Apr
26

Cash-Strapped Counties Look to Sell Government-Owned Seniors Housing Facilities

By
– National Real Estate Investor

Long-term care facilities owned by county governments have emerged lately as a small, but potentially profitable, investment niche. Private companies are buying the mostly rural projects from local governments that don’t have the funds or know-how to fix outdated buildings with money-losing operations.
Chicago-based Evans Senior Investments recently brokered the sale of a continuing care retirement community in South Carolina for $11.3 million, or about $51,000 per bed/unit. The buyer is Madison Healthcare Management. Prestige Healthcare, based in Louisville, will operate the property.

“The county had a good facility, and they felt it was time to put it into the management of a company that does this full time,” says Bob Norcross, CEO at Prestige Healthcare. “It seems to be a very good fit between the county and us.”

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