Skilled Nursing Facility Sold – Gainesville, TX
Closed: May 31st, 2019
SLIB arranged the sale of a turnaround Skilled Nursing Facility located in Gainesville, Texas. River Valley Health and Rehabilitation Center is a +/- 20,000 sq. ft. community situated on a +/- 1.6 acre lot, offering 116 licensed beds and 84 operational beds. This 1971-built community struggled with occupancy due to local competition, averaging approximately 49% in 2018. The Buyer hopes to provide cosmetic updates and operational turnaround. The community is located one mile from the nearest hospital, North Texas Medical Center – Gainesville, and the Buyer hopes to further leverage this partnership. The community is also enrolled in QIPP.
Gainesville is located in Cooke County of north-central Texas, approximately 65 miles north of downtown Fort Worth, 70 miles north of downtown Dallas and 7 miles south of the Oklahoma border. Major highways providing access to the community include Interstate 35 and US Highway 82.
The Seller is a regional owner-operator looking to divest of this location, which is a geographic outlier in their portfolio. The Buyer, a Texas-based owner-operator, looks forward to investing in this value-add opportunity and turning around operations.
According to Matthew Alley, “This transaction allowed for the outgoing operator to exit this market. This deal showed the benefits of SLIB’s local focus as the purchaser is a mid-sized owner-operator located in Texas. The facility is in the QIPP program and has operational upside.”
Matthew Alley of Senior Living Investment Brokerage handled this value-add transaction, which closed May 31st, 2019.
For more information or to inquire about the value of your Senior Living Communities, please contact Matthew Alley.