Evans Senior Investments successfully represented the sale of five skilled nursing facilities in Western Michigan for $41.25 million or $99,000 a bed in a sale-leaseback structure.
The portfolio consisted of five facilities encompassing 416 functional skilled nursing beds with one facility licensed for tracheotomy and ventilator patients.
All five facilities are located within 68 miles of one another in Western Michigan markets. The portfolio’s total occupancy when it was delivered to the market was 84 percent.
ESI represented the seller, an independent owner/operator, in the transaction. The buyer was a publicly traded healthcare REIT.