Kiser Group Facilitates $7 Million Sale of Skilled Nursing Facility Near Cleveland

Kiser Group Partner Mark Myers successfully closed the sale of an 84-bed senior housing community located in a rural market east of Cleveland for $7 million.

The property comprises 76 Skilled Nursing Facility (SNF) beds, 5 Assisted Living Facility (ALF) units, and 3 Independent Living Facility (ILF) units. The property sits on 26 acres and was originally constructed in 1950, with multiple expansions added between 1965 and 2001.

Property Details and Market Position

At the time of sale, the facility operated at 70% to 80% occupancy with a 44% quality mix and negative EBITDA. Despite the operational challenges, the property maintained a strong 5-star CMS rating, positioning it as a value-add opportunity for experienced operators.

The transaction price of approximately $83,333 per bed reflects the property's current operational status.

Transaction Parties and Strategic Rationale

The buyer is a seasoned owner-operator with a large skilled nursing portfolio across the Midwest and a growing presence in Ohio. Leveraging localized market expertise and proven operational capabilities, the purchaser plans to implement strategic initiatives aimed at improving cash flow and enhancing overall performance.

The seller was a family ownership group based in the Cleveland region, marking the successful transition of a long-held asset to an institutional-quality operator.

"This transaction highlights continued investor demand for senior housing assets with strong clinical metrics and operational upside," said Mark Myers, Partner at Kiser Group. "Despite near-term operational challenges, the property's CMS rating, scale, and land basis made it an attractive acquisition for a buyer with the expertise to unlock long-term value."

About Kiser Group

Kiser Group continues to expand its national senior housing and healthcare real estate platform, providing specialized advisory services to owners navigating complex transactions across skilled nursing, assisted living, and independent living sectors.