SIOUX CITY, Iowa — Senior Living Investment Brokerage has arranged the sale of Countryside Nursing & Rehab, a 222-bed skilled nursing facility, and Four Seasons Countryside Estates, an independent living community, for $3.1 million. The two properties are located a half mile from each other in Sioux City, near the Nebraska border.
The buyer was Ide Management Group, an Indiana-based owner-operator expanding its footprint in Iowa. The seller was a public REIT looking to divest the non-core asset.
Countryside Nursing & Rehab comprises 68,457 square feet and sits on 8.5 acres. It was originally built in 1965 and most recently renovated in 2003.
Four Seasons Countryside Estates features 45,553 square feet and sits on 5.4 acres. It was built in 1936 and renovated in 1986.
Ide will invest in updates to the skilled nursing portion of the portfolio to help improve a low occupancy rate of 35 percent.
Ryan Saul and Jeff Binder led the SLIB team in the deal.