ESI Arranges $51.5M Sale of Seven-Property Skilled Nursing Portfolio in Colorado

by Jeff Shaw

COLORADO — Evans Senior Investments (ESI) has arranged the sale of seven skilled nursing facilities in Southwest Colorado for $51.5 million, or approximately $92,000 per bed.

An owner-operator sold the 558-bed portfolio to an East Coast-based owner-operator looking to expand its reach in the West.

The properties were built between 1957 and 2017. Prior to the COVID-19 pandemic, the portfolio was 77 percent occupied and produced nearly $6.2 million in annual net operating income. Throughout the pandemic, the portfolio’s occupancy decreased and at the time of marketing was only 65 percent occupied.

“The competitive bidding arena and strong price per bed for a rural portfolio whose census and cash flow were well below stabilized levels showcases the willingness of buyers and lenders continuing to work together to get deals finished with the headwinds that they continue to face,” says Brendan DeSilvia, associate at ESI.

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