ESI Arranges $6M Sale of Skilled Nursing Community in Dayton, Ohio

by Jeff Shaw

DAYTON, Ohio — Evans Senior Investments (ESI) has arranged the sale of Lincoln Park Manor, a 60-bed skilled nursing and 30-unit assisted living community in Dayton

The property was built in 1988 with a $1.3 million renovation from 2019 to 2020. The community was not profitable at the time of marketing the offering, with skilled nursing census averaging 37 percent and assisted living census averaging 45 percent, resulting in a loss of over $1.5 million in net operating income. Contributing to the below average profitability was that the skilled nursing portion of the community was not licensed for Medicaid.

“ESI showcased the upside for the community to become permanently licensed for Medicaid and lease up the vacant skilled nursing beds with long-term-care Medicaid residents,” says Henry Fuller, senior associate at ESI.

ESI represented the seller, an independent owner-operator that was looking to exit the long-term care industry. A Midwest-based owner-operator looking to grow in the market acquired the asset for $6 million, or $67,000 price per functional bed/unit.

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