Knapp Group Seniors Housing Advisors of Marcus & Millichap successfully orchestrated the sale of a 145 bed skilled nursing facility in Burtonsville, MD. The 62,500 sq foot facility was constructed in 1997 and is located on over 13 beautiful acres. Although located in the 12th wealthiest county in the United States, management challenges at the location led to annual losses of $500,000 in recent years. As a result, the MI-based not-for profit owners decided to exit seniors housing service at the location.
The Knapp Group team was able to clearly demonstrate the facility’s potential to select buyers, leading to 5 offers that pushed the selling price $1.75 million over list. The winning offer came from a very qualified MD based LLC that owns and operates several SNF’s in the state.
The final selling price of $17.25 million was just short of $119,000 per bed.