Toby Siefert and Patrick Burke Sell Virginia Assisted Living Community

Patrick Burke and Toby Siefert represented the Seller of a 48 unit Assisted Living Community I Virginia located about 20 miles outside of Richmond. The Seller had struggled with occupancy and profitability for several years. The Buyer is a joint venture including a national operator and a private equity group. The new ownership group plans to invest upwards of $1,000,000 renovating the facility and converting it to all memory care. For additional information, contact Toby or Patrick at 630/858-2501.

Ryan Saul and Patrick Burke Sell Virginia Certificate of Need

Patrick Burke and Ryan Saul sold a 120 Bed Skilled Nursing CON in Virginia. The nursing home was to be closed and the CON was sold to a developer headquartered in the Southeast. The Buyer plans on relocating the CON to a neighboring county and building a new community/building. For additional information, please contact Ryan at ryansaul@slibinc.com or Patrick at burke@slibinc.com 630/858-2501

Government Regulation and its Effect on Sales

As we come towards the end of 2012, we begin to reflect on what sales trends we saw emerging in 2012 that may have been different or more pronounced than years prior.  As I cover sales of assisted living facilities and skilled nursing facilities throughout the Mid Atlantic and Northeastern states, one thing that came up over and over again this year was the effect of government regulation on both Sellers and Buyers.  Besides those looking to retire, the second most common reason individual owners told me they wanted to sell was that they just couldn’t handle the increasing regulation and oversight on their business.  In my territory, Sellers in Pennsylvania and Virginia seem to have been especially over-burdened.  This is a shame to hear, since the majority of owner/operators we work with have been in the business a long time, and have made a career of compassionate care for seniors.

Regardless of the election outcome, we expect that regulation over senior housing will continue to frustrate some owners to the point of selling, and require more patience on behalf of Buyers.  Each State has its own quirks, so if you have thought about buying or selling an assisted living facility or skilled nursing facility, we encourage you to contact Senior Living Investment Brokerage, Inc. to discuss our experience in each state, and the expected time frame and hoops to get from start to finish.

For more information, contact Toby Siefert at siefert@slibinc.com or 630-858-2501