A pair of properties formerly operated by the troubled Dycora Transitional Health and Living chain in the Golden State have a new owner.
Eduro Healthcare entered the California market with the acquisition of the two former Dycora properties in Fresno and Stockton, Calif. Michael Bewsey, managing partner at the Salt Lake City-based Eduro, characterized the deal as a turnaround opportunity in a statement announcing the transaction.
“I fully expect robust lease coverage in the first 60 days, and in the next 90 days, we will deploy significant capital into each building and get them up to the Eduro standard we have come to expect,” Bewsey said. “With our foot in the door, we plan to aggressively pursue more acquisitions in California and grow our regional footprint.”
The two properties have a total of 184 new beds, and expand Eduro’s footprint to nine states total; both Bewsey and fellow managing partner Brian Ramos have lived and worked in California in the past.
Dycora has seen a wave of receiverships in recent weeks, with eight facilities in Wisconsin entering court-appointed supervision in early April. The company’s Fresno and Stockton properties, along with a third in Shafter, Calif., entered receivership a few weeks later.
Mass. Property Changes Hands
The Pleasant Bay Nursing & Rehabilitation Center in Brewster, Mass., was sold to another Bay State-based entity: the Pointe Group, which is based in Norwood, Mass., and owns homes in Chelsea, Fall River, and Brockton.
South Coast Today reported the transaction.
The Pointe Group will take over operations at the end of the Massachusetts Department of Public Health’s (DPH) 90-day “suitability” period for nursing home transfers, Pleasant Bay executive director Joshua Zuckerman told the publication. Terms of the deal, which also includes an assisted living center, were not disclosed.
The skilled nursing facility has 127 residents; the two facilities employ 250 total workers, South Coast Today reported.
DPH officials received a Notice of Intent to Acquire from the Pointe Group on May 22, and will review the provided information to determine its suitability to operate a long-term care facility, officials told the publication.
$1.5M Sale for Texas Turnaround
The 116-bed River Valley Health and Rehabilitation Center of Gainesville, Texas, was sold to a Texas-based owner-operator for $1.5 million in a transaction facilitated by Matthew Alley, managing director at Senior Living Investment Brokerage. The seller was a regional owner-operator looking to divest a geographic outlier.
The facility is in the Texas Quality Incentive Payment program (QIPP), which is designed to provide SNFs with supplemental payments based on quality, and has operational upside, Alley said in the release announcing the deal.
The SNF had an average of 49% occupancy in 2018 due to local competition, according to SLIB.
Alex Spanko contributed to this report.