DUNKIRK, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, sold the Chautauqua County Home, a 133-room, 216-bed skilled nursing facility located near Lake Erie in Dunkirk, N.Y. The community sold for $16 million — $74,000 per bed.
"Chautauqua County Home is a large facility with a significant number of beds, robust revenues, high historical occupancy and an attractive physical plant with new and extremely efficient mechanical systems," says Joshua Jandris, senior director of IPA.
"Operationally, the facility was losing money," says Mark Myers, executive director of IPA. "The buyer plans to implement significant positive changes that will convert the negative cash flow into a profitable operation."
Jandris and Myers represented the seller, Chautauqua County, and procured the buyer, a growing regional provider. J. D. Parker, first vice president in Marcus & Millichap's Manhattan office, is the firm's broker of record in New York state.
Chautauqua County Home is set on a large, wooded parcel abutting a creek, vineyards and a nature sanctuary. Constructed in 1960 on 30 acres, the property was upgraded between 2001 and 2003 with a new entryway and lobby, and four additions that increased the facility's size from 106,740 square feet to 154,232 square feet.