The Ensign Group (Nasdaq: ENSG) closed in on 200 skilled nursing facilities with the acquisition of a combined SNF and senior living facility in Harlingen, Texas.
Golden Palms Rehabilitation and Retirement features 60 skilled nursing beds, 38 assisted living beds, and 92 independent living units.
The terms of the purchase, which closed June 1, were not disclosed.
“This acquisition is a perfect fit with our other five operations in South Texas, and we are excited for the opportunity to combine Golden Palms with our five existing Rio Grande Valley operations,” Ensign CEO Barry Port said in a statement announcing the deal.
Golden Palms will fall under Keystone Care LLC, Ensign’s Texas-based subsidiary.
“Golden Palms represents an ideal growth opportunity because it combines outstanding physical facilities with a solid team of professionals that truly care about the residents and their families,” Keystone Care president Kevin Niccum said in the statement.
The transaction brings the total number of SNFs in the Mission Viejo, Calif.-based company’s portfolio to 198.
Helios Negotiates Three-SNF Sale
Helios Healthcare Advisors negotiated the sale of a three-property skilled nursing portfolio in Wisconsin — a transaction that marked the sellers’ total exit from the industry.
The Chicago-based Helios represented the sellers, who handed off the properties — along with an affiliated home health agency — to a New York-based operator with a footprint in the Midwest.
The deal included a restructuring that saw the seller close once of its facilities and transfer its residents and bed licenses to the other locations in the portfolio, according to Helios.
Mario Wilson and Bill Janis, both managing directors at Helios, served as advisors on the deal.
Greystone Expands in Northern Florida
Greystone Healthcare Management Corp. — the operational affiliate of the real estate lending and advisory firm Greystone — has begun managing The Ponce Therapy Care Center in St. Augustine, Fla.
The facility features 24 private and 48 semi-private rooms on an eight-acre campus, with $3 million in renovations completed in 2017.
“I’m truly proud to welcome this dedicated team on board, and I look forward to working together towards our continual commitment to growth and improving the quality of life of our residents,” Greystone Healthcare Management CEO Stephanie Handelson said in a statement.
Greystone’s managed health care operations now include 28 SNFs, assisted living facilities, outpatient rehab facilities, and home health agencies.
Companies featured in this article:
Greystone Healthcare Management, Helios Healthcare Advisors, Keystone Care, The Ensign Group
