SPARTANBURG, S.C. — Evans Senior Investments (ESI) has facilitated the $27.5 million sale of Spartanburg-based Health Care Corporation’s portfolio of four seniors housing facilities throughout South Carolina.
ESI showcased the property to a select group of buyers and procured a dozen letters of intent from real estate investment trusts, private equity firms, and regional operators. A regional owner/operator emerged as the winning bid.
The four communities represent 454 beds, making the sale price $60,572 per bed. The final cap rate of the facility was 11.6 percent on the trailing 12 months adjusted NOI of $3.2 million, with a full underwriting of a projected Medicaid rate increase.
The Health Care Corporation’s portfolio consisted of four facilities built between 1973 and 1988: Calhoun Convalescent Center; Chesterfield Convalescent Center; Lancaster Convalescent Center; and Valley Falls Terrace. It featured a combined occupancy of 92.8 percent.