Skilled Nursing Facilities Sold
$20.5M or $80,000 Per Bed
New Braunfels & Round Rock, TX
Closed: August 30th, 2019
SLIB arranged the $20.5M sale of two Skilled Nursing Facilities in growing submarkets of Central Texas. Both 2008-built communities show very well and offer 128 licensed beds each, for a total of 256 SNF beds as a portfolio. The New Braunfels community encompasses approximately +/- 51,000 SF on a +/- 6.8 acre lot, and was nearly 75% occupied at the commencement of marketing. The Round Rock community encompasses approximately +/- 51,000 SF on a +/- 5.1 acre lot, and was nearly 64% occupied at the commencement of marketing. The portfolio produced an annual NOI of $500,000+ and sold for $20.5M or $80,078 per bed.
“The facilities were high quality physical plants in strong markets that had performed well in the past. Senior Care Centers filed for bankruptcy in December 2018, so the owner decided to sell. SLIB found a strong buyer that was able to move quickly and assume the existing HUD loan.”-Matthew Alley, Managing Director
Both communities are located in growing submarkets in Central Texas. New Braunfels, a rapidly expanding submarket of San Antonio, is the seat of Comal County and located approximately 30 miles northeast of downtown San Antonio along Interstate 35. Round Rock, another strong Texas submarket, is located in Williamson County approximately 20 miles north of downtown Austin along Interstate 35.
The Seller is a local real estate owner, and the buildings were operated by Senior Care Centers, which had gone into bankruptcy in December 2018. The Buyer was a New York-based owner/operator group that provides skilled nursing, home health and hospice services in Texas. The Buyer assumed an existing HUD loan.
Matthew Alley of Senior Living Investment Brokerage secured a buyer for this transaction.
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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