A New York-based owner, operator, and investor picked up a pair of nursing homes in Maryland with the help of Healthcare Transactions Group.
The Brinton Woods Post Acute Center and the Brinton Woods Health & Rehab Center at Arlington West were sold February 1, according to an announcement from Healthcare Transactions Group, a Reisterstown, Md.-based advisory firm.
The facilities have a total of 307 beds — including a 16-bed ventilator unit at the Brinton Woods Post Acute Center — and attract residents from a variety of local hospitals, including MedStar Health, Johns Hopkins Health System, and the University of Maryland Health System.
The properties had been owned since the mid-2000s by Brinton Woods Management Company, under the auspices of CEO Daren Cortese.
The terms of the deal were not disclosed. Mark Davis of Healthcare Transactions Group served as M&A advisor to Brinton Woods.
SLIB’s Two-SNF Play in West
Senior Living Investment Brokerage announced the successful sale of a pair of skilled nursing facilities, one each in Texas and Nevada.
The Pittsburg Nursing Center in Pittsburg, Texas — about 120 miles east of Dallas — changed hands with occupancy below 60%. However, the facility in April 2018 moved off the Centers for Medicare & Medicaid Services’ (CMS) Special Focus Facilities list after receiving the designation in 2016.
The seller was looking to exit the market, while the new Dallas-Ft. Worth-based owners see turnaround potential, according to SLIB.
“This transaction allowed for the outgoing operator to exit this market,” SLIB managing director Matthew Alley said in the deal announcement. “There were some regulatory issues at the facility, which the buyer hopes to correct and build census.”
The Glen Ellyn, Ill.-based SLIB also facilitated the $13.6 million sale of the Regent Care Center of Reno in its namesake Nevada city.
Built in 2000, the 174-bed facility had census of 60% to 65% at the time of the sale, along with annual revenues of about $10.4 million. Only eight of the 91 units at the facility are private, with 83 semi-private rooms.
The building had been owned by a Texas-based non-profit looking to exit the facility, its only property outside of the Lone Star State; that company sold to a Southern California-based owner-operator looking to expand its reach in the Southwest and Mid-Atlantic, according to SLIB.
Alley and SLIB’s Jason Punzel led the deal for the brokerage.
Delaware Hospital to Get $20M Skilled Nursing Makeover
A Delaware hospital complex will soon undergo a $20 million nursing home makeover.
Bayhealth’s Milford, Del. campus will become the Milford Wellness Village, a multi-facility health care complex anchored by a 150-bed skilled nursing facility, according to a report in the local Dover Post.
New owners Nationwide Healthcare are expected to invest upwards of $20 million into the project, the Post reported, as the operator installs a 150-bed skilled nursing facility on the site.
“We had the idea for a wellness village, which is a little different from our other locations throughout Delaware,” general manager Daphne Bumbrey told the publication. “It’s going to encompass more than just a skilled nursing facility.”
The 22-acre property already has one non-medical tenant: a child care center to be operated by Kids Ink.