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HARTFORD, Conn. — Evans Senior Investments (ESI) has arranged the sale of an eight-property skilled nursing portfolio across the Hartford area of Connecticut.
The transaction, executed on behalf of a REIT from the West Coast, amounted to $60 million, or $54,249 per bed for the real estate only. The buyer was the existing operator.
Made up of eight communities built between 1966 and 1990, this portfolio represents a significant share of the Connecticut skilled nursing market, with a total of 1,106 skilled nursing beds.
Upon marketing, the portfolio’s average census was 90 percent and the portfolio was anticipating a large Medicaid rate increase to take effect as of July 2024.