Senior Living Investment Brokerage facilitated the $12.1 million sale of two SNFs, one in Tennessee and one in Kentucky.
The buyer was a real estate investment firm in the Northeast making its first long-term care facility acquisition; the seller was an independent owner-operator looking to exit the long-term care industry. The buyer also partnered with a Northeast-based operator with experience in Kentucky and Tennessee.
The facilities, with a total of 243 beds, had a combined payer mix of about 36% private pay and Medicare and 64% Medicaid, with occupancy of 75%.
Patrick Burke led the transaction for the Glen Ellyn, Ill.-based SLIB.
Elderwood Expands in Vermont
The Buffalo, N.Y.-based Elderwood acquired the Starr Farm Nursing Center in Burlington, Vt., renaming the 150-bed SNF Elderwood at Burlington, Vermont Business Magazine reported.
Terms of the transaction were not disclosed; all of the facility’s senior care professionals were retained in the deal, according to the publication.
“Our goal in coming to Burlington is to work with other health care providers in the community to improve the accessibility and enhance the quality of care for seniors in the Adirondack region,” Jeffrey Rubin, co-chief executive officer for Elderwood, told the publication. “We’re excited to expand into the state of Vermont, and we’re committed to investing in the Burlington community by providing exceptional medical services and care to residents and rehab patients.”
Elderwood is part of a larger group of companies owned by New York-based Post Acute Partners.
Crestwood Nursing Home Sold to Affiliate of Altitude Investments
Providence Life Services, a non-profit senior living organization based in Tinley Park, Ill., sold Providence Healthcare & Rehabilitation Center in Crestwood, Ill., to an affiliate of Altitude Investments.
The 193-bed facility has been renamed Palos Heights Rehabilitation as part of the sale, which took effect February 28, the publication said. The terms of the deal were not disclosed, and Altitude intends to retain the facility’s 260 employees.
Altitude owns and operates SNFs and assisted living facilities in Arizona, Illinois, Indiana, Nebraska, and Ohio.