Investment Overview

Aspen Health & Rehab and Minocqua Health & Rehab are Medicaid-licensed nursing homes located in rural markets of Wisconsin. Both facilities constitute a total of 158 beds and 111 units. Aspen Health & Rehab is a 3-story 58,039-square-foot building located in the city of South Range, Wisconsin. The 86-bed 60-unit facility sits on 38+ acres and was built in 1928. Historically Aspen Health has dealt with occupancy issues but more recently has contended with a high increase in their staffing expenses which has led to a further decrease in their NOI. Minocqua Health & Rehab is a single-story 40,973 square-foot building located in Minocqua, Wisconsin. The 72-bed 51-unit facility sits on 11+ acres and was built in 2008. Minocqua Health pre-COVID had occupancies around 80% and produced significant cash flows. Through COVID and more recently the increase in staffing felt with the industry the facility has shown a steady decline in occupancy and revenue. This portfolio presents an investor with an opportunity to acquire 2 properties at low market-per-bed pricing in markets that have supported higher occupancies.