Patrick Burke Facilitates North Carolina Adult Care Home Sale

Pat Burke sold a 64 unit/120 bed Adult Care Home in North Carolina. The building was originally developed as a skilled nursing facility but was converted to assisted living in 1996. The community has struggled with occupancy (51%) and was 95% Medicaid census at the time of the sale. The Seller is a local couple that had owned/operated the community since 1996. The Buyer is an investment holding company based out of Hong Kong. The Buyer plans on investing over $1,ooo,ooo in renovations/capital improvements. They have engaged a national operator with a North Carolina presence. For additional information, please contact Patrick Burke at 630/858-2501 or burke@slibinc.com

Patrick Burke Handles North Carolina Sale

Pat Burke has sold a 21 unit/42 bed Adult Care Home in North Carolina. The 14,000 square foot building is on 13 acres. The Sellers had plans to develop independent living on the site as well. The census was 88% at the time of sale and had a quality mix of 50% private pay and 50% Medicaid. The Buyer of the community is a local non-profit that owns and operates more than a dozen assisted living facilities in North Carolina. The new owner plans on upgrading the building and possibly adding independent living. The sales price was over $75,000/unit. For additional information, please contact Patrick Burke at 630/858-2501 or burke@slibinc.com