SOUTHERN FLORIDA — Marcus & Millichap has arranged the sale of a two-property skilled nursing portfolio in Southern Florida for $24 million. The specific names and locations of the properties were not disclosed.
The buyer and seller of the 300-bed portfolio were both private, individual investors.
Despite respective Medicare ratings of 5 Stars and 4 Stars, the portfolio’s occupancy was only 78 percent, making it a value-add play. The sale price equates to a 9 percent capitalization rate.
Mike Pardoll and Dick Richardson of Marcus and Millichap represented the seller in the deal.