GREEN SPRINGS, Ohio — Evans Senior Investments (ESI) has arranged the sale of Eden Springs Nursing & Rehabilitation, a 167-bed skilled nursing and assisted living community, for $3.5 million.
Built in 1963 and 1993 in Green Springs, the facility consists of an east campus (31 skilled nursing beds and 20 assisted living units) and a west campus (120 skilled nursing beds). At the time of the sale, the community was 44 percent occupied and was losing just under $500,000 a year in net operating income.
This sale, which comes to approximately $21,000 per bed, represents the greater portion of the campus, with the sale of the independent living portion having closed in May of 2020.
ESI represented the seller, a court appointed receiver, for the community. The buyer was a New York-based owner-operator looking to grow its presence in Ohio.
“Eden Springs presented a great opportunity for a new ownership group with operational expertise and synergies in the skilled nursing and seniors housing market to stabilize occupancy and improve upon the expense structure as this community is folded into their portfolio,” says Jason Stroiman, president and founder of ESI.
“Although the current operator was unable to make the finances at the facility work in their favor, the transition to a larger operator should help the residents and employees at the community to be better cared for in the future with a better capitalized owner.”