Nick Cacciabando Sells Iowa Skilled Nursing Facility

Nick Cacciabando has sold a 75 bed Skilled Nursing Facility in Iowa. The facility was family owned and operated since it was developed in 1966. This was the Seller's only seniors housing community and they are retiring from the business. The Buyer purchased this facility utilizing a 1031 Exchange. This was a strategic acquisition as they have an existing presence in Iowa and are planning on realizing operational efficiencies through economies of scale. The census at the time of sale was 85% and the property sold for a 8.9% capitalization rate/.72 GIM. For additional information on this transaction, contact Nick at 314/961-0070 or nbando@slibinc.com

Matt Alley and Jeff Binder Sell Texas Skilled Nursing Facility

Jeff Binder and Matt Alley have sold an 80 bed Skilled Nursing Facility outside San Antonio. The facility was operated by a regional operator from San Antonio and owned by a trust. The facility has enjoyed a solid census with a favorable payor mix. It is a single story building built in the 1960's. The Buyer is a publicly traded REIT with other facilities in Texas and the new operator is out of San Antonio. Senior Living Investment Brokerage, Inc. was able to procure multiple, qualified offers for the trust. For additional information, please contact Matt at alley@slibinc.com or Jeff at binder@slibinc.com

Ryan Saul, Toby Siefert and Patrick Burke Sell Pennsylvania ILF/ALF

Toby Siefert, Ryan Saul and Patrick Burke sold a 94 unit/120 bed Independent Living and Assisted Living facility in Pennsylvania. Originally built in 1927, the facility was extensively renovated in 1998 and converted to ILF/ALF. Even though the facility is licensed for 120 beds, it is configured with nearly all private rooms resulting in a census upon sale of 42%.
In 2010, The Pennsylvania Department of Public Welfare placed a ban on admissions as well as increased staffing requirements at the facility citing care related issues. The property lost almost $1,000,000 annually in 2010 and 2011. The Seller, a group of TIC investors, hired an experienced management company to address the issues. The new management company was able to remove the ban on admissions and begin focusing on repairing the image of the facility and turn around the facility in terms of profitability. Although the facility was losing ($500,000) annualy at the time of sale, Senior Living Investment Brokerage was able to work with the Seller to obtain a price of $5,800,000 or $61,700/unit. 3.67 GIM.
For additional information, please contact Toby, Ryan or Pat at 630/858-2501.