VIRGINIA — Evans Senior Investments (ESI) has arranged the sale of a three-property skilled nursing portfolio in Virginia.
Hill Valley Healthcare sold the assets to an East Coast-based buyer just entering the seniors housing industry. The $59 million price tag equates to $184,375 per bed.
The assets are located in the eastern part of Virginia and totaled 270 skilled nursing beds and 50 assisted living beds. Despite two buildings being located in rural markets, the portfolio maintained an occupancy average of 86 percent during the marketing process. Accompanied with a strong Medicaid rate increase implemented in July 2022, the portfolio maintained a strong positive net operating income, according to ESI.