Louisville Nursing Home Goes for $3.5M; Two Texas Facilities Sell for $29M
New Jersey-based LLC Buys Louisville SNF for $3.5M
The Englewood Cliffs, N.J.-based The Portopiccolo Group LLC purchased a 98-bed post-acute care (PAC) and skilled nursing facility in Louisville, Ky., for $3.5 million, Louisville Business First reported. The purchase was made through an affiliate, Jeffersontown Propco LLC, according to Jefferson County documents.
The facility was sold by the Sioux Falls, S.D.-based Evangelical Lutheran Good Samaritan Society. It is the second purchase by the Portopiccolo Group in the area; it purchased Signature Healthcare at Cherokee Park earlier this year. That facility, now called Cherokee Park Rehabilitation LLC, is managed by facility operator Accords Health, also based in Englewood Cliffs, N.J.
NHI Purchases Two SNFs for Ensign Portfolio for $29M
National Health Investors (NYSE: NHI) acquired two SNFs in Texas for $29 million. The facilities will be leased to affiliates of The Ensign Group (Nasdaq: ENSG), added to the existing master lease at an incremental rate of 8.1% — plus annual lease escalators based on inflation. The master lease obligations will be guaranteed by Ensign.
The facilities are both 132-bed SNFs in Fort Worth and Garland, Texas. They join current Ensign assets of 17 Texas SNFs. The acquisitions were funded by the real estate investment trust’s (REIT) revolving credit facility.
Blueprint Facilitates Sale of Three Massachusetts SNFs
Blueprint Healthcare Real Estate Advisors announced the sale of a three-SNF portfolio just outside Boston to a regional operator looking to enter the Massachusetts skilled nursing market.
The facilities had a combined bed count of 288 and 90% occupancy at the time of the sale, with yearly revenue of about $21 million. The seller was a national publicly traded REIT, which owned and leased the buildings to an operating partner looking to reduce exposure to the greater Boston market.
Written by Maggie Flynn