OHIO — Evans Senior Investments (ESI) has arranged the sale of a three-property portfolio in Western Ohio. The transaction was executed on behalf of the Mariner Management Group Inc., an independent owner and operator seeking to exit the industry.
The portfolio, which was built in stages between 1990 and 2013, consists of three communities with a total of 317 licensed skilled nursing beds and 209 seniors housing units.
At the onset of ESI’s marketing process, the average occupancy rate was stagnant at 65 percent, leading to financial challenges.
Despite these challenges, ESI highlighted the properties’ growth potential. Ohio’s healthcare landscape offers operators opportunities for improvement and expansion, driven by the state’s aging population and growing demand for quality senior care services. The recent Medicaid rate increases for assisted living waivers, with reimbursement at $130 per day for base care, further support this potential.
The deal was also complicated by a multi-million-dollar liability associated with independent living entrance fees.
The buyer was an experienced owner-operator in the state. The price was not disclosed.