NEW JERSEY — Evans Senior Investments (ESI) has arranged the sale of a 120-bed skilled nursing community in New Jersey for $24 million.
Built in the last 20 years with multiple renovations since, the community exhibited a modern physical plant with all of the rooms at the community being private or semi-private. Despite the contemporary design, the community was not profitable at the time of marketing the offering, with census averaging 77 percent, resulting in a net operating loss. Contributing to the below-average profitability was the high expense structure in the housekeeping, dietary and nursing departments.
ESI represented the seller, an independent owner-operator that sought to exit the long-term care industry. The buyer was an East Coast-based owner-operator of skilled nursing communities that wanted to grow its presence in the state of New Jersey. Details on the name and location of the property were not released.