ODESSA, Texas — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of Seabury Nursing Center, a 75-bed skilled nursing facility in Odessa. The price was not disclosed.
A local nonprofit organization sold the facility, as it was running at a loss. Recent capital improvements in 2015 and 2016 left the organization with limited liquidity, and renovations temporarily closed a wing of the facility, hurting occupancy. The sale represents the organization’s exit from seniors housing.
The buyer was Ryan Harrington of Trinity Healthcare, which assumed operations of the facility in October 2016. Trinity finished up the renovations that had been started before purchasing the asset.
The Institutional Property Advisors team on the transaction was Charles Hilding, Ryan Fleming, Mark Myers and Joshua Jandris.