeSilvia, associate at Evans Senior Investments.