ESI Arranges Sale of Skilled Nursing Portfolio for $36 Million
APRIL 30, 2020

Chicago, IL - April 28, 2020 - Evans Senior Investments (ESI) successfully represented a portfolio divestment for a publicly traded REIT. The portfolio consisted of 6 facilities and 496 licensed beds in the state of Michigan. The final purchase price was $36,000,000, or approximately $73,000 per bed.
The portfolio’s total occupancy when it was delivered to the marketplace was approximately 86% and generating over $43,000,000 in total revenue. The sale was brought to market when it was discovered that the operator would have to pay back millions of dollars of improper Medicaid payments and that the tenant would no longer meet its lease obligations with the REIT.
ESI represented the seller, a publicly traded REIT in the transaction. Jason Stroiman, President and founder of ESI, commented ““This transaction represented a swift disposition with a tenant that was no longer meeting its lease obligations and for a buyer to quickly grow its presence in the state of Michigan.”
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