Skilled Nursing Facility Sold In Bastrop, TX
Matthew Alley sold a 120 licensed bed skilled nursing facility in Bastrop, Texas for $3,500,000.
Built in 1987, this 28,788 SF facility sits on 3.59 acres of land. Silver Pines Nursing and Rehabilitation struggled to maintain occupancy higher than 60% of its 86 operating beds for the past several years. Prior to the marketing period, this property maintained a census of 48%. The Buyer looks forward to turning around this project with capital expenditures and an aggressive marketing plan.
Bastrop, Texas is located approximately 35 miles east of downtown Austin.
The Seller is a publicly-traded REIT that specializes in healthcare investments, and the outgoing Operator is a Texas-based group that focuses on skilled nursing facilities in Texas. The Buyer is a self-advised real estate company that focuses on seniors housing.
This transaction allowed for the in-state operator to lessen its exposure to the Central Texas market. The property functioned at about break-even, so Senior Living was able to find a group that recognized the upside at the property. The transaction closed on April 2, 2018.
For more information on the above transaction, or to inquire about the value of your Senior Living Communities, please contact Matthew Alley.
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