The skilled nursing sector is experiencing notable activity, particularly in Texas and Georgia, where facilities are changing hands to new operators. One key player in this space is Selectis Health, a Colorado-based corporation that manages various senior care properties.
Longview, Texas Skilled Nursing Facility Sold
A skilled nursing facility in Longview, Texas, has recently been sold to an experienced owner-operator who manages several similar establishments nationwide. This facility offers 108 beds and spans approximately 24,653 square feet on a 3-acre site. Notably, it is enrolled in the Quality Incentive Payment Program (QIPP).
The seller, a Texas-based partnership, was divesting its only skilled nursing and senior housing community. Interestingly, the building's management company had stepped away from operations three months before the closing, which prompted discussions about a potential sale.
Senior Living Investment Brokerage (SLIB) was crucial in facilitating this transaction. Matthew Alley, managing director at SLIB, remarked, "This transaction showed the local knowledge of SLIB to create a marketplace for a non-performing Texas building. SLIB procured a group of seven offers, which led to a top-of-the-market purchase price." The interest generated included multiple offers from both regional and national buyers.
Selections Health Engages Blueprint for Strategic Sale in Georgia
Selectis Health engaged Blueprint in a separate transaction to manage the strategic sale of its skilled nursing and long-term care facility in central Georgia. This facility, Archway Transitional Care, is located near the Houston Medical Center in Macon and features 100 licensed beds. Archway Transitional Care operates under Ethica Health & Retirement, a Community Health Systems of Georgia subsidiary (CHSGa), recognized as the state's largest non-profit provider.
Blueprint successfully negotiated the sale of this property to the operating tenant, as it represented the only lease in their portfolio. This move aligns with Selectis Health's broader strategic initiatives within the state.
Treemont Health Care Center Transaction in Houston
Another significant sale involves Treemont Health Care Center in Houston, Texas. This facility, designed for both assisted living and skilled nursing, offers a total of 112 beds, comprising 42 assisted living beds and 70 skilled nursing beds. Constructed in 1974, it encompasses 39,058 square feet on approximately 1.28 acres. The seller, a regional owner-operator, decided to exit the community due to operational challenges over recent years.
The buyer, a local owner-operator, aims to expand its footprint in the Houston market. Through this transaction, the organization was able to leverage the HUD loan assumption, incorporate the Texas QIPP program, and implement various operational efficiencies aimed at enhancing the facility's performance. Vince Viverito, senior vice president at SLIB, commented, "Assisting clients with distressed asset sales comes with challenges. We generated multiple offers from groups interested in this unique opportunity."
ESI's Successful Tenant Securing in Pennsylvania
In a related development, Evans Senior Investments (ESI) successfully secured a new tenant for a skilled nursing facility in Pennsylvania on behalf of an institutional owner. This move reflects the growing interest in the skilled nursing sector as operators seek to optimize their portfolios amid changing market dynamics.
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