JAY, Okla. — Plains Commercial has arranged the sale of Monroe Manor, a seniors housing community in Jay, a small city in the northeast corner of Oklahoma.
Monroe Manor is a 1960s vintage skilled nursing facility licensed for 98 beds that was expanded in the early 1990s.
The seller is an Oklahoma-based operator that was looking to exit the industry and retire. The buyer is an Illinois-based owner-operator that had previously operated in Oklahoma and was looking to re-enter the state.
The sale involved a unique HUD deed restriction that required collaboration between the parties in order to complete the transaction. The buyer and seller agreed to have the buyer operate the facility pre-closing in a third-party management role in order to make a more seamless transition upon approval of the Certificate of Need transfer and closing of the transaction.
Daniel Morris with Plains Commercial handled the transaction.