Press Releases
Marcus & Millichap Closes Nine-Property Skilled Nursing Portfolio Sale in Dallas-Fort Worth
January 23, 2024
DALLAS, TX, Jan. 22, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of the Senior Care Dallas 8 Portfolio, a portfolio of eight skilled nursing facilities and one assisted living facility totaling 1,080 licensed beds in the Dallas-Fort Worth Metroplex.
“Secured by assumable nonrecourse government agency financing at below-market interest rates, the buyer made a strategic acquisition with built-in financing,” said Nick Stahler, first vice president investments in Marcus & Millichap’s Orange County office. “The portfolio’s occupancy rate at the time of the sale provides significant upside through occupancy growth, improvement of payor mix, and expense control.” Stahler and Marcus & Millichap’s Michael Mooney and Austin Diamond represented the seller, a regional private equity owner, and procured the buyer, a family office private equity investor. “Each facility can function independently and also, due to their proximity, offer new ownership significant economies of scale,” said Mooney. “The facilities are well-positioned to recover from the effects of the pandemic and return to pre-Covid levels of revenue and profitability.”
Six of the facilities are directly within the Dallas MSA and three are a two-hour drive north of Downtown Dallas. The portfolio contains 992 skilled nursing beds and 88 assisted living beds. Tim Speck, senior vice president and division manager is Marcus & Millichap’s broker of record in Texas.
“Secured by assumable nonrecourse government agency financing at below-market interest rates, the buyer made a strategic acquisition with built-in financing,” said Nick Stahler, first vice president investments in Marcus & Millichap’s Orange County office. “The portfolio’s occupancy rate at the time of the sale provides significant upside through occupancy growth, improvement of payor mix, and expense control.” Stahler and Marcus & Millichap’s Michael Mooney and Austin Diamond represented the seller, a regional private equity owner, and procured the buyer, a family office private equity investor. “Each facility can function independently and also, due to their proximity, offer new ownership significant economies of scale,” said Mooney. “The facilities are well-positioned to recover from the effects of the pandemic and return to pre-Covid levels of revenue and profitability.”
Six of the facilities are directly within the Dallas MSA and three are a two-hour drive north of Downtown Dallas. The portfolio contains 992 skilled nursing beds and 88 assisted living beds. Tim Speck, senior vice president and division manager is Marcus & Millichap’s broker of record in Texas.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
