SAVOY, Ill. — Evans Senior Investments (ESI) has arranged the sale of Champaign Urbana Nursing & Rehab in Savoy, approximately midway between Chicago and St. Louis.
A regional owner-operator sold the asset to Mozart Healthcare, which plans to install Accolade Healthcare as the operator. The price was not disclosed.
Initially built in 1975, the facility is licensed for 213 skilled nursing beds, and at the time of marketing was 49 percent occupied. Due to the headwinds of the COVID-19 pandemic, which placed bans on admissions and restricted elective surgeries, the skilled nursing facility’s occupancy dropped as low as 38 percent in 2021.
Evans Senior Investments was able to demonstrate the potential for a new ownership group and regional operator to rebuild the occupancy rate in post-COVID environment. This proved to be accurate as the current operator restored the occupancy rate to 67 percent by the time of closing.