PASADENA, Texas — Evans Senior Investments (ESI) has arranged the sale of Pasadena Care Center, a 116-bed skilled nursing community located in Pasadena.
An independent owner sold the asset to a national owner-operator looking to expand in Texas for $6.5 million, or $56,000 per bed. The operator is Sava Senior Care.
Built in 1975, Pasadena Care Center is located 15 miles southeast of Houston. At the time of merketing, the community was 80 percent occupied and was producing approximately $750,000 in net operating income annually.
While under contract, occupancy and cash flow dipped below historical levels at the community, due to continuing staffing and admission struggles brought on by the COVID-19 pandemic. At the time of sale, the community was 72 percent occupied.
“The acquisition presented a great opportunity for a new operator to grow their presence in the state of Texas and apply additional synergies as this community is folded into their portfolio,” says Jeremy Stroiman, CEO of ESI.